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Arvind Panagariya is an Indian-American economist, currently serving as the Jagdish Bhagwati Professor of Indian Political Economy and Director of Deepak and Neera Raj Center on Indian Economic Policies at Columbia University in New York City. He was the first vice-chairman of the Indian think-tank NITI Aayog from January 2015 to August 2017 and formerly served as Chief Economist of the Asian Development Bank. In 2012, he received the Padma Bhushan award from the President of India for his contributions to economics and public policy. Panagariya is an expert in free trade and a leading authority on the Indian economy.
In this episode, economists Don Boudreaux, Steve Davies, Douglas Irwin, and Arvind Panagariya reflect on the legacy of Britain's Corn Laws 175 years after their repeal on June 25, 1846. They discuss the effects of the Corn Laws, the circumstances leading to the laws' repeal, the ensuing rise of free trade both in Britain and globally, and much more. Boudreaux is a professor of economics at George Mason University. Davies is the head of education at the Institute of Economic Affairs in London. Douglas is the John French Professor of Economics at Dartmouth College. Panagariya is a professor of economics and the Jagdish N. Bhagwati Professor of Indian Political Economy at Columbia University.Resources:The Wealth Explosion: The Nature and Origins of Modernity by Steve DaviesClashing Over Commerce by Doug IrwinFree Trade and Prosperity by Arvind PanagariyaFor more helpful links and resources from this conversation, please visit DiscourseMagazine.com.
In this episode, Shruti spoke with Arvind Panagariya about his book, Free Trade and Prosperity: How Openness Helps the Developing Countries Grow Richer and Combat Poverty. Panagariya is Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy at Columbia University. From January 2015 to August 2017, he served as the first Vice Chairman of the NITI Aayog, Government of India in Prime Minister Modi’s Cabinet. His primary research is international trade policy, economic development, and Indian political economy. Full transcript of this episode enhanced with helpful links: https://www.discoursemagazine.com/tag/ideas-of-india-podcast/ Connect with Shruti on Twitter: https://twitter.com/srajagopalan
Arvind Panagariya is Jagdish N. Bhagwati Professor of Indian Political Economy at Columbia University and the former and first Vice Chairman of the National Institution for Transforming India (NITI Aayog). Previously, he was the Chief Economist of the Asian Development Bank. In this interview recorded in the spring of 2019, Prof. Panagariya discusses India’s economic reforms and future outlook. As he explains, India and China’s per-capita income really diverged starting in the 1980s as China embarked on more ambitious economic liberation plans ahead of India. The quasi-autarky regime in India scuttled foreign trade and was anti-growth by construction. Growth was important in India's economic policy agenda because one can do little without it. Redistribution wouldn’t have worked because if the state redistributed, everyone would’ve been below the poverty line. There was nothing to redistribute, and nothing to "trickle down" either. Growth was the priority. In 1991, the economic reforms that India needed finally happened. Financial and trade liberalization truly happened, and with the over 7% GDP growth rate in recent years, India will likely become the world's 3rd largest economy in 7-8 years, surpassing Germany and Japan. However, because India’s growth trajectory is quite different from those other countries, its challenges are also different. India's economy is still heavily dominated by the agricultural sector, which only grows around 4% in a good year. The transition from agriculture to industry and services has been really slow for the Indian people, and the manufacturing sector has hardly pulled anyone in. The social revolution happened before labor revolution in India, so the system is employee friendly but not employer friendly. Not only do companies have very expensive acquisition cost, there is also very high cost for public projects (often land could make up to 3/4 of the overall cost). That’s why Prof. Panagariya proposes coastal special economic zones as a helpful solution, like China's Shenzhen model. By utilizing the ports and giving these regions the flexibility and freedom to write their own labor laws, these zones could potentially further spur economic growth for the country. This interview with Prof. Panagariya was recorded over two separate sittings. Tiger was so fascinated by India after the interview such that six months later, he went on a three-week long yoga & meditation trip to India with Princeton’s Office of Religious Life. We will soon release some of Tiger's additional interviews conducted in India – with Hindu monks and environmental businesspeople - and we hope that you may also treat this interview with Prof. Panagariya as a gateway to learn more about India.
