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

By L. Alan Winters; Shahid Yusuf | Go to book overview

CHAPTER 7
Governance and Economic Growth

Philip Keefer

China and India highlight the profound importance for economic growth and poverty reduction of allowing private firms to compete in markets from which they previously were barred and of providing the complementary government services, such as infrastructure, that promote economic productivity. Earlier chapters in this volume have made that clear. This chapter identifies a second lesson that has received less attention: the experience of these two large, but strikingly different, countries underlines the importance of the governance environment for growth and development. In addition, although the political underpinnings of secure governance apparently are very different across the two countries, they share an important characteristic: checks and balances at the top levels of government.

One common definition of governance focuses on outcomes—the extent to which governments enact and implement policies in the interests of all citizens. Another definition focuses on the extent to which governments have incentives to adopt and enforce policies in the interests of all citizens, based on the political institutions and dynamics that determine governance outcomes. One set of governance indicators covering the period 1996 through 2004—that of the World Bank (Kaufmann, Kraay, and Mastruzzi 2005)—embraces both definitions. The indicators voice and accountability and political instability and violence are related more closely to the political conditions that determine governance outcomes. India scores significantly higher than China on the voice measure and significantly lower on the political stability measure, both scores reflecting the existence of competitive elections in India.1

1. For example, India is above the 50th percentile and China is below the 25th percentile of
all countries on the voice measure.

-211-

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Dancing with Giants: China, India, and the Global Economy
Table of contents

Table of contents

  • Title Page i
  • Contents iii
  • Foreword vii
  • Contributors x
  • Acknowledgments xi
  • Background Papers xiii
  • Acronyms and Abbreviation xv
  • Chapter 1 - Introduction 1
  • Chapter 2 - China and India Reshape Global Industrial Geography 35
  • Chapter 3 - Competing with Giants 67
  • Chapter 4 - International Financial Integration of China and India 101
  • Chapter 5 - Energy and Emissions 133
  • Chapter 6 - Partially Awakened Giants 175
  • Chapter 7 - Governance and Economic Growth 211
  • References 243
  • Index 265
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