Book contents
- Frontmatter
- Contents
- Notes on contributors
- Foreword
- Preface: the ICC vision
- Historical overview and dynamics
- Editorial note
- A Global systemic transformations
- Editorial introduction
- A1 Trade in the new Asian hemisphere
- A2 US allegiance to the multilateral trading system: from ambivalence to shared leadership
- A3 Trade for development: the case of China
- A4 Trade in the USA–China relationship
- A5 Unravelling India and strengthening external engagement for sustainable growth
- A6 Japan's contribution to an open trading system
- A7 Rebalancing Korean trade policy: from bilateral to multilateral free trade
- A8 Vietnam: a rising Asian tiger?
- A9 The European compact on trade still stands
- A10 Synergies with the Russian Federation
- A11 Reasons for an optimistic future view of trade and Latin America
- A12 Is the Brazilian giant finally awakening?
- A13 The Arab region and the GCC in tomorrow's trade
- A14 Growing African trade amid global economic turmoil
- B Governance of global trade
- C Poverty and global inequities
- D The long view on interlocking crises
- E Global business responsibilities
- Conclusion: the imperative of inclusive global growth
- Index
A5 - Unravelling India and strengthening external engagement for sustainable growth
Published online by Cambridge University Press: 05 July 2011
- Frontmatter
- Contents
- Notes on contributors
- Foreword
- Preface: the ICC vision
- Historical overview and dynamics
- Editorial note
- A Global systemic transformations
- Editorial introduction
- A1 Trade in the new Asian hemisphere
- A2 US allegiance to the multilateral trading system: from ambivalence to shared leadership
- A3 Trade for development: the case of China
- A4 Trade in the USA–China relationship
- A5 Unravelling India and strengthening external engagement for sustainable growth
- A6 Japan's contribution to an open trading system
- A7 Rebalancing Korean trade policy: from bilateral to multilateral free trade
- A8 Vietnam: a rising Asian tiger?
- A9 The European compact on trade still stands
- A10 Synergies with the Russian Federation
- A11 Reasons for an optimistic future view of trade and Latin America
- A12 Is the Brazilian giant finally awakening?
- A13 The Arab region and the GCC in tomorrow's trade
- A14 Growing African trade amid global economic turmoil
- B Governance of global trade
- C Poverty and global inequities
- D The long view on interlocking crises
- E Global business responsibilities
- Conclusion: the imperative of inclusive global growth
- Index
Summary
Trade is the natural enemy of all violent passions. Trade loves moderation, delights in compromise, and is most careful to avoid anger. It is patient, supple, and insinuating, only resorting to extreme measures in cases of absolute necessity. Trade makes men independent of one another and gives them a high idea of their personal importance: it leads them to want to manage their own affairs and teaches them to succeed therein. Hence it makes them inclined to liberty but disinclined to revolution.
Alexis de Tocqueville (1805–1859)Trade in India was important well before the Colonial period. India's external trade made a significant contribution to the world economy. An extensive internal trade network also evolved from the large size of the country.
Any analysis of India's trade must keep in perspective the large volume of trade that happens within it. India's engagement with the rest of the world is limited because of the large domestic market, which is complex owing to the typicality of the interplay between constituent states and regions.
By the year ad 1000, the estimated share of India in the world economy was over 30%, the largest in the world. This share reduced to about 25% by the year 1500.
During the Colonial period, by the end of the eighteenth century, the Indian economy witnessed large-scale exploitation of domestic resources. It became a captive supplier of raw materials. Investments in the economy fell sharply thus severely dampening growth.
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- Peace and Prosperity through World TradeAchieving the 2019 Vision, pp. 22 - 26Publisher: Cambridge University PressPrint publication year: 2010