1st Edition

Neoliberalism in the Emerging Economy of India The Political Economy of International Trade, Investment and Finance

Edited By Byasdeb Dasgupta, Archita Ghosh, Bishakha Ghosh Copyright 2021
    264 Pages 34 B/W Illustrations
    by Routledge

    264 Pages 34 B/W Illustrations
    by Routledge

    Neoliberal economic reforms over the last four decades have altered the economic cartography of emerging market economies such as India, particularly in the context of international trade, investment and finance, and in terms of their effects on the real economy.

    This book examines the issues of financialization, investment climate and the impact of trade liberalization. By analysing these three features of neoliberal reform the book is unique, since it accommodates both a mainstream neoclassical approach and a non-mainstream political economy approach. The major questions answered by this book, cover three basic lines of enquiry pertaining to neoliberal reforms. They are (a) how financialization as a new process affects the real economic health of emerging market economies characterized by globalization; (b) how the changing form of international trade in the new regime impacts upon the informal economy, and employment and trade potential in the home country; and (c) how global investment has shaped the real economy in emerging countries like India.

    The book will be extremely useful for postgraduate students of international economics, particularly development economics and political economy, including researchers with a keen interest in India.

    Introduction Part I: Finance 1. Finance and The Real Economy: The Evolving Distance 2. Capital Accumulation and Finance Capital in the Age of Finance 3. Revisiting ‘Fictitious Capital’ and the Autonomy of Finance in the Circuit of Global Capital 4. Financial Sector in the Indian Economy: Some Reflections using Hyman Minsky’s lens 5. Is Priority Sector Lending Responsible for Higher NPA in Banking Industry? 6. An Empirical Exploration of Indian Stock Market: Investigating the Interface of Return, Sentiment and Exchange Rate Part II: Investment 7. The Dynamics of Global Demand, Investment and Trade Deficit in India: A Model of India’s External Dependence 8. India’s Recent Slowdown and Neoliberal Regime of Accumulation: Is There a Link? 9. Foreign Direct Investment and Productivity Spillovers: Evidence from Indian Pharmaceutical Industry Part III: Trade 10. Reformatory Policies and Factor Prices in a Developing Economy with Informal Sector 11. Impact of Trade Liberalization on Informal Employment: A Theoretical Approach 12. Trade Potential and WTO Issues for West Bengal


    Byasdeb Dasgupta is a Professor of Economics at the University of Kalyani of West Bengal, India. He did his Ph. D in Economics from the Centre for Economic Studies and Planning of Jawaharlal Nehru University, Delhi. He has published widely in international journals and books on issues pertaining to international economics, finance and development, political economy of labour in Marxian perspective, gender studies and development.

    Archita Ghosh is a Professor of Economics at the University of Kalyani of West Bengal, India. She has published widely in journals and books pertaining to issues on development economics and international economics.

    Bishakha Ghosh is an Associate Professor of Economics and Head of the Department of Economics at the University of Kalyani of West Bengal, India.