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Research & Papers

Selected Recent Papers

Latest Books

Recent Books

Selected Recent Papers

"Made in India: Industrial Policy in a Changing World”, co-author Gaurav Nayyar, Journal of Industry Competition and Trade, 24:13, May 2024. Abstract »

"Economic and Social Policies for Human Development”, co-author Rajeev Malhotra, Journal of Human Development and Capabilities, November 2023. Abstract »

"Industrialization in Developing Asia since 1970: Why Technology, Learning and Innovation Matter", Innovation and Development, Volume 11, Issue 2-3, 2021, pp,365-385. Abstract »

"The Coronavirus Pandemic: India in Global Perspective", co-author Ramesh Thakur, The Asia Pacific Journal, Volume 19, Number 3, January 2021, pp.1-23. Article »

"Industrialization, Hubs and Catch Up: The World Economy in Historical Perspective", in Arkebe Oqubay and Justin Yifu Lin eds. The Oxford Handbook of Industrial Hubs and Economic Development, Oxford University Press, Oxford, 2020. Abstract »

"BRICS and Emerging Markets in the World Economy" in P. Anand, S.Fennell and F. Comim eds. Handbook on BRICS and Emerging Economies, Oxford University Press, Oxford, 2020. Abstract »

"Globalization in Historical Perspective", in Machiko Nissanke and Jose Antonio Ocampo eds. The Palgrave Handbook of Development Economics, Palgrave Macmillan, Springer Nature, London, 2019.
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"India's Path to Structural Transformation: An Exception and the Rule", in Celestin Monga and Justin Lin eds. Oxford Handbook of Structural Transformation, Oxford University Press, Oxford, 2019.
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"Economic Liberalization in India: Then and Now", Economic and Political Weekly, Volume 52, Number 2, 14 January 2017, pp. 41-48, reprinted in Quarter Century of Liberalization in India, Oxford University Press, New Delhi, 2018.
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"Can Catch Up Reduce Inequality?", in Peter van Bergeijk and Rolph van der Hoeven eds. Sustainable Development Goals and Income Inequality, Edward Elgar, London, 2017.
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"Development Banks and Industrial Finance: the Indian Experience and its Lessons", in Akbar Noman and Joseph Stiglitz eds. Efficiency, Finance and Varieties of Industrial Policy, Columbia University Press, New York, 2017.

