Dancing with Giants: China, India, and the Global Economy

Dancing with Giants: China, India, and the Global Economy

Dancing with Giants: China, India, and the Global Economy

Dancing with Giants: China, India, and the Global Economy

Synopsis

China is now the world's fourth largest economy and growing very fast. India's economic salience is also on the rise. Together these two countries will profoundly influence the pace and nature of global economic change. Drawing upon the latest research, this volume analyzes the influences on the rapid future development of these two countries and examines how their growth is likely to impinge upon other countries. It considers international trade, industrialization, foreign investment and capital flows, and the implications of their broadening environmental footprints. It also discusses how the two countries have tackled poverty, inequality and governance issues and whether progress in these areas will be a key to rapid and stable growth.

Excerpt

Hardly a day passes without a newspaper article, television show, or Internet blog story about the rise of China and India in the global economy. There are many reasons for this public interest. Never before have such large economies—with a combined population of 2.3 billion—grown so fast for so long: GDP growth in China averaged 9.1 percent over the last decade, and India averaged 6.1 percent. Some people are fearful: Will China and India dominate the world economy? Will they consume the earth's scarce resources? Will they bid down wages elsewhere? Others are curious: Can China and India sustain such impressive growth rates, especially in light of perceived fragilities (China's financial sector and India's public debt being notable examples)? Others seek lessons: Noting that neither China nor India is pursuing an [orthodox] model of development, they want to know how these economies did it, and whether there are lessons for other developing countries.

Because of this heightened interest among the general public, media coverage of China and India tends to emphasize the human dimension—stories comparing a factory worker in China with a software designer in India, or interviews with foreign investors comparing the two countries' prospects, or pictures contrasting the booming worlds of Shanghai and Mumbai with abject poverty in rural China and India.

Dancing with Giants considers the story from a different vantage point. It takes a dispassionate and critical look at the rise of China and India, and asks some difficult questions about this growth: Where is it occurring? Who is benefiting most? Is it sustainable? And what are the implications for the rest of the world? By bringing to bear the best available data and analytical tools, the book can provide answers that are much more nuanced than the typical news story. To take one example, the book demonstrates that, despite their similar size, the two Giants are not the same—China's role in the global economy is much greater than India's, with important implications for other countries.

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