Abstract:
India has almost unmatched economic potential, but neither its prosperity nor its globalization are assured. India will realize one of four basic scenarios depending chiefly on the extent to which it reforms property rights and improves primary and secondary education. The best scenario is for India to move forward on both property rights and education, which will lead to successful globalization. Indian states as well as the federal government will determine the outcome. The U.S. can facilitate Indian globalization by encouraging clear property rights, cooperating in improving education, and expanding mutual market access. It should do so because a successful, globalized India will be a better market and better international partner for the U.S.
Most economic analysis of India emphasizes its long-term potential, which raises the obvious question of when India will realize that potential. From the U.S. perspective, the faster India becomes prosperous, the more the U.S. will benefit.
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