Pranab Bardhan is professor of economics at the University of California, Berkeley. His books include Scarcity, Conflicts, and Cooperation.

"[E]xcellent... Bardhan writes with remarkable clarity about complex issues, such as the widely varying ways that corruption can affect the economy, and the positive as well as negative legacy of the Maoist era for China in terms of its recent trajectory... He also shows some welcome stylistic flair, quoting poetry to good effect in one section (how often do economists do that?)."--Jeff Wasserstrom, Forbes.com "Bardhan's refusal to shy away from complexity is refreshing, and it is this which distinguishes his book from many others in the field... Although this is a book primarily focused on economics, it is not written solely for economists. It is a concise, accessible volume which can provide a valuable resource for anyone wanting to understand better the myriad complexities surrounding the rise of China and India."--Louise Merrington, China Journal "Pranab Bardhan's Awakening Giants, Feet of Clay: Assessing the Economic Rise of China and India ... succinctly summarizes the challenges facing China and India, including environmental degradation, unfavorable demographics, poor infrastructure, and social inequality--threats that the leaders of China and India understand... A more contentious claim offered by Bardhan is that internal reform--not the global market--has been the key driver of both countries' growth."--Simon Tay, Foreign Affairs "The strongest point in Bardhan's study is his insightful account of the role of democracy in promoting as well as hindering economic growth."--Nayan Chanda, BusinessWorld "There is abundant literature on the comparative development of India and China, but most of it explains the difference in their growth rates on the macro level on ideological grounds: slower growth rate in democratic India versus faster development in authoritarian China. In this well-written and properly documented study, Bardhan examines growth in different sectors of the economies, particularly agriculture, industry, trade, infrastructure, savings, and investment rates... This volume is an important reference for advanced students and researchers interested in the economic growth of these two Asian giants."--Choice "Bardhan's book is a good place to understand the political economy of constraints the two economies are likely to face as they march ahead."--Siddharth Singh, Mint "The author of this small volume is to be commended for packing so much useful information and analysis into such a short space."--Dwight H. Perkins, Developing Economies "I welcome Bardhan's study as a splendid advance in the underdeveloped field of serious, detailed, analytical comparison of India and China... This is a book that I will recommend to nonspecialist friends and happily assign to my undergraduates."--Thomas G. Rawski, Economic Development and Cultural Change "Awakening Giants presents the author's perspective on the rise of India and China. It does it succinctly and in lively and engaging style. Bardhan's perspective is not one that everyone will share, but that is itself a compelling reason for recommending the book."--James Riedel, Perspectives on Politics "Bardhan's exceptional work on India and China will be essential reading for graduate students and scholars who are interested in the political economy of India and China."--Alfred M. Wu, Journal of Chinese Political Science

• Preface vii Chapter 1 Introduction: The Myths Floating around the Giants 1 Chapter 2 Economic Reform and Growth: Differing Patterns and Institutions 19 Chapter 3 Agriculture: Still the Most Crowded Sector 42 Chapter 4 Infrastructure: The Dazzling Difference 54 Chapter 5 High Saving, Low Financial Intermediation 65 Chapter 6 The Pattern of Burgeoning Capitalism 78 Chapter 7 Poverty and Inequality: How Is the Growth Shared? 90 Chapter 8 The Social Sector: The Relevance of the Socialist Legacy 104 Chapter 9 Environment: The Alarming Signs 117 Chapter 10 Looking to the Future: Through the Lens of Political Economy 125 Afterword to the Paperback Edition 161 References 167 Index 175

Pranab Bardhan is professor of economics at the University of California, Berkeley. His books include Scarcity, Conflicts, and Cooperation.

"[E]xcellent... Bardhan writes with remarkable clarity about complex issues, such as the widely varying ways that corruption can affect the economy, and the positive as well as negative legacy of the Maoist era for China in terms of its recent trajectory... He also shows some welcome stylistic flair, quoting poetry to good effect in one section (how often do economists do that?)."--Jeff Wasserstrom, Forbes.com "Bardhan's refusal to shy away from complexity is refreshing, and it is this which distinguishes his book from many others in the field... Although this is a book primarily focused on economics, it is not written solely for economists. It is a concise, accessible volume which can provide a valuable resource for anyone wanting to understand better the myriad complexities surrounding the rise of China and India."--Louise Merrington, China Journal "Pranab Bardhan's Awakening Giants, Feet of Clay: Assessing the Economic Rise of China and India ... succinctly summarizes the challenges facing China and India, including environmental degradation, unfavorable demographics, poor infrastructure, and social inequality--threats that the leaders of China and India understand... A more contentious claim offered by Bardhan is that internal reform--not the global market--has been the key driver of both countries' growth."--Simon Tay, Foreign Affairs "The strongest point in Bardhan's study is his insightful account of the role of democracy in promoting as well as hindering economic growth."--Nayan Chanda, BusinessWorld "There is abundant literature on the comparative development of India and China, but most of it explains the difference in their growth rates on the macro level on ideological grounds: slower growth rate in democratic India versus faster development in authoritarian China. In this well-written and properly documented study, Bardhan examines growth in different sectors of the economies, particularly agriculture, industry, trade, infrastructure, savings, and investment rates... This volume is an important reference for advanced students and researchers interested in the economic growth of these two Asian giants."--Choice "Bardhan's book is a good place to understand the political economy of constraints the two economies are likely to face as they march ahead."--Siddharth Singh, Mint "The author of this small volume is to be commended for packing so much useful information and analysis into such a short space."--Dwight H. Perkins, Developing Economies "I welcome Bardhan's study as a splendid advance in the underdeveloped field of serious, detailed, analytical comparison of India and China... This is a book that I will recommend to nonspecialist friends and happily assign to my undergraduates."--Thomas G. Rawski, Economic Development and Cultural Change "Awakening Giants presents the author's perspective on the rise of India and China. It does it succinctly and in lively and engaging style. Bardhan's perspective is not one that everyone will share, but that is itself a compelling reason for recommending the book."--James Riedel, Perspectives on Politics "Bardhan's exceptional work on India and China will be essential reading for graduate students and scholars who are interested in the political economy of India and China."--Alfred M. Wu, Journal of Chinese Political Science

