China and India Enter Global Markets: A Review of Comparative Economic Development and Future Prospects

Abstract

An American economist specializing in the economic and business development of China as well as India presents the results of a focused comparison of their emergence as global economic powers in the late 20^th and early 21^st centuries. More specifically, she selectively reviews the body of published research comparing China and India, with emphasis on the literature covering the two countries' economic achievements, the nature of reforms and institutions, as well as the overall social contexts within which development and growth are occurring. The author addresses such major questions as the importance of timing and location in the two countries' development trajectories as well as the implications of different modes of guidance (market versus state direction) for those trajectories. A concluding section identifies several possible directions for future research. Journal of Economic Literature, Classification Numbers: F010, O110, O530, P200, P520. 1 figure, 2 tables, 120 references.

Keywords:

• China
• India
• exports
• foreign direct investment
• trade
• global financial crisis