The Perilous Road to the Market: The Political Economy of Reform in Russia, India and China

by Prem Shankar Jha

Release Date: June, 2003

Edition: Paperback

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Great Analysis of the 3 major economies of the world

I bought this book on the assumption that it will do a comparative analysis of the three largest emerging economies of the world - Russia, China and India. What I found was that the comparative analysis of the events of last 2 decades is great. The author effectively covered both political and economical environment. I recommend this book to anyone who is interested to know the process of transition from closed economy to market economy. Russia, China and India all choose different paths to market economy and this book analyze and critque all three in effective manner.

However, the shortcoming of the book is that it doesn't dwell too much into the future. Not even on short-term basis. The analysis of the past events should be used to predict/forecast some trends that may evolve. We read so many articles claiming that China, India, Russia and Brazil will overtake the world in latter part of this century. Author not only escape this discussion but also fail to identify the effect of these great, emerging economies on the world market.

In short - read it if you want to know different perspective and their effects on the transition to market economy. Don't read it if you are looking for something more current or something that tries to foresee a trend.