Emerging Issues In Political Economy Of Development

During the last 3 decades, associated with globalization and liberalization, many countries including China and India have experienced significant economic growth as measured by economic aggregates such as GDP. But an important question here is who really has benefited from this growth. There is now ample empirical evidence that shows that most of the benefits of growth have accrued to a tiny section of the population and the vast majority of the people have generally been left out in this iniquitous growth process. During the last 5 years, since the beginning of the major global downturn that originated in the West in 2008 with the financial sector breakdown, even this growth, defined purely in economic aggregate terms, has come almost close to a halt in the industrialized" West and has considerably slowed down in the major economies of the developing world. But it is not the beneficiaries of the past growth who are paying the price of the downturn.