In this digital roundtable Harsh Madhusudhan, Rajiv Mantri, and I have a chat with Dr. Arvind Panagariya about his latest book "India Unlimited: Reclaiming the Lost Glory". You can buy the book here https://www.amazon.in/India-Unlimited-Reclaiming-Lost-Glory-ebook/dp/B084VDP92F You can follow Dr. Panagariya on Twitter @APanagariya You can follow Harsh on Twitter @harshmadhusudan You can follow Rajiv on Twitter @RMantri You can follow me on Twitter @kushal_mehra You can support the Carvaka Podcast on Patreon https://www.patreon.com/carvaka You can become a member of The Carvaka Podcast on Youtube https://www.youtube.com/channel/UCKPxuul6zSLAfKSsm123Vww/join
Free trade provides enormous benefits to developing countries. Arvind Panagariya will describe its impressive record in promoting growth and reducing poverty at a time when some policymakers in rich and poor countries are turning toward protectionism. He will explain how openness was key to the economic success of countries like South Korea and Taiwan and will refute claims that industrial policy, infant industry protection, or measures that erected barriers to trade have worked better than free trade itself. Anne Krueger will comment on Panagariya’s full-scale defense of free trade and warn about threats to the liberal, global trade regime. See acast.com/privacy for privacy and opt-out information.
Free trade provides enormous benefits to developing countries. Arvind Panagariya will describe its impressive record in promoting growth and reducing poverty at a time when some policymakers in rich and poor countries are turning toward protectionism. He will explain how openness was key to the economic success of countries like South Korea and Taiwan and will refute claims that industrial policy, infant industry protection, or measures that erected barriers to trade have worked better than free trade itself. Anne Krueger will comment on Panagariya’s full-scale defense of free trade and warn about threats to the liberal, global trade regime.
The World Beyond the Headlines from the University of Chicago
A talk by Arvind Panagariya. Arvind Panagariya discusses his new book, "India: The Emerging Giant", a history of the economic development of India since independence and the "definitive book on the Indian economy" according to Newsweek editor Fareed Zakaria. Panagariya is Jagdish Bhagwati Professor of Indian Political Economy, International and Public Affairs, and Economics at Columbia University. He is also a former chief economist at the Asian Development Bank and an adviser to several multilateral financial institutions including the IMF and the WTO. The author or editor of several books and numerous scholarly articles, Panagariya also writes a monthly column in the Economic Times, India's top financial daily, and contributes to multiple media outlets including the Financial Times, Wall Street Journal, India Today, The Newshour with Jim Lehrer, and CNN (Asia). From the World Beyond the Headlines Series.
A talk by Arvind Panagariya. Arvind Panagariya discusses his new book, "India: The Emerging Giant", a history of the economic development of India since independence and the "definitive book on the Indian economy" according to Newsweek editor Fareed Zakaria. Panagariya is Jagdish Bhagwati Professor of Indian Political Economy, International and Public Affairs, and Economics at Columbia University. He is also a former chief economist at the Asian Development Bank and an adviser to several multilateral financial institutions including the IMF and the WTO. The author or editor of several books and numerous scholarly articles, Panagariya also writes a monthly column in the Economic Times, India's top financial daily, and contributes to multiple media outlets including the Financial Times, Wall Street Journal, India Today, The Newshour with Jim Lehrer, and CNN (Asia). From the World Beyond the Headlines Series.
A talk by Arvind Panagariya. Arvind Panagariya discusses his new book, "India: The Emerging Giant", a history of the economic development of India since independence and the "definitive book on the Indian economy" according to Newsweek editor Fareed Zakaria. Panagariya is Jagdish Bhagwati Professor of Indian Political Economy, International and Public Affairs, and Economics at Columbia University. He is also a former chief economist at the Asian Development Bank and an adviser to several multilateral financial institutions including the IMF and the WTO. The author or editor of several books and numerous scholarly articles, Panagariya also writes a monthly column in the Economic Times, India's top financial daily, and contributes to multiple media outlets including the Financial Times, Wall Street Journal, India Today, The Newshour with Jim Lehrer, and CNN (Asia). From the World Beyond the Headlines Series.
Join SAJA.org and SAJAforum.org for a discussion about India's economy with Prof. Arvind Panagariya of Columbia University. He's the author of "India: The Emerging Giant," a book that has received rave reviews. He'll discuss his book and, given all the news about the Indian economy, what the outlook is for India to survive the turmoil in the US and world economy. More on Panagariya: http://www.sajaforum.org/2008/09/books-aravind-p.html