The faltering miracle story of India and neoliberalism

by Anjan Chakrabarti Last time the Indian economy ran into a major systemic crisis was in the late 1980s. It was a result of and also the final nail in the coffin of state sponsored planned economy. Along with the collapse of Soviet style command economies, it signalled the unsustainability of an economic system built on absolute or near total control of the state over the economy. That crisis helped spread the philosophy of neoliberalism in India which led to this lesson from the experience of centralized planning: for the goals of rapid economic growth and poverty reduction, state control … Continue reading The faltering miracle story of India and neoliberalism