Ep 44: Trade Policy Tragedy in India
Jul 31, 2022•51 min
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Episode description
I talked to Anupam Manur, a professor of economics about India's trade policy before 1991. We talked about:
- The scarcity mindset about foreign exchange reserves
- The controversial 1966 devaluation
- How did the pre-1991 import licensing system work?
- “The financial account was almost non existent”
- “Hindustan Motors and Toyota were set up at the same time but in 15 years Toyota sold 280 times the cars”
- “Productivity growth was almost absent before 1991”
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