The world at large is watching both China and India as powerhouses of economic growth. The two nations have achieved significantly high rates of economic growth ever since their respective economies liberalized in 1978 and 1991. Singapore, despite its limited land size and almost total dependence on external trade, has performed remarkably well and has moved ‘from the third world to the first’. This book documents and explains the rapid economic growth of the three key Asian economies.
The book also looks at what has happened to income inequality in the context of superior growth performance. It makes comparative assessments and examines the implications for the three nations. Since free markets have nothing in them to produce a reduction in income inequality among persons/households, one must at best hope for equality of opportunity – notably reflected in identical schooling for all; identical health care for all; and minimal rather than vulgar inequality in housing. This book is particularly useful for both China and India which may wish to study and learn from Singapore in regard to the policies, programmes and projects aimed at ensuring equality of opportunity.
The book is backed by considerable expertise on the part of the researchers, with demonstrated expertise through their publications spawning a few decades. It is invaluable to those who are concerned with designing policies for developing countries aimed at rapid and inclusive economic growth.
This book has been made possible by the intellectual and financial support extended by the Global Asia Institute, National University of Singapore.
'The book offers some good insights into the economic growth trajectory for these three countries…Researchers interested in income inequality and economic development will be interested in this book. The authors understand the data difficulties and have waded through various data sources to use the most relevant to many questions they address… I recommend the book to those interested in Asian economic development and strategies to alleviate poverty.' — American Journal of Agricultural Economics Volume 94, Issue 4, July 2012
‘The worsening income inequality is an increasing concern throughout the world, and in particular, in the fast growing nations of Singapore, China and India. This is a timely book that provides an analytical diagnosis of the many issues pertaining to income inequality and economic growth. The three authors, Dr. Pundarik Mukhopadhaya, Dr. G. Shantakumar and Dr. Bhanoji Rao, have extensive research experience in the area of income equality and are among the best researchers on this important topic.’ —Lim Chong Yah, Emeritus Professor of Economics, Nanyang Technological University and National University of Singapore, Singapore
"… the discussion on all three Asian nations is very comprehensive, suggesting that this book is another very good source for researchers and students interested in growth and equity in the Asian region." —Alberto Posso, Senior Lecturer, School of Economics at RMIT University, Australia
1. Introduction 2. China's Growth: From Ideology to Economic Superpower 3. China's Income Inequality: Moving Up and Unsustainable? 4. India's Growth: From Hindu Rate to East Asian Levels 5. India: The Issue of Inequality 6. Singapore's Growth: Making of the Global City-State 7. Income Inequality: The Singapore Case 8. Summary and Concluding Notes