Synopsis
The new path for economic development that India must create
The whole world has a stake in India’s future, and that future hinges on whether India can develop its economy and deliver for its population—now the world’s largest—while staying democratic. India’s economy has overtaken the United Kingdom’s to become the fifth-largest in the world, but it is still only one-fifth the size of China’s, and India’s economic growth is too slow to provide jobs for millions of its ambitious youth. Blocking India’s current path are intense global competition in low-skilled manufacturing, increasing protectionism and automation, and the country’s majoritarian streak in politics. In Breaking the Mold, Raghuram Rajan and Rohit Lamba show why and how India needs to blaze a new path if it’s to succeed.
India diverged long ago from the standard development model, the one followed by China—from agriculture to low-skilled manufacturing, then high-skilled manufacturing and, finally, services—by leapfrogging intermediate steps. India must not turn back now. Rajan and Lamba explain how India can accelerate growth by prioritizing human capital, expanding opportunities in high-skilled services, encouraging entrepreneurship, and strengthening rather than weakening its democratic traditions. It can chart a path based on ideas and creativity even at its early stage of development.
Filled with vivid examples and written with incisive candor, Breaking the Mold shows how India can break free of the stumbling blocks of the past and embrace the enormous possibilities of the future.
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About the Author
Raghuram G. Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, former governor of the Reserve Bank of India, and former chief economist of the International Monetary Fund. His books include Fault Lines: How Hidden Fractures Still Threaten the World Economy (Princeton), winner of the Financial Times Business Book of the Year Award. Rohit Lamba is assistant professor of economics at Cornell University and visiting assistant professor of economics at New York University Abu Dhabi. He previously worked as an economist at the office of the chief economic adviser to the Government of India.
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Breaking the Mold: India's Untraveled Path to Prosperity
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Hardcover. Condition: new. Hardcover. The new path for economic development that India must create.The whole world has a stake in India's future, and that future hinges on whether India can develop its economy and deliver for its population - now the world's largest - while staying democratic. India's economy has overtaken the United Kingdom's to become the fifth-largest in the world, but it is still only one-fifth the size of China's, and India's economic growth is too slow to provide jobs for millions of its ambitious youth. Blocking India's current path are intense global competition in low-skilled manufacturing, increasing protectionism and automation, and the country's majoritarian streak in politics. In Breaking the Mold, Raghuram Rajan and Rohit Lamba show why and how India needs to blaze a new path if it's to succeed.India diverged long ago from the standard development model, the one followed by China - from agriculture to low-skilled manufacturing, then high-skilled manufacturing and, finally, services - by leapfrogging intermediate steps. India must not turn back now. Rajan and Lamba explain how India can accelerate growth by prioritizing human capital, expanding opportunities in high-skilled services, encouraging entrepreneurship, and strengthening rather than weakening its democratic traditions. It can chart a path based on ideas and creativity even at its early stage of development.Filled with vivid examples and written with incisive candor, Breaking the Mold shows how India can break free of the stumbling blocks of the past and embrace the enormous possibilities of the future.'There are no better guides to how [India] might best leverage its potential - and manage the obstacles.[Rajan and Lamba] expertly devise a new growth model for India, offering detailed recommendations for reforming the country's industrial strategy, healthcare, education and democracy.This is a novel, well-argued and solidly evidenced pitch for India's future.A must-read for anyone keen to understand a nation that will play a big part in all our economic futures.' Tej Parikh, Financial Times'[Rajan and Lamba] sketch out a vision that amounts to an entirely new model of development for India - one that they argue is better suited to its strengths than its current model.' The Economist'A forthright accounting of the nation's many faults and enormous unused potential i.e., human capital.A sobering economic study packed with useful ideas.' Kirkus Reviews Shipping may be from multiple locations in the US or from the UK, depending on stock availability. Seller Inventory # 9780691263632
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Breaking the Mold; India's Untraveled Path to Prosperity
