Learning from the Indian Experience
Edited by Tojo Thatchenkery and Roger R. Stough
Chapter 2: Economic Development Theory and Practice: The Indian Development Experience
2. Economic development theory and practice: the Indian development experience Roger R. Stough, Kingsley E. Haynes and Maria Elena Salazar INTRODUCTION There is a long and complex literature on the theories and practice of economic development at the national, provincial, regional and local levels. While the intent of this chapter is to review the mainstream of this literature in an effort to help set the stage for an examination of the Indian development experience, it is not possible to do full justice to the topic in a short study such as this. Consequently, we have necessarily focused on major theoretical concepts and planning applications dating from the middle part of the 20th century when India moved from colonial status to independence. In the mid-20th Century, as today, staging was a central assumption of most approaches to development planning. For example, it was at this time that Rostow formulated the ﬁve-stage model of economic development (1960). At about the same time Perroux (1950) formulated growth pole theory later popularized in English by Higgins and Savoie (1988) and by Hirschman (1958) who ignited a debate that still continues in some quarters regarding balanced versus unbalanced approaches to growth. Later in the 1970s the export promotion model emerged as several small countries in Asia (Taiwan, Hong Kong, Singapore and Korea) successfully deployed this strategy originally developed by Japan in the 1960s. Throughout this time supply side or infrastructure efforts were ever present. This approach included social overhead investments such as in human capital...
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