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Question
ECON 5505 ASSIGNMENT 2
Write an analytical book review of the Crabtree book. In other words, the task is not to summarize the book, but to analyze it, with the following questions in mind: how appropriate and useful is the American Gilded Age analogy in understanding the problems of India today? And how useful is the analogy in framing a development paradigm for India going forward, as well as for other democratic emerging countries.
The general instructions (on cover page, etc.) and word limit are the same as Assignment 1.
The assignment is due at the start of class on September 28.
| Subject | Literature | Pages | 4 | Style | APA |
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Answer
Book Review: The Billionaire Raj: A Journey Through India's New Gilded Age
A book review is a critical evaluation of the text of a book which provides a commentary as opposed to merely a summary. The person reviewing can provide agreements or disagreements with the author and identify areas where there is a deficiency in knowledge, judgment, or even organization. In the first part of the review, a concise summary is provided with the second part provides a critical assessment. Finally, apart from the analysis, a suggestion is made as to whether the audience would appreciate the book. This paper seeks to provide a book review of Crabtree (2018)’s book, The Billionaire Raj: A Journey Through India's New Gilded Age. This book provides a factual representation of the existing inequality and corruption in India and forms a basis for the framing of a development paradigm in India going forward which is pegged on the decrease in wealth inequalities and the fight against corruption and impunity.
Crabtree (2018) starts by considering the Mumbai apartment tower built and owned by billionaire Mukesh Ambani as one of the accurate representations of the “the power of India’s new elite.” The Ambani wealth is also used to emphasize the sharp divide between the poor and the rich in the country. Additionally, a sharp divide is demonstrated by the book between the rich and the superrich. According to Crabtree (2018), the wealthy and hyper-wealthy class which exists in the Indian society can be attributed to the economic reforms in the country; which though meant to promote a free market economy, led to a new era of both staggering corruption as well as the inefficient government machinery which could not deal with the increasing corruption. The reforms made in 1991 were specifically geared towards giving the Indians a taste of the world of technology in the form of mobile phones as well as televisions with multiple channels and foreign consumer goods. Additionally, there was an increasing enthusiasm for globalization and modernization which came with the reforms. However, the existing state apparatus was too efficient to deal with the increased corruption which came about. According to Crabtree (2018), there are so many bureaucracy layers in individuals such that the only logical thing for a business person is to try to strike a deal with the top people in decision-making.
The American Gilded Age is an analogy is used to demonstrate the era when individuals started to experience increased globalization and modernization. The analogy demonstrates the rise of the opulence of the upper class as well as the upsurge of not only new businesses and corporations but also the superrich people (Bartels, 2016). Moreover, the analogy holds that there was a period of increase of social movements for reform coupled with the creation of machine politics. The American Gilded Age analogy is not only appropriate but also useful in understanding the problems that India faces today. In specific, the aspects which were experienced during the American Gilded Age are the same ones which are being encountered in the contemporary Indian society. For instance, during the American Gilded Age analogy, there was a growth in the economic and technology which is the same case in India where there has been an upsurge of technology companies such as those of mobile phones and televisions. Additionally, the period saw an increase in the opulence of the upper class which is the same case in India whereby there is a huge wealth inequality gap.
The Gilded Age analogy is important in framing a development paradigm for India going forwards and can also be used by other democratic emerging countries. One of the importance of such an analogy is that it can be used as a basis for reforms by the Indian government. In specific, the reforms will be aimed at addressing the issues which have been witnessed in the country. Some of those include inequality and the sharp division between the poor and the rich. Additionally, the government can use the aspects from the analogy to ensure that it deploys its machinery to adopt efficient mechanisms for the fight against corruption and impunity (Bartels, 2016). Other democratic emerging countries can also find the American Gilded Age analogy useful in forming a basis for democratic changes which will ensure an equitable society free of corruption and impunity.
In conclusion, the book under review provides an accurate demonstration of the of the existing inequality and corruption in India and forms a basis for the framing of a development paradigm in India going forward which is pegged on the decrease in wealth inequalities and the fight against corruption and impunity. The American Gilded Age analogy can be used in understanding the problems in India today especially those to do with inequalities, corruption, and impunity which has come with increased globalization and modernization. The Indian government and other emerging economies can use the analogy to adopt effective plans for the decrease in inequality gaps, a reduction in corruption, and a sustained fight against impunity.
References
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Bartels, L. M. (2016). Unequal democracy: The political economy of the new gilded age. Princeton University Press. Crabtree, J. (2018). The Billionaire Raj: A Journey Through India's New Gilded Age. Crown Publishing Group. ISBN 9781524760069.
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