This collection of fifteen essays by eminent economist Deepak Nayyar provides an unusual blend of theory and policy, of applied research and empirical work, and of the world economy and India. It explores a wide range of themes-from macroeconomics and industrialization, to development in the changed context shaped by liberalization. This paperback edition includes a new Preface that focuses on developments since 2008 when the book was first published.

The essays in the volume are grouped in four thematic clusters. The first part is on economic theory contextualized in developing countries. It relates macroeconomic theory and policy to the institutional setting and explores alternative perspectives for developing countries. The second part is on development, in a world that has been transformed by markets and globalization. It analyses the implications of this transformation in retrospect and prospect. The third part is on industrialization. It begins with the international context to consider the debate on industrialization in India which is relevant for other late-industrializers. The fourth part is on liberalization with a focus on India. It evaluates the Indian experience with stabilization, adjustment, and reform, which is then situated in its wider political and historical context.