Conclusion

Sangaralingam Ramesh ()
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Sangaralingam Ramesh: University of Oxford

Chapter Chapter 8 in The Political Economy of India's Economic Development: 5000BC to 2022AD, Volume I, 2023, pp 273-295 from Palgrave Macmillan

Abstract: Abstract Overall, this volume provides a comprehensive analysis of India’s socio-economic and political development starting from 5000 BC and continuing to modern-day India. The analysis focuses on themes such as India’s political economy of trade, its institutions and their functions and a comparison of India and China’s economic development and builds a case for sustainable development. The author discusses India’s rich trading history by evidencing archaeological findings, trading routes and historical writings. Trade was a significant catalyst for development and wealth accumulation in ancient Indus Valley Civilisation, the Mahajanapadas and the Mauryan Empire. However, though both India and China have extensive trading histories, they differ significantly in terms of their development trajectory. Most significantly China developed a unified identity under a single state supported by the Confucian and Legalism ideologies. Indian history was fragmented and varied. Shang Yang’s philosophy of Legalism has also been critical in the development of China’s institutions and centralised governance models. Whereas India’s Brahmin/Hindu caste system ideologies likely impeded integration in India, prevented the nation from developing a comprehensive framework of governance and stifled economic development. Finally, India is in critical need of sustainable development pathways and cannot follow China’s development model which includes mass migration to urban cities. Over a third of India’s population lives in rural settings; economic development should be based on sustainable infrastructure, health and educational development in those settings. There should also be a move away from fossil fuels. The author highlights the importance of India following its history of spiritualism and non-materialism to prevent environmental degradation.

Keywords: Confucian; Confucianism; Shang Yang; Legalism; Indus Valley Civilisation; Mahajanapadas; Mauryan Empire; Hinduism; Brahminism; Political economy; Sustainability; India; Rural development (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-031-42072-6_8

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DOI: 10.1007/978-3-031-42072-6_8

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