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SUMMARY:From “Green Revolution” to “Economic Liberalization” in 19
 70s-80s' India: Impacts of Oil Crises in a Global Perspective - Shigeru Ak
 ita (University of Osaka/Clare Hall)
DTSTART:20250527T160000Z
DTEND:20250527T170000Z
UID:TALK230200@talks.cam.ac.uk
CONTACT:Dr AM Price
DESCRIPTION:This presentation reconsiders the impacts of the energy crises
  in the 1970s  and the early 1990s\, by focusing on the international orde
 r for two decades. It gives particular attention to the transformative eff
 ects of the three oil crises of 1973-74\,1979 and 1991 on economic develop
 ment of India. \n\nIn the 1970s\, India achieved a _de-facto_ self-suffici
 ency in food production\, despite the critical impact of the oil crises. I
  reconsider the progress of India’s ‘Green Revolution’\, specificall
 y agricultural development in the 1970s within the context of the two oil 
 crises. How did India achieve ‘Green Revolution’\, and what factors co
 ntributed to India’s agricultural development in the 1970s? This present
 ation first focuses on external economic aid to India\, especially from th
 e World Bank (WB) group—specifically\, the International Bank for Recons
 truction and Development (IBRD) and the International Development Associat
 ion (IDA)—led by its President Robert McNamara (1968–1981). Steady eco
 nomic growth after the first oil crisis was overturned in 1979 during the 
 second oil crisis.  How did India manage to recover from this second econo
 mic turmoil in the early 1980s?\n\nAs for the historiography of Indian eco
 nomic development\, in 2004\, Dani Rodrik and Arvind Subramanian published
  a very provocative article\, ‘From “Hindu Growth” to Productivity S
 urge: The Mystery of the Indian Growth Transition.’  They pointed out an
  attitudinal shift on the part of the national government in the 1980s in 
 favour of private business\, by Indira Gandhi and Rajiv Gandhi administrat
 ions. I historicize their argument and reconsider the steady growth of Ind
 ian economy and its major achieving targets\, including import of foreign 
 private capital for technological innovations\, in the latter half of the 
 1980s. In this process\, Indian Government (politicians and officials---In
 dian authorities) and Indian economists skilfully responded to financial s
 upports of the IMF and the World Bank group. Through this reconsideration\
 , we can relocate the start or the origin of so-called ‘Economic Liberal
 ization” in India from a longer historical perspective.\n\nFinally\, I w
 ould like to locate India’s experiences in the 1970s-1980s (energy crise
 s) in a global perspective\, especially in comparison with the “East Asi
 an Miracle”.  Scholarships on the oil crises have focused on their effec
 ts on the advanced Western economies\, but their impact on the non-Western
  world was in many respects even more profound. As this presentation will 
 show\, the oil crises of the 1970s and its aftermath in the 1980s and the 
 early 1990s laid the groundwork for the restructuring of the international
  economic order and the so-called economic miracle in Asia.\n\nAs for the 
 1970s\, please refer to my edited volume: Shigeru Akita (ed.)\, *_Oil Cris
 es of the 1970s and the Transformation of International Order—Economy\, 
 Development\, and Aid in Asia and Africa_*\, London: Bloomsbury-Academic\,
  2024.\n\nDani Rodrik and Arvind Subramanian\, ‘From “Hindu Growth” 
 to Productivity Surge: The Mystery of the Indian Growth Transition’\, *I
 MF Working Paper* WP/04/77\, May 2004.\n
LOCATION:Seminar Room 3\, Cripps Court\, Magdalene College
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