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The Failure of Political Economy: Jayati Ghosh

Prof Jayati Ghosh speaks about the failure of political economy in developing social and physical infrastructure across the country. She explains how smallholder enterprises continue to face the brunt of repressive state apparatuses, such as police and inspector raj. Read the complete transcript below: I think that we did two things that were fundamentally wrong and these reflect a deeper political economy failure which I will come to. The two things we did wrong were that we forgot the critical role that the state has to play in infrastructure and I mean both physical and social infrastructure. Physical infrastructure, of course in terms of roads and dams and energy and all of those things, and social, in terms of, you know, the schooling, the health infrastructure and all of that. We’ve neglected these utterly, in the last 25 years and I think, that is really why we have ended up with such an unbalanced economy. And the other thing that we got very wrong is in terms of, shall I say, the entire area of smallholder enterprise. And here I’m referring to both agriculture and industry and small services. Our entire focus has been on large corporates. It’s as if large corporates are the only key to development, to growth, to prosperity and so on. And we know that’s not true. We know that they will never be enough to employ all the people. They will never be enough to raise aggregate productivity in the economy. So we really have to have a focus on what we do to actually, that huge sector, of the small scale and self-employed. So, those were the two big failures. Read complete transcript on our website http://indiabefor91.in