India’s Search for Prosperity
Presented by Vijay Joshi, Emeritus Fellow, Merton College, Oxford
India has been the subject of many extravagant predictions and hopes. It grew fast for three decades from 1980 to 2010 but has faltered since then. Is it on course to become a prosperous country in the next quarter century? The lecture will argue that the foundations of rapid, durable, and inclusive economic growth in India are distinctly shaky.
For India to realize its huge potential, the relation between the state, the market, and the private sector must be comprehensively realigned. Deeper liberalization of goods and factor markets is very necessary but far from sufficient. The state needs to perform much more effectively many core tasks that belong squarely in its domain, such as a) providing a ‘basic income’ for citizens, b) improving state capacity to deliver public goods, and c) taking steps to reduce corruption and crony capitalism.
The lecture will discuss where India is today, where it is headed, and what it should do to attain its ambitious goals.
Vijay Joshi is Emeritus Fellow of Merton College, Oxford. He has written several books on India, including most recently, India’s Long Road: The Search for Prosperity (Oxford University Press 2017). [He has previously written two other widely-praised books on India (co-authored with Ian Little): India: Macroeconomics and Political Economy (World Bank and Oxford University Press, 1994) and India’s Economic Reforms (Oxford University Press, 1996).]
The primary preoccupations of his working career have been teaching and research at the University of Oxford in macroeconomics, international economics, and development economics. He has published widely in these fields.
From time to time, he has held various official and business positions, including Special Adviser to the Governor, Reserve Bank of India; Officer on Special Duty, Ministry of Finance, Government of India; Director, J.P. Morgan Indian Investment Trust; and consultant to various international organizations, including the World Bank.
The Corden Lecture Series
The Faculty of Business and Economics is proud to host the 2017 Corden Lecture. The Corden Lecture series is named after Professor Max Corden, one of Australia’s most famous economists.
The Department of Economics, the Faculty and the University are honoured that Max continues his long association with us, which began at undergraduate level.