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External Liberalization in Asia, Post-Socialist Europe, and Brazil$
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Lance Taylor

Print publication date: 2006

Print ISBN-13: 9780195189322

Published to Oxford Scholarship Online: May 2007

DOI: 10.1093/acprof:oso/9780195189322.001.0001

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 A Decade of Reforms: The Indian Economy in the 1990s

 A Decade of Reforms: The Indian Economy in the 1990s

(p.139) 5 A Decade of Reforms: The Indian Economy in the 1990s
External Liberalization in Asia, Post-Socialist Europe, and Brazil

J. Mohan Rao

Amitava Krishna Dutt

Oxford University Press

This chapter examines changes in the Indian economy in the 1990s and evaluates the diverse views about India's globalizing reforms. Section 2 examines the content of the reforms undertaken, clarifies the meaning and significance of the term “globalization”, and explains how the effects of globalization will be investigated in the following sections. Section 3 looks at some macroeconomic dimensions of performance, including the realized effects of openness on external transactions, economic growth, and other macroeconomic indicators, as well as on trends in the rural sector, which remains the mainstay of employment in India. Section 4 summarizes trends in employment and its distribution across sectors and the formal-informal divide. Section 5 assesses the evidence and discusses the controversial debates about changes in income distribution and poverty brought about by reforms. Section 6 turns to a discussion on government policy toward social safety nets.

Keywords:   India, economic reform, globalization, openness, economic growth, macroeconomics, employment, income distribution, poverty, social safety net

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