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Research & Papers

Selected Recent Papers
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Selected Recent Papers

"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

"BRICS, Emerging Markets and the World Economy" in P. Anand, F. Comim, S.Fennell and R.Weiss eds. Oxford Handbook on BRICS, Oxford University Press, Oxford, 2018.

"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, 2018.

"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, 2018.
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For a complete list of published papers, please see the tab on PUBLICATIONS.

Table of Contents Table of Contents Columns

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

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.

Table of Contents Table of Contents

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

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.

Faces and Places
Table of Contents Release Table of Contents

Faces And Places
published by Roli Books, New Delhi, March 2015

This book brings together a selection of the author's photographs that have been taken over the past four decades. Some go back even longer in time. It is a picture book, in terms of attractive visuals for the reader to be engaged, simply by turning the pages, but not quite in a conventional sense.

These photographs are about the world around us. In fact, its title captures the essential idea of its dual theme. The focus is on people in their daily lives and on places that are of interest to them as visitors. There are photographs of people, which depict life in its ordinary, engaging, striking or even amusing dimensions. There are photographs of places, which range from the beautiful and exquisite to the stark and the awesome.

The pictures are not from India alone, but from countries across the world. This geographical spread, juxtaposed with human diversity across continents in space, is perhaps an attribute that makes this collection different from most others. Both the similarities and the differences are fascinating.

The book is divided into two parts, faces and places, with a roughly equal number of photographs. Each of these two parts is, in turn, divided into four thematic clusters. In the first part, the clusters are vignettes, people, streets and curiousities. In the second part, the clusters are nature, monuments, temples-churches-forts-palaces (which are best described as places for Gods and Kings), and cityscapes.

There are innumerable books with photographs of India alone. Some are about its people and their lives. Some are concerned with the exquisite and the exotic. This book is different. It straddles both India and the world outside. It also sees other countries through the lens of an Indian eye. In doing so, it highlights the resemblances and the contrasts across geographies and cultures.

» Journal of Human Development and Capabilities, Vol.16 No.3, August 2015, Rolph van der Hoeven
» Survival, Vol. 57 No. 4, 2015, Sanjaya Baru
» Pacific Affairs, forthcoming, 2015, published online, Kunal Sen
» Frontline, 12 June 2015, Sudipto Mundle
» Economic and Political Weekly, 11 October 2014, Vivek Chibber
» South Asia Economic Journal, September 2014, Richard Kozul-Wright
» Revue Tiers Monde, September 2014, Rosa Freire d'Aguia
» Business Standard, 8 July 2014, Y.V.Reddy
» The Book Review, 7 July 2014, Pritam Singh
» EH.Net, May 2014, Marianne Ward-Peradoza
» Choice, May 2014, R.S.Szulga
» The Sunday Tribune Spectrum, May 2014, M. M. Goel
» Decision, March 2014, Partha Ray
» Biblio, January-February 2014, Prem Shankar Jha
» The Hindu, 10 February 2014, K. Subramanian
» Indian Express, 21 December 2013, Subhomoy Bhattacharjee
» Bloomberg News, 15 December 2013, Pankaj Mishra
» The Pioneer, 8 December 2013, Excerpts
» Financial Express, 8 December 2013, Madan Sabnavis

» BIBLIO, December 2015
» THE BOOK REVIEW, September 2015, Pamela Philipose
» OUTLOOK, 17 August 2015
» THE TELEGRAPH, 14 July 2015, A.M.
» THE CITIZEN, 11 May 2015, Seema Mustafa
» BUSINESS STANDARD, 25 April 2015
» OPEN magazine, 20 April 2015

» BIBLIO, December 2017
» ECONOMIC & POLITICAL WEEKLY, 11 November 2017, Thomas Timberg
» THE HINDU, 17 June 2017, Kandaswami Subramanian
» BUSINESS STANDARD, 4 May 2017, Laveesh Bhandari