As the authors explain in Chapter 15,India developed a complex economic system after independence that includes traditional,socialist, and capitalist components. While the system has been transitioning toward market reforms over the past few decades, it has relied on Soviet-style investment patterns, French-style indicative planning, highly regulated labor markets, and extensive state ownership at times since 1947.

Over the past several chapters, we have studied several economies in transition, including Russia, Eastern Europe, Sweden, Japan, Korea, and China. Some countries had easier paths through transition while others have struggled. Suppose India had adopted more market-oriented economic policies after independence. Would modern India have higher GDP and faster growth as a result? Alternatively, were the five year plans, extensive regulations, and state ownership of enterprises helpful as India transitioned away from the substantial distortions caused by the British Raj?

Reference: Rosser Jr, J. B., & Rosser, M. V. (2018).Comparative economics in a transforming world economy. Mit Press.

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