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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 (Osaka University)
DTSTART:20250527T160000Z
DTEND:20250527T174500Z
UID:TALK231331@talks.cam.ac.uk
CONTACT:Gareth Austin
DESCRIPTION:This presentation reconsiders the impacts of the energy crises
  in the 1970s and the early 1990s\, by focusing on the international order
  for two decades. It gives particular attention to the transformative effe
 cts of the three oil crises of 1973-74\, 1979 and 1991on economic developm
 ent of India. \n\nIn the 1970s\, India achieved a de-facto self-sufficienc
 y in food production\, despite the critical impact of the oil crises. I re
 consider the progress of India’s ‘Green Revolution’\, specifically a
 gricultural development in the 1970s within the context of the two oil cri
 ses. How did India achieve ‘Green Revolution’\, and what factors contr
 ibuted to India’s agricultural development in the 1970s?  This presentat
 ion first focuses on external economic aid to India\, especially from the 
 World Bank (WB) group—specifically\, the International Bank for Reconstr
 uction and Development (IBRD) and the International Development Associatio
 n (IDA)—led by its President Robert McNamara (1968–1981). Steady econo
 mic growth after the first oil crisis was overturned in 1979 during the se
 cond oil crisis.  How did India manage to recover from this second economi
 c turmoil in the early 1980s?\n\nAs for the historiography of Indian econo
 mic development\, in 2004\, Dani Rodrik and Arvind Subramanian published a
  very provocative article\, ‘From “Hindu Growth” to Productivity Sur
 ge: The Mystery of the Indian Growth Transition.’  They pointed out an a
 ttitudinal shift on the part of the national government in the 1980s in fa
 vor of private business\, by Indira Gandhi and Rajiv Gandhi administration
 s. I historicize their argument and reconsider the steady growth of Indian
  economy and its major achieving targets\, including import of foreign pri
 vate capital for technological innovations\, in the latter half of the 198
 0s. In this process\, Indian Government (politicians and officials---India
 n authorities) and Indian economists skillfully responded to financial sup
 ports of the IMF and the World Bank group. Through this reconsideration\, 
 we can relocate the start or the origin of so-called ‘Economic Liberaliz
 ation” in India from a longer historical perspective.\n\nFinally\, I wou
 ld like to locate India’s experiences in the 1970s-1980s (energy crises)
  in a global perspective\, especially in comparison with the “East Asian
  Miracle”.  Scholarships on the oil crises have focused on their effects
  on the advanced Western economies\, but their impact on the non-Western w
 orld was in many respects even more profound. As this presentation will sh
 ow\, the oil crises of the 1970s and its aftermath in the 1980s and the ea
 rly 1990s laid the groundwork for the restructuring of the international e
 conomic order and the so-called economic miracle in Asia.\n\n\n\n
LOCATION:Seminar Room 3\, Cripps Court\, Magdalene College\, Cambridge
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