The Costs of Hesitant and Reluctant Globalization: India
Indian Economic Review, Vol. 38, No.2, pp. 131-155, 2003
Posted: 17 Feb 2005
The paper reviews the cost and benefits of globalization (i.e. greater integration of national and global economies) from the perspective of India. It argues that India's hesitant and reluctant globalization had a significant cost in terms of forgone growth, delay in the eradication of poverty and lagging behind other developing economies particularly China. It stresses the importance of the successful conclusion of the Doha Round of Multilateral Trade Negotiations and the role that India can play in them by moving away from its traditional defensive posture to a proactive one of willingness to engage the developed countries in the process of mutually beneficial across the board liberalization of trade in goods and services.
Keywords: Globalization, Outward Orientation, Capital Controls, Doha Round, India's Economic Reforms
JEL Classification: F02, F13, F16, O19, O24
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