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Globalization and DeregulationIdeas, Interests, and Institutional Change in India$
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Rahul Mukherji

Print publication date: 2014

Print ISBN-13: 9780198096177

Published to Oxford Scholarship Online: June 2014

DOI: 10.1093/acprof:oso/9780198096177.001.0001

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Globalization Aborted, 1966*

Globalization Aborted, 1966*

(p.38) 2 Globalization Aborted, 1966*
Globalization and Deregulation

Rahul Mukherji

Oxford University Press

This chapter details the political economy of the 1966 devaluation when India was faced with a grave crisis of foreign exchange. At that time, Prime Minister Indira Gandhi was unsure about the benefits of globalization and the technocracy within the government and was a firm believer in import substitution. The business class too was largely a votary of import substitution. When the government and the business class both wished import substitution, pressure from the World Bank could not coerce India to promote either globalization or private sector driven industrialization.

Keywords:   India, political economy, 1966, economic ideas, economic policy, financial crisis, import substitution

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