Raghuram Rajan’s Vision Of An Indian Path To Development

Capitalisn't

University of Chicago Podcast Network

Stigler Center, Chicago Booth, Socialism, Antitrust, University Of Chicago Podcast Network, Growth, 087667, Policy, Monopoly, Professors, Distortion, Research, Competition, Capitalisnt, Inequality, Promarket, Politics, Policymaking, Special Interest, Economics, Efficiency, Regulations, Chicago, Business, Markets, University Of Chicago, Kate Waldock, Capitalism, Friction, Bethany Mclean, Government, Macroeconomics, News, Education, Waldock, Georgetown, Microeconomics, Luigi Zingales, Zingales, Finance, Ucpn

4.5 • 584 Ratings

🗓️ 8 December 2023

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

After discussing the trajectory of China's economy earlier this year, Luigi and Bethany turn their attention to the future of another global economic behemoth: India. Joining them is renowned Indian economist Raghuram Rajan, who has a brand-new book out this week, "Breaking the Mould: Reimagining India's Economic Future" (co-authored with Rohit Lamba). In "Breaking the Mould," Rajan and Lamba make the controversial and counterintuitive argument that India should follow an economic development path that is based not on manufacturing, as China has done, but rather on services. In this conversation, we discuss why India's strengths play to services-based development, how India can deal with the economic and educational inequality created by its past, how Western business should engage with India, and why democracy is critical to India's future economic success. We think his perspectives are important for Indian citizens and policymakers, but also for global citizens and policymakers given the critical role India will play in shaping the world of the future.

Transcript

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0:00.0	I really think India needs to rethink its development path.
0:03.4	And I think if it does all this, here is a coherent path, which is different.
0:09.6	I want to emphasize different from the path we're currently on.
0:15.1	I'm Bethany McLean.
0:16.8	Did you ever have a moment of doubt about capitalism and whether greed's a good idea?
0:22.0	And I'm Luigi Zengalis.
0:23.4	We have socialism for the very rich, rugged individualism for the poor.
0:28.9	And this is Capital Isn't, a podcast about what is working in capitalism.
0:32.9	First of all, tell me, is there some society you know that doesn't run on greed?
0:37.4	And most importantly, what isn't?
0:39.4	We ought to do better by the people that get left behind.
0:42.3	I don't think we shouldn't kill the capital system in the process.
0:45.6	The last couple of years with Bethany,
0:47.7	we have focused on the interaction between capitalists and democracy.
0:52.1	At the end of the 20th century, this combination looked triumphant.
0:55.9	As the Berlin Wall was crambling down, capitalized democracy was spreading the world over.
1:01.7	Now that we're approaching the end of the first quarter of the 21st century,
1:06.1	you know, we're coming down to that. This relationship looks much more problematic. Democracy is in retreat,
1:13.7	and basic democratic principle are questioned even in the ultimate cradle of democracy,
1:19.5	the United States of America. If this was not enough, the enormous economic success of China
1:24.8	makes people wonder whether democracy is an obstacle to development.
1:30.7	I regard democracy as a value regardless of its economic effect, and I think that you, Bethany,
	...

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