"BRICS, Developing Countries and Global Governance", Third World Quarterly, Volume 37, Number 4, April 2016, pp.575-591.
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"A Better Future for the Bottom Billion", in R. Brian Heap ed. Smart Villages: New Thinking for Off-Grid Communities Worldwide, Banson, Cambridge, 2015.
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"Birth, Life and Death of Development Finance Institutions in India", Economic and Political Weekly, Volume L, Number 33, 15 August 2015, pp. 51-60.
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"Globalization and Democracy", Brazilian Journal of Political Economy, Volume 35, Number 3, July-September 2015, pp. 388-402, and Economic and Political Weekly, Volume L, Number 19, 9 May 2015, pp. 47-54.
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"Why Employment Matters: Reviving Growth and Reducing Inequality", International Labour Review, Voulme 153, Number 3, September 2014, pp. 351-364.
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"The Millennium Development Goals Beyond 2015: Old Frameworks and New Constructs", Journal of Human Development and Capabilities, Volume 14, Issue 3, August 2013, pp. 371-392.
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"Macroeconomics and Human Development", Journal of Human Development and Capabilities, Volume 13, Issue 1, February 2012, pp.7-30
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"The Emerging Asian Giants and Economic Development in Africa", in Akbar Noman, Kwesi Botchwey, Howard Stein and Joseph Stiglitz eds. Good Growth and Governance in Africa: Rethinking Development Strategies, Oxford University Press, Oxford, 2012, pp. 536-564.
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"Economic Growth and Technological Capabilities in Emerging Economies: National Specificities and International Context", Innovation and Development, Volume 1, Number 2, October 2011, pp.245-258.
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"Discrimination and Justice: Beyond Affirmative Action", Economic and Political Weekly, Volume XLVI, Number 42, 15 October 2011, pp. 52-59.
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"Rethinking Macroeconomic Policies for Development", Brazilian Journal of Political Economy, Volume 31, Number 3, July-September 2011, pp.339-351.
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“The Financial Crisis, the Great Recession and the Developing World”, Global Policy, Volume 2, Issue 1, January 2011, pp.20-32.
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"China, India, Brazil and South Africa in the World Economy: Engines of Growth?" in Amelia Santos-Paulino and Guanghua Wan eds. Southern Engines of Global Growth, Oxford University Press, Oxford, 2010, pp. 9-43.
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"Developing Countries in the World Economy: The Future in the Past?", WIDER Annual Lecture 12, UNU-WIDER, Helsinki, 2009.
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"Learning to Unlearn from Development", Oxford Development Studies, September 2008, Volume 36, Number 3, pp. 259-280.
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"Macroeconomics of Structural Adjustment and Public Finances in Developing Countries: A Heterodox Perspective", International Journal of Development Issues, June 2008, Volume 7, Number 1, pp. 4-28.
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“The Rise of China and India: Implications for Developing Countries”, in Philip Artesis and John Eatwell eds. Issues in Economic Development and Globalization, Palgrave, London, 2008, pp. 73-94.
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“The Internationalization of Firms from India: Investment, Mergers and Acquisitions”, Oxford Development Studies, March 2008, Volume 36, Number 1, pp.111-131.
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“International Migration and Economic Development”, in Joseph Stiglitz and Narcis Serra eds. The Washington Consensus Reconsidered: Towards a New Global Governance, Oxford University Press, Oxford, 2008, pp. 277-308.
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“Macroeconomics in Developing Countries”, Banca Nazionale del Lavoro Quarterly Review, September 2007, Volume LIX, Number 242, pp.249-269.
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“Development through Globalization?” in George Mavrotas and Anthony Shorrocks eds. Advancing Development: Core Themes in Global Economics, Palgrave, London, 2007, pp.593-613.
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“India's Unfinished Journey: Transforming Growth into Development”, Modern Asian Studies, July 2006, Volume 40, Number 3, pp. 797-832.
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“Globalization, History and Development: A Tale of Two Centuries”, Cambridge Journal of Economics, January 2006, Volume 30, Number 1, pp. 137-160.
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"Economic Reforms in India: Understanding the Process and Learning from Experience", International Journal of Development Issues, December 2004, Volume 3, Number 2, pp. 31-55.
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"On Exclusion and Inclusion: Democracy, Markets and People", in A.K. Dutt and J. Ros eds. Development Economics and Structuralist Macroeconomics: Essays in Honour of Lance Taylor, Edward Elgar, Cheltenham, 2003, pp. 94-106.
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"Globalization and Development Strategies", in J. Toye ed. Trade and Development: Directions for the Twenty-first Century, Edward Elgar, Cheltenham, 2002, pp. 35-61.
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"Capital Controls and the World Financial Authority: What can we learn from the Indian Experience?" in J. Eatwell and L. Taylor eds. International Capital Markets: Systems in Transition, Oxford University Press, New York, 2002, pp. 99-126.
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Forthcoming Publications

"Structural Transformation in the World Economy: On the Significance of Developing Countries", in Finn Tarp and Tony Addison eds. Mapping Development Economics, Oxford University Press, Oxford, 2021. WIDER Working Paper »

For a complete list of published papers, please see the tab on PUBLICATIONS.

RESURGENT ASIA:
Diversity in Development
Oxford University Press, Oxford, 2019

Abstract:
RESURGENT ASIA analyses the phenomenal transformation of Asia, which would have been difficult to imagine, let alone predict, fifty years ago, when Gunnar Myrdal published Asian Drama. In doing so, it provides an analytical narrative of this remarkable story of economic development, situated in its wider context of historical, political, and social factors, and an economic analysis of the underlying factors, with a focus on critical issues in the process of, and outcomes in, development.

In 1970, Asia was the poorest continent in the world, marginal except for its large population. By 2016, it accounted for three-tenths of world income, two-fifths of world manufacturing, and one-third of world trade, while its income per capita converged towards the world average. However, this transformation was associated with unequal outcomes across countries and between people. The analysis disaggregates Asia into its four constituent sub-regions – East, Southeast, South and West – and further into fourteen countries – China, India, South Korea, Indonesia, Turkey, Taiwan, Thailand, Philippines, Malaysia, Singapore, Pakistan, Bangladesh, Vietnam and Sri Lanka – which account for more than four-fifths of its population and income.

