China and India - The Tigers of World Economy

December 24, 2006 4:50am CST
The growth of China and India in the recent decade propelled economists to predict that with in a few decades China and India will be a dominant player in the world economy. Although this growth of this two nations has to be appreciated, we have to be careful about this market led growth. Because the other day Nobel Laurete Prof. Amartya Sen mentioned that market driven economy wont give education to the rural childrens. The acute stress faced by farmers in India have to be looked into with seriousness. China has done marvellous work in this regard. It has made planning for big infusion of funds for the agricultural sector in the coming years. Finally, although it is a realistic estimate that India and China will dominate in the coming decades, it is important for the Adminstrators (governments) to address the problem of Agriculturalist and others who are not served by market economy. What is your view in this regard ?
1 response
@parmanu (784)
• India
2 Apr 07
I don't know much about the economic growth of China and India and the comparisons drawn. But I would like to mention something about Amartya Sen, for those who need to know who he is. Professor Amartya Sen, became the first economist and the sixth India to get Nobel Prize in 1998 for his contribution to welfare economics. Arnartya Sen was born on 3rd November 1933, at Santiniketan in West Bengal. He was a genius from his childhood. His mother Arnita Sen had high aspirations about' him. In his childhood; he had, seen lakhs of people dying in front of his eyes due to hunger and famine. He was deeply moved by the sight of dying and had a scar in his mind. Sen was educated at Santiniketan, Presidency college in Kolkata and Trinity college, Cambridge. He became professor at Jadavpur University at the age of 23. He worked on the causes of poverty and famines. Sen pointed out that India's basic problem is deep seated poverty and inequality. "Inequality in India is not only a serious barrier to social justice, rather a major obstacle to general economic and social progress." Sen has written 20 books related to economics. He co-authored with Jean Zreze the book "India: Economic Development and Social Opportunity." In his book "Development as freedom" he has described nicely about different kinds of freedom. (1) Internal Freedom or the freedom to be creative, to think and to reason. (2) Participatory freedom which concern democracy and political liberty. (3) Transactional freedom which means freedom td participate and deal with each other. (4) Procedural freedom which means absence of discrimination and inequality of treatment. (5) Protective freedom which means circumstances to be dominated by human will. He has also been awarded Bharat Ratna in the year 1998. With his prize money, he has set up a research institute in Santiniketan in the field of Education and health-care in India.