This volume is a collection of published and unpublished essays authored by the eminent scholar Deepak Nayyar. The essays written over a period of two decades, focus on liberalization and development of underdeveloped and developing countries. The themes explored range from macroeconomics through industrialization to development with reference to the changed context shaped by liberalization. The essays 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. The second part is on development, in a world that has been transformed by markets and globalization. It also explores the consequences for public policies and for employment. 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 last part is on liberalization. It evaluates the Indian experience with stabilization, adjustment, and reform. The volume situates economic liberalization in India in its wider political and historical context. In a world where much of
development economics is concerned with micro-theoretic analysis, these essays provide a macroeconomic analysis of development. The book provides a rich blend of theory and policy from a heterodox perspective.