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The Oxford Companion to the Economics of China$
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Shenggen Fan, Ravi Kanbur, Shang-Jin Wei, and Xiaobo Zhang

Print publication date: 2014

Print ISBN-13: 9780199678204

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199678204.001.0001

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China and India

China and India

The pattern of recent growth and governance in a comparative political economy perspective

(p.53) 5 China and India
The Oxford Companion to the Economics of China

Pranab Bardhan

Oxford University Press

This chapter first describes the patterns of economic growth in China and India, primarily during the last three decades, and their implications for the massive poverty and inequality in the two countries. In the sectoral pattern of growth China has excelled particularly in manufacture, India more in services. But contrary to popular impressions, in neither country has the growth been mainly externally driven. The mainspring of growth in China has been domestic investment, and in India domestic investment and consumption. This chapter considers how inequality has risen in both countries; not simply income inequality, but also inequality of opportunity. It then discusses the nature of governance in both public and private spheres and rampant corruption of public officials and politicians, bringing the chapter to the question of the relation between democracy (or lack of it) and development.

Keywords:   economic growth, economic development, economic policies, poverty, inequality, Chinese economy, Indian economy

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