Chapter

Economic Reform and its Macro Consequences

Baldev Raj Nayar

in The Myth of the Shrinking State

Published in print April 2009 | ISBN: 9780195699395
Published online October 2012 | e-ISBN: 9780199080526 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780195699395.003.0003
Economic Reform and its Macro Consequences

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This chapter discusses the shift to liberalization and its economic impact — the key feature of which has been the resurgence of the private sector, leading, in turn, to the acceleration of the growth rate. One result of the impressive economic performance following liberalization has been, paradoxically, the ‘empowering’ or ‘enabling’ of the state through the increased access to resources that accelerated growth has made available. Another has been a considerable ideational change in favour of economic liberalization among groups that were initially hostile to it, including, interestingly, the Communist Party of India (Marxist), if only in part.

Keywords: economic liberalization; economic growth; economic policy; private sector; Communist Party of India (Marxist)

Chapter.  10030 words. 

Subjects: Political Economy

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