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Law and the Economy in a Young Democracy

India 1947 and Beyond

Tirthankar Roy Anand V. Swamy

$74.95

Hardback

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English
University of Chicago Press
08 February 2022
An essential history of India's economic growth since 1947, including the legal reforms that have shaped the country in the shadow of colonial rule.

Economists have long lamented how the inefficiency of India's legal system undermines the country’s economic capacity. How has this come to be? The prevailing explanation is that the postcolonial legal system is understaffed and under-resourced, making adjudication and contract enforcement slow and costly.

Taking this as given, Law and the Economy in a Young Democracy examines the contents and historical antecedents of these laws, including how they have stifled economic development. Economists Roy and Swamy argue that legal evolution in independent India has been shaped by three factors: the desire to reduce inequality and poverty; the suspicion that market activity, both domestic and international, can be detrimental to these goals; and the strengthening of Indian democracy over time, giving voice to a growing fraction of society, including the poor.

Weaving the story of India's heralded economic transformation with its social and political history, Roy and Swamy show how inadequate legal infrastructure has been a key impediment to the country's economic growth during the last century. A stirring and authoritative history of a nation rife with contradictions, Law and the Economy in a Young Democracy is essential reading for anyone seeking to understand India's current crossroads—and the factors that may keep its dreams unrealized.

By:   ,
Imprint:   University of Chicago Press
Country of Publication:   United States
Dimensions:   Height: 229mm,  Width: 152mm,  Spine: 28mm
ISBN:   9780226799001
ISBN 10:   022679900X
Series:   Markets and Governments in Economic History
Pages:   272
Publication Date:  
Audience:   Professional and scholarly ,  Undergraduate
Format:   Hardback
Publisher's Status:   Active

Tirthankar Roy is professor of economic history at the London School of Economics. Anand V. Swamy is the Willmott Family Third Century Professor of Economics at Williams College in Massachusetts. They are the coauthors of Law and the Economy in Colonial India, also published by the University of Chicago Press. 

Reviews for Law and the Economy in a Young Democracy: India 1947 and Beyond

Many works have studied the impact imperial institutions had on the economies and legal systems of ex-colonies, but the analysis is usually carried out at the level of aggregate outcomes. Rarely, though, do we get to see how these relationships survived the political change at independence, nor how they persisted in post-independence politics. With this book we do, and the connections-among politics, the legal system, the legacy of colonial institutions, and economic endowments and outcomes-all become clear in vivid detail. Roy and Swamy manage to do all that, yet they never lose sight of the big picture-a real achievement. -- Philip T. Hoffman, California Institute of Technology


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