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Trade paperback. Condition: Very good. Uncorrected Proof. xxxi, [1], 298, [10] pages. Raghuram Govind Rajan (born 3 February 1963) is an Indian economist and the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago's Booth School of Business. He served as the Chief Economist of the International Monetary Fund from 2003 to 2006 and the 23rd Governor of the Reserve Bank of India from 2013 to 2016. In 2015, during his tenure at the RBI, he became the Vice-Chairman of the Bank for International Settlements. At the 2005 Federal Reserve annual Jackson Hole conference, three years before the 2008 financial crisis, Rajan warned about the growing risks in the financial system, that a financial crisis could be in the offing, and proposed policies that would reduce such risks. After the 2008 financial crisis, Rajan's views came to be seen as prescient. In 2003, Rajan received the inaugural Fischer Black Prize, given every two years by the American Finance Association to the financial economist younger than 40 who has made the most significant contribution to the theory and practice of finance. His book, Fault Lines: How Hidden Fractures Still Threaten the World Economy, won the Financial Times/Goldman Sachs Business Book of the Year award in 2010. In 2016, he was named by Time in its list of the '100 Most Influential People in the World'. Rohit Lamba is an economist at Cornell University. He is an economic theorist with wide interests in applied and policy related questions. Derived from a Kirkus review: Two Indian American academics offer a stern assessment of the Indian economy, education system, and other institutions and why they have not risen to their full capabilities to propel the country forward. Rajan and Lamba, both of whom worked on economic issues within the Indian government, give a forthright accounting of the nation's many faults and enormous unused potentiali.e., human capital. In three well-structured parts, the authors lay out their arguments. Regarding the rapid rise of the Indian economy, they side with India's critics because of some hard, ugly facts. These involve persistent inequalities in society, lack of employment opportunity and sufficient education, the treatment of women, low-quality health care, lack of clean drinking water and proper nutrition, and rural blight and poverty, among other reasons. Today, India's annual income per person is roughly $2,300; in China, that number is $12,500; Korea's is around $35,000. "India is no longer in the middle of the pack; it is at the bottom by a long way," write the authors. Rajan and Lamba do not think protectionism and subsidies to spur manufacturing are the way to a more vigorous economy for all. They argue that the government should turn away from low-wage manufacturingin the past, "the ladder to riches"to emphasize direct services exports as the Indian future. Using human capital also encompasses encouraging visionary entrepreneurs and new businesses, and the authors showcase many examplese.g., the eyewear chain Lenskart. As the supply chain has changed drastically, the authors believe India should "embark on a more unique Indian way of development, one that is more aligned with India's strengths." A sobering economic study packed with useful ideas. Seller Inventory # 89959
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Breaking the Mold
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ISBN 10: 0691263639
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Hardback. Condition: New. The new path for economic development that India must create The whole world has a stake in India's future, and that future hinges on whether India can develop its economy and deliver for its population-now the world's largest-while staying democratic. India's economy has overtaken the United Kingdom's to become the fifth-largest in the world, but it is still only one-fifth the size of China's, and India's economic growth is too slow to provide jobs for millions of its ambitious youth. Blocking India's current path are intense global competition in low-skilled manufacturing, increasing protectionism and automation, and the country's majoritarian streak in politics. In Breaking the Mold, Raghuram Rajan and Rohit Lamba show why and how India needs to blaze a new path if it's to succeed.India diverged long ago from the standard development model, the one followed by China-from agriculture to low-skilled manufacturing, then high-skilled manufacturing and, finally, services-by leapfrogging intermediate steps. India must not turn back now. Rajan and Lamba explain how India can accelerate growth by prioritizing human capital, expanding opportunities in high-skilled services, encouraging entrepreneurship, and strengthening rather than weakening its democratic traditions. It can chart a path based on ideas and creativity even at its early stage of development.Filled with vivid examples and written with incisive candor, Breaking the Mold shows how India can break free of the stumbling blocks of the past and embrace the enormous possibilities of the future. Seller Inventory # LU-9780691263632
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