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1 results

  • 6 - From Free Trade to Regulation

  • from Part I - Regional Developments
  • Edited by Stephen Broadberry, University of Oxford, Kyoji Fukao, Hitotsubashi University, Tokyo
  • Book:
    The Cambridge Economic History of the Modern World
    Published online:
    03 June 2021
    Print publication:
    24 June 2021, pp 151-175

  • Summary

    India integrated into the global economy of the British Empire in 1858 with the transition to Crown rule. The increase in agricultural exports and industrial imports did not lead to economic growth. Even as the share of trade in GDP increased and foreign capital flowed into the export industries and the railways, the economy stagnated. With independence, India retreated from the global economy, but per capita GDP growth turned positive for the first time since 1914. Although trade and foreign investment declined in a regulatory regime, domestic capital formation doubled. The liberalization of the economy after 1980 was built on the foundations of a regulatory regime.