India and the World
Essays on Geoeconomics and Foreign Policy
Sanjaya Baru
Essays on Geoeconomics and Foreign Policy
About the Book
In 2016 India became the world’s fastest growing large economy, overtaking China. India’s resurgence has renewed global interest in the geopolitical implications of India’s economic rise. Sanjaya Baru’s book explores India’s evolving geoeconomic relations with the West and with Asia, particularly China, in the aftermath of the global financial crisis of 2008-09.
These essays analyse the influence of business and trade on foreign policy, India’s approach to multilateralism and the relevance of regional trade integration for the Indian economy and South Asia. The essays were written after Baru served a term in the Prime Minister’s Office in New Delhi as a key advisor to Prime Minister Manmohan Singh during India’s negotiation of a civil nuclear energy agreement with the United States. They show the author’s intimate knowledge of India’s external economic policies, acquired from his vantage position as an influential newspaper editor and an advisor to the Prime Minister.
Praise for this book
It has become almost a settled view that by 2050, India’s GDP will become either the second or third largest in the world and the weight of India in geo-economics and in geopolitics will be increasingly felt. Sanjaya Baru’s collection of essays on India and the World provides the reader with a sense of this unfolding story. There is an inner consistency in his holistic view of India’s economic development which is fundamentally dependent on improvement in the education and skills base of large numbers of human beings. Unlike the US and China, India sometimes comes across as not having ambitions to be a world power, but it will become one almost despite itself and the book helps to explain why.
— George Yeo
Former Minister for Foreign Affairs,
Trade & Industry, Singapore.
Sanjaya Baru is amongst the pioneers in using the frame of geo-economics to explore with practised skill, the emerging global political, economic and security landscape and India’s place in it. There are novel and compelling insights in this book which would be of value to both academics and practitioners alike.
— Shyam Saran
Former Foreign Secretary, India.
Although economics is an important driver of foreign policy and a key determinant of national security, this relationship receives inadequate attention by scholars and practitioners. Sanjaya Baru’s book is a major contribution to this subject based on his first-hand role in the Indian government and his years of thoughtful analysis of India’s foreign policy problems.
— Martin Feldstein
George F. Baker Professor of Economics, Harvard University
President Emeritus, National Bureau of Economic Research, USA
About the Author(s) / Editor(s)
Sanjaya Baru is one of India’s most respected economic and political analysts. He has been Chief Editor of major financial newspapers, a media advisor and spokesman of a Prime Minister of India; a professor at important universities and think tanks in New Delhi and Singapore, author of best-selling books, inclu-ding Strategic Consequences of India’s Economic Performance (Academic Foundation, 2006) and The Accidental Prime Minister (Penguin Viking, 2014). He was till recently Director for Geo-economics and Strategy, International Institute for Strategic Studies, London. He was a member of India’s National Security Advisory Board.