This book enhances our understanding of development processes and outcomes in Asia over the past fifty years, draws out the analytical conclusions that contribute to contemporary debates on development, and highlights some lessons from the Asian experience for countries elsewhere. It is the first to examine the phenomenal changes, which are transforming economies in Asia and shifting the balance of economic power in the world, while reflecting on the future prospects in Asia over the next twenty-five years.

ASIAN TRANSFORMATIONS:
An Inquiry into the Development of Nations
Oxford University Press, Oxford, 2019

Abstract:
Gunnar Myrdal published his magnum opus, Asian Drama: An Inquiry into the Poverty of Nations, in 1968. He was deeply pessimistic about development prospects in Asia. The fifty years since then have witnessed a remarkable social and economic transformation of Asia – even if it has been uneven across countries and unequal between people – that simply could not have been expected at the time. Asian Transformations: An Inquiry into the Development of Nations analyses the fascinating story of economic development in Asia spanning half a century.

The book sets the stage by discussing the contribution of Gunnar Myrdal to the debate on development then and now, and providing a long-term historical perspective on Asia in the world. It then uses cross-country thematic studies on governments, economic openness, agricultural transformation, industrialization, macroeconomics, poverty and inequality, education and health, employment and unemployment, institutions, and nationalisms, to analyse processes of change while recognizing the diversity in paths and outcomes. Specific country-studies on China, India, Indonesia, and Vietnam, and sub-region studies on East Asia, Southeast Asia, and South Asia highlight turning points in economic performance and discuss factors underlying success or failure.

Including in-depth studies by eminent economists and social scientists, Asian Transformations comprehensively examines the phenomenal changes that are transforming economies in Asia, and reflects on the future prospects for this continent over the next twenty-five years. It is a cohesive and multidisciplinary study of a rapidly changing economic landscape, which makes an important contribution to understanding the complexities of development from different perspectives.

CATCH UP:
Developing Countries in the World Economy
published by Oxford University Press, Oxford,
Hardback Edition 2013
Paperback Edition 2016

Abstract:
The object of this book is to analyze the evolution of developing countries in the world economy, situated in a long term historical perspective, from the onset of the second millennium but with a focus on the second half of the twentieth century and the first decade of the twenty-first century. It is perhaps among the first to address this theme on such a wide canvas that spans both time and space. In doing so, it highlights the overwhelming significance of what are now developing countries in the world until 200 years ago to trace their decline and fall from 1820 to 1950. The six decades since then have witnessed an increase in the share of developing countries not only in world population and world income but also in international trade, international investment, industrial production and manufactured exports which gathered momentum after 1980. The book explores the factors underlying this fall and rise to discuss the ongoing catch up in the world economy driven by industrialization and economic growth. Their impressive performance, disaggregated analysis shows, is characterized by uneven development. There is an exclusion of countries and people from the process. The catch up is concentrated in a few countries. Growth has often not been transformed into meaningful development that improves the wellbeing of people. Yet, the beginnings of a shift in the balance of power in the world economy are discernible. But developing countries can sustain this rise only if they can transform themselves into inclusive societies where economic growth, human development and social progress move in tandem. Their past could then be a pointer to their future.

Employment, Growth And Development
Essays on a Changing World Economy
Routledge, London and New York, 2017

Abstract:
This book brings together ten selected essays by the author on employment, growth and development, to focus on challenges and opportunities – old and new – in the contemporary world economy. The essential theme that runs through the book is that there is a strong relationship not only between employment and growth but also between employment and development, where the causation runs in both directions. And it is employment that transforms economic growth into meaningful development by providing livelihoods and incomes to people. While the focus is often on developing countries, the discussion almost always considers industrialized countries as points of reference or comparison for analysis, since the latter are a large part of an interdependent world, in which problems faced by the two sets of countries are frequently connected and sometimes common. The essays also provide a macroeconomic analysis of development problems situated in the wider context of a changing world economy, exploring possible solutions, to examine the implications not only for countries but also for people.