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Ideas, interests, and the tipping point: Economic change in India

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  • Rahul Mukherji

Abstract

This paper makes the case for a 'tipping point' model for understanding economic change in India. This gradual and largely endogenously driven path calls for the simultaneous consideration of ideas and politics. Exogenous shocks affected economic policy, but did not determine the course of economic history in India. India's developmental model evolved out of new ideas Indian technocrats developed based on events they observed in India and other parts of the world. A historical case for the 'tipping point' model is made by comparing two severe balance of payments crises India faced in 1966 and 1991. In 1966, when the weight of ideas and politics in India favored state-led import substitution, Washington could not coerce New Delhi to accept deregulation and globalization. In 1991, on the other hand, when Indian technocrats' ideas favoured deregulation and globalization, the executive-technocratic team engineered a silent revolution in the policy paradigm. New Delhi engaged constructively with Washington, making a virtue of the necessity of IMF conditions, and implemented a home-grown reform program that laid the foundations for rapid economic growth in world's most populous and tumultuous democracy.

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  • Rahul Mukherji, 2013. "Ideas, interests, and the tipping point: Economic change in India," Review of International Political Economy, Taylor & Francis Journals, vol. 20(2), pages 363-389, April.
    • Handle: RePEc:taf:rripxx:v:20:y:2013:i:2:p:363-389
    DOI: 10.1080/09692290.2012.716371
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    1. Jagdish N. Bhagwati & T. N. Srinivasan, 1975. "Foreign Trade Regimes and Economic Development: India," NBER Books, National Bureau of Economic Research, Inc, number bhag75-1.
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    3. Thelen,Kathleen, 2004. "How Institutions Evolve," Cambridge Books, Cambridge University Press, number 9780521837682, September.
    4. Panagariya, Arvind, 2011. "India: The Emerging Giant," OUP Catalogue, Oxford University Press, number 9780199751563.
    5. Thelen,Kathleen, 2004. "How Institutions Evolve," Cambridge Books, Cambridge University Press, number 9780521546744, September.
    6. Kudaisya, Medha, 2003. "The Life and Times of G.D.Birla," OUP Catalogue, Oxford University Press, number 9780195645729.
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    Cited by:

    1. Ivo Križić, 2021. "Regulating public procurement in Brazil, India, and China: Toward the regulatory‐developmental state," Regulation & Governance, John Wiley & Sons, vol. 15(3), pages 561-580, July.
    2. Rahul Mukherji & Seyed Hossein Zarhani, 2020. "Governing India: Evolution of Programmatic Welfare in Andhra Pradesh," Studies in Indian Politics, , vol. 8(1), pages 7-21, June.
    3. Adnan Naseemullah, 2017. "The Political Economy of Economic Conservatism in India: From Moral Economy to Pro-business Nationalism," Studies in Indian Politics, , vol. 5(2), pages 233-247, December.
    4. Rahul Mukherji & Seyed Hossein Zarhani & K. Raju, 2018. "State Capacity and Welfare Politics in India: Implementing the Mahatma Gandhi National Rural Employment Guarantee Scheme in Undivided Andhra Pradesh," Indian Journal of Human Development, , vol. 12(2), pages 282-297, August.

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