Overview

This volume examines the economic transformation of three of the largest countries in the world - Russia, China and India - and explores the very different strategies adopted by each. The author argues that the process of transformation is highly unpredictable, and traces the problems each country has faced to its economic history and the political system it inherited. Conventional analyses of economic transition are all based upon a single macro-economic model developed by the World Bank and IMF, dubbed the Washington censensus. The premise of the Washington consensus is that markets are a natural extension of man's propensity to ""truck and barter"", and that one has only to remove the state from the sphere of the economy for a market economy to emerge full-blown in a very short time.

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9780745318516

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Prem Shankar Jha is a columnist and former editor of the Hindustamn Times, New Delhi's main morning daily. He has worked as a consultant to the UN Centre for Human settlements and the World Bank. He has been a Visiting Fellow at Harvard University and a Visiting Professor and Lecturer at the University of Virginia. His books include India a Political Economy of Stagnation (OUP, 1980), In the Eye of the Cyclone: The Crisis in Indian Democracy (Viking, 1993), and Kashmir 1947: Rival Versions of History (OUP, 1996).

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