Panagariya has done the improbable. He has again written a remarkable book on India that stands out in a field crowded with analyses and memoirs. In it, he tells the fascinating tale of India’s early efforts under Pandit Jawaharlal Nehru to combat poverty through industrialization and growth, why they failed, and how the decisions made during those fateful decades continue to influence the economic policies and outcomes till today.

-- Jagdish Bhagwati, University Professor, Columbia University

The most thorough and persuasive writer on the economy of post-independence India, Panagariya combines a deep understanding of history with plain good writing to show how beliefs and personalities in Nehru’s India left a lasting legacy on the pathway of economic change in the country.

-- Tirthankar Roy, Professor of Economic History, London School of Economics and Political Science

Nehru's development model involved state-planning and import licensing with the goal of fostering industrialization. Arvind Panagariya has written a fascinating study of its origins, effects, and downfall. The book is a tremendous achievement, detailed but accessible to all readers, and interesting throughout. Young people in India who do not know this essential history should read this book to understand how good intentions, but bad economic policy held India back for so many decades.

-- Douglas Irwin, Dartmouth College

Panagariya ups the level of debate on Jawaharlal Nehru’s economics, tracing its origins, its translation into policy, and its persistence after his death. He is a critic, but even fans of Nehru will learn from this carefully argued book.

-– Anand Swamy, Class of 1924 Professor of Economics, Williams College