• Preface vii Chapter 1 Introduction: The Myths Floating around the Giants 1 Chapter 2 Economic Reform and Growth: Differing Patterns and Institutions 19 Chapter 3 Agriculture: Still the Most Crowded Sector 42 Chapter 4 Infrastructure: The Dazzling Difference 54 Chapter 5 High Saving, Low Financial Intermediation 65 Chapter 6 The Pattern of Burgeoning Capitalism 78 Chapter 7 Poverty and Inequality: How Is the Growth Shared? 90 Chapter 8 The Social Sector: The Relevance of the Socialist Legacy 104 Chapter 9 Environment: The Alarming Signs 117 Chapter 10 Looking to the Future: Through the Lens of Political Economy 125 Afterword to the Paperback Edition 161 References 167 Index 175

Pranab Bardhan is professor of economics at the University of California, Berkeley. His books include Scarcity, Conflicts, and Cooperation.

"[E]xcellent... Bardhan writes with remarkable clarity about complex issues, such as the widely varying ways that corruption can affect the economy, and the positive as well as negative legacy of the Maoist era for China in terms of its recent trajectory... He also shows some welcome stylistic flair, quoting poetry to good effect in one section (how often do economists do that?)."--Jeff Wasserstrom, Forbes.com "Bardhan's refusal to shy away from complexity is refreshing, and it is this which distinguishes his book from many others in the field... Although this is a book primarily focused on economics, it is not written solely for economists. It is a concise, accessible volume which can provide a valuable resource for anyone wanting to understand better the myriad complexities surrounding the rise of China and India."--Louise Merrington, China Journal "Pranab Bardhan's Awakening Giants, Feet of Clay: Assessing the Economic Rise of China and India ... succinctly summarizes the challenges facing China and India, including environmental degradation, unfavorable demographics, poor infrastructure, and social inequality--threats that the leaders of China and India understand... A more contentious claim offered by Bardhan is that internal reform--not the global market--has been the key driver of both countries' growth."--Simon Tay, Foreign Affairs "The strongest point in Bardhan's study is his insightful account of the role of democracy in promoting as well as hindering economic growth."--Nayan Chanda, BusinessWorld "There is abundant literature on the comparative development of India and China, but most of it explains the difference in their growth rates on the macro level on ideological grounds: slower growth rate in democratic India versus faster development in authoritarian China. In this well-written and properly documented study, Bardhan examines growth in different sectors of the economies, particularly agriculture, industry, trade, infrastructure, savings, and investment rates... This volume is an important reference for advanced students and researchers interested in the economic growth of these two Asian giants."--Choice "Bardhan's book is a good place to understand the political economy of constraints the two economies are likely to face as they march ahead."--Siddharth Singh, Mint "The author of this small volume is to be commended for packing so much useful information and analysis into such a short space."--Dwight H. Perkins, Developing Economies "I welcome Bardhan's study as a splendid advance in the underdeveloped field of serious, detailed, analytical comparison of India and China... This is a book that I will recommend to nonspecialist friends and happily assign to my undergraduates."--Thomas G. Rawski, Economic Development and Cultural Change "Awakening Giants presents the author's perspective on the rise of India and China. It does it succinctly and in lively and engaging style. Bardhan's perspective is not one that everyone will share, but that is itself a compelling reason for recommending the book."--James Riedel, Perspectives on Politics "Bardhan's exceptional work on India and China will be essential reading for graduate students and scholars who are interested in the political economy of India and China."--Alfred M. Wu, Journal of Chinese Political Science

• Preface vii Chapter 1 Introduction: The Myths Floating around the Giants 1 Chapter 2 Economic Reform and Growth: Differing Patterns and Institutions 19 Chapter 3 Agriculture: Still the Most Crowded Sector 42 Chapter 4 Infrastructure: The Dazzling Difference 54 Chapter 5 High Saving, Low Financial Intermediation 65 Chapter 6 The Pattern of Burgeoning Capitalism 78 Chapter 7 Poverty and Inequality: How Is the Growth Shared? 90 Chapter 8 The Social Sector: The Relevance of the Socialist Legacy 104 Chapter 9 Environment: The Alarming Signs 117 Chapter 10 Looking to the Future: Through the Lens of Political Economy 125 Afterword to the Paperback Edition 161 References 167 Index 175