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    Prospects of Institutional and Policy Reform in India: Toward a Model of the Developmental State

    Ahrens, Joachim | June 1997
    Abstract
    India’s recently launched economic reforms will only be sustainable if they are accompanied by political reforms, which create the foundations of economic development. Establishing a Weberian-type bureaucracy adequately embedded in society will be useful, but not sufficient to enhance the incentive compatibility of public policies and economic performance. Due to the heterogeneity of the Indian economy and society, this institutional arrangement should be complemented by the concept of Participatory Market-Preserving Federalism, which combines the notion of embedded autonomy with the concept of Market-Preserving Federalism and the principle of subsidiarity. This induces a self-enforcing governance structure that reduces collective action problems, directly involves social groups and subnational governments into political decision making processes, and creates the political foundations of economic growth.
    Citation
    Ahrens, Joachim. 1997. Prospects of Institutional and Policy Reform in India: Toward a Model of the Developmental State. © Asian Development Bank. http://hdl.handle.net/11540/5378.
    Keywords
    Development
    Finance
    Development Challenges
    Development Issues
    Development Problems
    Microenterprises Finance
    Commercial Finance Companies
    Enterprise Financing
    Financial Analysis
    Banking Finance And Investment
    ADB
    Project finance
    Development plans
    Strategic planning
    Business Financing
    Investment Requirements
    Insurance Companies
    International Monetary Relations
    International Financial Market
    Exchange Rate
    Insurers
    Insurance stocks
    Insurance holding companies
    Insurance carriers
    Insurance agencies
    Business subsidies
    Investment companies
    International banks and banking
    Stock exchanges
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    Citable URI
    http://hdl.handle.net/11540/5378
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    Author
    Ahrens, Joachim
    Theme
    Development
    Finance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise