Friday, December 14, 2012

P T Bauer vs Nehru

"P.T. Bauer (London School of Economics) demurred. For all else, planning had become an article of faith."

A bit more to muse through from the above piece by Prof Varshney:

  • Central planning, clearly, did not achieve that goal. In the three decades of rigid planning, India’s economic growth rate was abysmally low — and its poverty rate remained unchanged. Should Nehru, then, be castigated for India’s economic failures until the onset of the 1980s? Could India have adopted a post-1991 style economic policy framework in 1950?
  • These questions require nuanced reasoning. We need to ask whether economists and intellectuals, not simply Nehru, trusted markets in the 1950s. What ideas were available to economic policy makers at that time?

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