CONTENTS Preface List of Abbreviations xvii LECTURE 1 1 Intrinsic and Instrumental Values3 Legacy of the Colonial Era: 1858-19475 Plans for National Development Prior to Independence in 194710 Establishment of the Planning Commission in 195013 The Macroeconomic Crisis of 1966 and Economic Liberalization of 1966-8 15 Five Year Plan and the License-Permit-Raj 18 Appendix 1A: Keynes on the First Wave of Globalization22 LECTURE 2 25 Political Change and Intensification of Controls of License-Permit-Raj28 Fiscal Profligacy, Debt Accumulation, and the Build-up to the Crisis of 1990-130 Domestic Shocks and Their Economic Consequences34 LECTURE 3 39 Macroeconomic and Balance of Payments Crisis of 199141 External Events and Reforms43 Rationale and Content of the Reforms of 199146 I mplementation of Reforms: 1991 to Mid-201047 Outcomes of Reforms: 1991 to Mid-201058 LECTURE 4 61 The Onset of the Global Financial Crisis64 Salient Features of India's Economy: 1950-201065 Global Financial Crisis78 Sustainability of Growth98 Future Prospects and Conclusions101 Appendix 4A: Growth Accounting109 Appendix-Perspectives on India's Growth: Chairmen's Comments at the Lectures 115 References 147