MREG925 | Market Reforms and Economic Governance

This course will discuss the relationship between economic governance institutions and market reforms. Markets are embedded in institutions of economic governance that define the relationship between the state, market and community. As the economic role of the government changes and markets are liberalized, these institutions must also adapt. Key institutions of economic governance include those concerned with policymaking, regulation and accountability. The course will focus on the institutional transformation currently underway in selected Asian countries that had experienced decades of high growth under government-led economic systems. We shall examine India’s institutional transition in comparative perspective in relation to selected dimensions of the experience of S. Korea, Japan, Singapore, China and Taiwan. The course will critically discuss how governance institutions in these economies have been adapting to economic liberalization and globalization, and what lessons may be drawn about India’s ongoing transition.