Contents in Detail
Introduction
1. Shifts and Shocks: Understanding Geoeconomics and Strategy
Post-Cold War Geoeconomics
The Geoeconomics of the Asian Financial Crisis
Geoeconomics of the Trans-Atlantic Financial Crisis
India, G-20 and the G-4
2. The Geoeconomics of a Multipolar World
The Next, Apart from China
From Geoeconomics to Geopolitics
Structural Shifts and Economic Shocks: Drivers of Strategic Change
Knowledge Power and Demographics
Fiscal Capability of the State
Global Economic Competitiveness
Access to Markets and Natural Resources
3. India and the Geoeconomics of the Trans-Atlantic Financial Crisis
Policy Impact of the Triple Crises of the 1990s
Closing the Two Gaps
Banking and Finance
Fiscal Policy
India and the Global Slowdown: New Vulnerabilities
Globalisation, Geopolitics and India’s Grand Strategy
The Re-hyphenation with Pakistan
The G-2 Challenge
Crisis Management, Regional Stability and Implications for India-US Relations
4. The Economic Imperative to Indian Foreign Policy
Planning and Foreign Relations
Non-Alignment and Mixed Economy
The Post-Cold War–Post-Liberalisation Era
Economic Inter-dependence and International Relations
Conclusion
5. The Political Economy of Post Cold War Indian Foreign Policy
Impact of Successful External Liberalisation
The United States and Major Powers
India and Immediate Neighbours
Asymmetric Trade Liberalisation
India and Wider Asian Neighbourhood: East Asian Community
South-South Cooperation
New Thinking on Globalisation
Inclusive Globalisation
Challenges to the Manmohan Singh Doctrine
6. Realism in India’s Economic Multilateralism
‘Realistic Restructuring’ of the Bretton Woods Institutions
Hedging its Bets on the Multilateral Trade Regime
The China Syndrome
7. The Influence of Business and Media on Indian Foreign Policy
The Influence of Business in Foreign Policy
Track Two Diplomacy
The Influence of Media in Foreign Policy
Conclusion
8. India’s Economic Rise and South Asian Integration
Indian Sub-continent as an Integrated Economic System
Regional Cooperation and Institution Building in South Asia: P2P, B2B and G2G
SAARC as G2G: Institutions and Iconic Projects/Programmes
Building Blocks of B2B and P2P Cooperation
India as an Opportunity
A Summing Up
9. China and India: Bilateral Economic Relations and the Global Economy
Historical Background
From Inward to Outward Orientation
The New Bilateral Economic Relationship
Trade Deficit and Trust Deficit
Managing Competition and Cooperation
Opportunities for Regional Cooperation
The Multilateral System
Conclusion
10. The Geoeconomics of the GCC and Asia
The Changing Global Economy
The Gulf and Asia
Gulf Regional and Maritime Security: Role of Asian Powers
| Publisher | AF Press |
| Publication Date | 2016 |
| Number of Pages | 240 |
| ISBN |
9789332703797 |
Academic Foundation (AF), based in New Delhi, is India’s leading independent publisher of academic/scholarly books in Social Sciences, specialising in Economics—Development Economics and Indian Economy in particular, and allied subjects.
About the Book
In 2016 India became the world’s fastest growing large economy, overtaking China. India’s resurgence has renewed global interest in the geopolitical implications of India’s economic rise. Sanjaya Baru’s book explores India’s evolving geoeconomic relations with the West and with Asia, particularly China, in the aftermath of the global financial crisis of 2008-09.
These essays analyse the influence of business and trade on foreign policy, India’s approach to multilateralism and the relevance of regional trade integration for the Indian economy and South Asia. The essays were written after Baru served a term in the Prime Minister’s Office in New Delhi as a key advisor to Prime Minister Manmohan Singh during India’s negotiation of a civil nuclear energy agreement with the United States. They show the author’s intimate knowledge of India’s external economic policies, acquired from his vantage position as an influential newspaper editor and an advisor to the Prime Minister.
Praise for this book
It has become almost a settled view that by 2050, India’s GDP will become either the second or third largest in the world and the weight of India in geo-economics and in geopolitics will be increasingly felt. Sanjaya Baru’s collection of essays on India and the World provides the reader with a sense of this unfolding story. There is an inner consistency in his holistic view of India’s economic development which is fundamentally dependent on improvement in the education and skills base of large numbers of human beings. Unlike the US and China, India sometimes comes across as not having ambitions to be a world power, but it will become one almost despite itself and the book helps to explain why.
— George Yeo
Former Minister for Foreign Affairs,
Trade & Industry, Singapore.
Sanjaya Baru is amongst the pioneers in using the frame of geo-economics to explore with practised skill, the emerging global political, economic and security landscape and India’s place in it. There are novel and compelling insights in this book which would be of value to both academics and practitioners alike.
— Shyam Saran
Former Foreign Secretary, India.
