I evaluate India's transition from an inward-oriented development strategy to greater participation in the world economy. While tariff rates have decreased significantly over the past decade, India is still one of the more autarkic countries. Despite improvement over the past in export...

The costs of import substitution (IS) as a strategy for industrialization, which was deemed synonymous with economic development by many development economists of the fifties and sixties, were shown to be substantial in the influential and nuanced studies of the seventies and eighties under the...