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From The Spinning Wheel To The Fiber Optic Wire
 

From The Spinning Wheel To The Fiber Optic Wire

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This is a PPT on a chapter from The Elephant and the Dragon by Robyn Meredith presented to the McGehee School economics' class in New Orleans.

This is a PPT on a chapter from The Elephant and the Dragon by Robyn Meredith presented to the McGehee School economics' class in New Orleans.

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From The Spinning Wheel To The Fiber Optic Wire From The Spinning Wheel To The Fiber Optic Wire Presentation Transcript

  • From the spinning wheel to the fiber optic wire Kelsey Z.
  • Postcolonial period
    • British Raj: 1858 - 1947
    • Freedom 1947
    • Neocolonialism fear
    • Socialism
    • Economic self-sufficiency
  • Mahatma Gandhi
    • National Hero
    • Anti-industrialized west
      • Only natural medicines
    • Wooden spinning wheel
    • Revolt against economic ties to colonial power
  • Jawaharlal Nehru
    • Socialism
    • Self-sufficiency
    • Freedom movement = economic isolation
  • Strong Government Laws discouraging foreign trade Antimonopoly rules High income taxes Laws granting lavish jobs Stock Market run by government License Raj Political corruption
  • Rajiv Gandhi (1985)
    • Push reforms = nation’s economic growth doubled
      • Exports grew dramatically
      • Companies began hiring
    • Laws to allow more imports / exports
    • Cut taxes
    • Reduce number of industries requiring licenses
    • Raised antimonopoly limits
    • Problem: short-term borrowing form banks
    Jawaharlal Nehru Indira Nehru Gandhi Feroze Gandhi Rajiv Gandhi
  • Economy at its worst
    • Debt
      • Banks cut off India’s borrowings
    • Oil prices spiked
      • Gulf War
    • Loss of trade
      • Collapse of the USSR
    • Extreme poverty
    X DEBT X OIL PRICES SPIKED X LOSS OF TRADE X EXTREME POVERTY 17% Mill in poverty 100 Inflation 330 Mill Bellow Poverty line foreign exchange reserves fallen to levels that would pay for 2 weeks worth of oil OIL
  • Change in Power
    • Rajiv Gandhi assassinated
    • Gandhi's congress party won power
    • P.V. Narasimha Rao as prime minister
    • Rao chooses Manmohan Singh as finance minister
  • Economic reforms
    • Nationwide emergency = economic reform
    • IMF bail out if India agreed to reforms
    Week of Reform:
    • Importing easier
    • Duty free
    • Lower costs
    Companies in certain industries can be 100% owned by foreigners
    • Less government control
      • Eliminating antimonopoly limits
      • Abolished license raj
      • Put stock market back in the hands of companies / investment banks
      • Lowered income taxes
    • Allowed for foreign economic interaction
      • Mutual funds & other investors can buy shares in Indian companies on the Bombay Stock Market
      • Importing easier
        • Import duty free
        • Imports at lower costs
      • Companies in certain industries can be 100% owned by foreigners
  • Dramatic Effect Economy grew faster than it had in decades More jobs Inflation dropped Debt paid Foreign exchange reserves built back up Economic incentives
  • India today
    • Democracy
    • Market economy
    • Open trade
    • Bangalore
  • India Vs. China Growth
    • China
    • 1978
    • people
    • dissatisfied =
    • seek reform
    • communism
    • faster
    • India
    • 1991
    • less ready to challenge government
    • Democracy
    • slower
    “… It will never have speed, but will always have stamina” “ We are the fastest-growing free-market democracy in the world” “ China is winning the sprint and, we are going to win the marathon”
  • Works Cited Meredith, Robyn. The Elephant and the Dragon: The Rise of India and China and What It Means for All of Us. New York: W.W. Norton & Company, Inc., 2008.