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Beyond GDP: The Debate on Globalization & Development

Indian Journal of Industrial Relations

Volume 46 Issue 4

Published: 2011
Author(s) Name: J.S. Sodhi
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Abstract

The growth debate had taken an interesting turn since the close of the last century as the hitherto known socialist economies also preferred the neoclassical route to economic growth. The Indian experience showed that those without assets, the uneducated, the wage earners and the unskilled have been the major losers in the process of globalization. The government therefore needs to serve the role of a vigilant market regulator. The preoccupation of policy planners must shift beyond GDP. While development needs to be redefined in a broad-based manner to include many more elements for which GDP remains an important enabler, human development must be taken as the ultimate goal of development, argues the author.

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