Indian Journal of Industrial Relations: Economics & Social Dev.

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Beyond GDP: The Debate on Globalization & Development


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1 Shri Ram Centre for Industrial Relations, Human Resources, Economic & Social Development, New Delhi, India
     

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The growth debate had taken an interesting turn since the close of the last century as the hitherto known socialist economies also preferred the neoclassical route to economic growth. The Indian experience showed that those without assets, the uneducated, the wage earners and the unskilled have been the major losers in the process of globalization. The government therefore needs to serve the role of a vigilant market regulator. The preoccupation of policy planners must shift beyond GDP. While development needs to be redefined in a broad-based manner to include many more elements for which GDP remains an important enabler, human development must be taken as the ultimate goal of development, argues the author.
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  • Beyond GDP: The Debate on Globalization & Development

Abstract Views: 385  |  PDF Views: 2

Authors

J. S. Sodhi
Shri Ram Centre for Industrial Relations, Human Resources, Economic & Social Development, New Delhi, India

Abstract


The growth debate had taken an interesting turn since the close of the last century as the hitherto known socialist economies also preferred the neoclassical route to economic growth. The Indian experience showed that those without assets, the uneducated, the wage earners and the unskilled have been the major losers in the process of globalization. The government therefore needs to serve the role of a vigilant market regulator. The preoccupation of policy planners must shift beyond GDP. While development needs to be redefined in a broad-based manner to include many more elements for which GDP remains an important enabler, human development must be taken as the ultimate goal of development, argues the author.

References