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Economics as Concentrated Politics

In: Ajit Singh of Cambridge and Chandigarh

Author

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  • Ashwani Saith

    (Erasmus University Rotterdam)

Abstract

Ajit’s economics was theoretically and methodologically rigorous, evidence-based and policy-relevant. Initially, his research developed an empirical refutation of key tenets of the neoclassical theory of the firm, mergers, takeovers and the stock market. Subsequently, his paradigmatic research on deindustrialisation in the UK simultaneously provided a framework emphasising the vital role of manufacturing in development. His consistent advocacy of state-enabled Kaldorian industrialisation, exemplified by South Korea, brought him into regular confrontation with the uniform structural adjustment and free-market mainstream package applied on developing economies by the Bretton Woods institutions, prominently in Tanzania and Mexico; in opposition, he argued for a strategically selective rather than a close and all-embracing integration with globalisation processes. Later, he began to investigate the limits of export-led industrialisation and recalibrate the Kaldorian template with possibly a lead role for the services sector. He would reject claims that his industrialisation strategy risked mutation into an ideology of industrialism.

Suggested Citation

  • Ashwani Saith, 2019. "Economics as Concentrated Politics," Palgrave Studies in the History of Economic Thought, in: Ajit Singh of Cambridge and Chandigarh, pages 175-271, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-12422-9_7
    DOI: 10.1007/978-3-030-12422-9_7
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