Lessons to be learnt ( INDIAN CONTEXT) more on it .........what i think:
Now that china has become a memeberof WTO , a closed guarded economy is open to world trade ....... let me draw a parallel here ...it's like a kingdom going to war in olden times ..the fort is protected and closed to external influneces ..the soldiers inside the fort practises , build stategies to get ready for the war ....and when they are ready ... the gate is open to fight the war ........
I think thats what CHINA did .They had an inward protectionist policy all the decades and they prepared to take on the world ....made policies that lead to that vison , developed their industry ,infrastructue and all other macroenomic variables ....and now the stage is open to them ..........BUT THE MILLION DOLLAR QUESTION WHAT DID THEY DO INSIDE THE FORT ( thats my presentation ) ........Now they don't fear much as to what harm free trade can do to their economy......
As I sometimes say: economics is simply the pursuit of politics by other means. Now Anands second mail:
You talked about India moving towards services .Its happening in India .Lots of software firms have already made their mark and some have then have really turned the tables for the west. One in mention is I-Flex solutions …but can India truly be a services economy disrespecting the agricultural dependence that we have and manufacturing potential that exists here . It needs to be probed and a lot of research is going on this .. Day in and Day out a group of friends break out in a heated discussion in my class.
Macro economic decision variables for difernet countries happen todifferent ..and its tough to decide what decision to take and more so in a politically unstable and unfocuused approached that our political leaders had in 70’s and 80’s . Its now that Indian thinkers have harmonized theirs with global thinking and of late after 90 when we have opened our thinking to more bigger ideas But there's still lot to go and lessons learnt form Asian crisis and China’s Growth will surely be helping a better INdia and i am probing on those . Let me see how far I can go with my research . I am eagerly waiting to hear from you .Its turning out to be more than interesting and fruitful and a great learning experience
No Anand, we are eagerly waiting, we want to know how far you can go with your research!