Tirthankar Roy and Anand V. Swamy, "Law and the Economy in a Young Democracy: India 1947 and Beyond" (UChicago Press, 2022)
In\xa0Law and the Economy in a Young Democracy: India 1947 and Beyond\xa0(University of Chicago Press, 2022), Dr. Tirthankar Roy and Dr. Anand Swamy present an essential history of India\u2019s economic growth since 1947, including the legal reforms that have shaped the country in the shadow of colonial rule. They argue that \u201ccolonial rule left India a highly unequal society with a complicated structure of land rights, a slow and dysfunctional legal system, and a state that was all powerful in some areas.\u201d\nEconomists have long lamented how the inefficiency of India\u2019s legal system undermines the country\u2019s economic capacity. How has this come to be? The prevailing explanation is that the postcolonial legal system is understaffed and under-resourced, making adjudication and contract enforcement slow and costly.\nTaking this as given,\xa0Law and the Economy in a Young Democracy\xa0examines the contents and historical antecedents of these laws, including how they have stifled economic development. Dr. Roy and Dr. Swamy argue that legal evolution in independent India has been shaped by three factors: the desire to reduce inequality and poverty; the suspicion that market activity, both domestic and international, can be detrimental to these goals; and the strengthening of Indian democracy over time, giving voice to a growing fraction of society, including the poor. They conclude that \u201cthe weaknesses of the legal framework were probably not the binding constraint on growth\u201d and that \u201cat least in the short-term, the Indian economy will have to develop in spite of its legal system.\u201d\nWeaving the story of India\u2019s heralded economic transformation with its social and political history, Dr. Roy and Dr. Swamy show how inadequate legal infrastructure has been a key impediment to the country\u2019s economic growth during the last century. A stirring and authoritative history of a nation rife with contradictions,\xa0Law and the Economy in a Young Democracy\xa0is essential reading for anyone seeking to understand India\u2019s current crossroads\u2014and the factors that may keep its dreams unrealized.\nThis interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.\nLearn more about your ad choices. Visit megaphone.fm/adchoices\nSupport our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/law