The dynamic process of integration of national economies has a long history, with two distinct waves: one, from the middle of the 19th century until its interruption with outbreak of the First World War in 1913 till the end of the Second World War in 1945. The second wave is ongoing dating from...

The paper reviews the cost and benefits of globalization (i.e. greater integration of national and global economies) from the perspective of India. It argues that India’s hesitant and reluctant globalization had a significant cost in terms of forgone growth, delay in the eradication of...