Jim D. wrote: >I didn't say that India was pursuing the export-led growth model. My >understanding -- >based on incomplete info, BTW -- is that after >independence the "model" was import->substitution and that in the last 10 >years or so, India was in the process of switching >over to export-led >growth (without going all the way, since India has such a large >internal >market).
My point was that the economy must have substitutable imports in sufficient magnitude to make import substitution model possible. Further, the debate about the export led and import substitution models focuses on the role of markets in capital accumulation. My question is this: Is it capital accumulation that creates markets or markets that stimulate capital accumulation? I am assuming that the problem is posed from the standpoint, not of individual capital, but of the total capital. Ulhas