Although economics is an important driver of foreign policy and a key determinant of national security, this relationship receives inadequate attention by scholars and practitioners. Sanjaya Baru’s book is a major contribution to this subject based on his first-hand role in the Indian government and his years of thoughtful analysis of India’s foreign policy problems.
— Martin Feldstein
George F. Baker Professor of Economics, Harvard University
President Emeritus, National Bureau of Economic Research, USA
About the Author(s) / Editor(s)
Sanjaya Baru is one of India’s most respected economic and political analysts. He has been Chief Editor of major financial newspapers, a media advisor and spokesman of a Prime Minister of India; a professor at important universities and think tanks in New Delhi and Singapore, author of best-selling books, inclu-ding Strategic Consequences of India’s Economic Performance (Academic Foundation, 2006) and The Accidental Prime Minister (Penguin Viking, 2014). He was till recently Director for Geo-economics and Strategy, International Institute for Strategic Studies, London. He was a member of India’s National Security Advisory Board.
Contents in Detail
Introduction
1. Shifts and Shocks: Understanding Geoeconomics and Strategy
Post-Cold War Geoeconomics
The Geoeconomics of the Asian Financial Crisis
Geoeconomics of the Trans-Atlantic Financial Crisis
India, G-20 and the G-4
2. The Geoeconomics of a Multipolar World
The Next, Apart from China
From Geoeconomics to Geopolitics
Structural Shifts and Economic Shocks: Drivers of Strategic Change
Knowledge Power and Demographics
Fiscal Capability of the State
Global Economic Competitiveness
Access to Markets and Natural Resources
3. India and the Geoeconomics of the Trans-Atlantic Financial Crisis
Policy Impact of the Triple Crises of the 1990s
Closing the Two Gaps
Banking and Finance
Fiscal Policy
India and the Global Slowdown: New Vulnerabilities
Globalisation, Geopolitics and India’s Grand Strategy
The Re-hyphenation with Pakistan
The G-2 Challenge
Crisis Management, Regional Stability and Implications for India-US Relations
4. The Economic Imperative to Indian Foreign Policy
Planning and Foreign Relations
Non-Alignment and Mixed Economy
The Post-Cold War–Post-Liberalisation Era
Economic Inter-dependence and International Relations
Conclusion
5. The Political Economy of Post Cold War Indian Foreign Policy
Impact of Successful External Liberalisation
The United States and Major Powers
India and Immediate Neighbours
Asymmetric Trade Liberalisation
India and Wider Asian Neighbourhood: East Asian Community
South-South Cooperation
New Thinking on Globalisation
Inclusive Globalisation
Challenges to the Manmohan Singh Doctrine
6. Realism in India’s Economic Multilateralism
‘Realistic Restructuring’ of the Bretton Woods Institutions
Hedging its Bets on the Multilateral Trade Regime
The China Syndrome
7. The Influence of Business and Media on Indian Foreign Policy
The Influence of Business in Foreign Policy
Track Two Diplomacy
The Influence of Media in Foreign Policy
Conclusion
8. India’s Economic Rise and South Asian Integration
Indian Sub-continent as an Integrated Economic System
Regional Cooperation and Institution Building in South Asia: P2P, B2B and G2G
SAARC as G2G: Institutions and Iconic Projects/Programmes
Building Blocks of B2B and P2P Cooperation
India as an Opportunity
A Summing Up
9. China and India: Bilateral Economic Relations and the Global Economy
Historical Background
From Inward to Outward Orientation
The New Bilateral Economic Relationship
Trade Deficit and Trust Deficit
Managing Competition and Cooperation
Opportunities for Regional Cooperation
The Multilateral System
Conclusion
10. The Geoeconomics of the GCC and Asia
The Changing Global Economy
The Gulf and Asia
Gulf Regional and Maritime Security: Role of Asian Powers
| Publisher | AF Press |
| Publication Date | 2016 |
| Number of Pages | 240 |
| ISBN |
9789332703797 |
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India and the World