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Austerity in the Spotlight

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Indovation

Part of the book series: Critical Studies of the Asia Pacific Series ((CSAP))

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Abstract

In Chapter 3, I examined how observations of an ennui-inducing austerity in India’s precursory knowledge economy began to change in the second half of the twentieth century. The 1979 OECD intergovernmental report Interfutures: Facing the Future makes a number of startling predictions about India’s future potential for presence at the world level.1 In this report there is a glimmer of the counter-discourse undertaken by globals invoking India’s future enlightenment. First, the report, with great foresight, predicts a shift in global hegemony from the West to East and the gradual decline in the relative weight of the US in the world economy resulting in a questioning of the power of that country to be a regulator of the world economic system.2 The report predicts an irreversible shift occurring up until 2029.3 In light of this shift the present developed economies will have become a minority force in terms of population and world production.4 The economic crisis of 2008 appears to be an initial stage in just such a momentous shift as the BRIC takes centre stage in accounting for 10 per cent of global income, despite heavy bifurcation by inequality and demonstrable austerity in the socio-cultural landscape in comparison to the much-publicized excesses of the developed world.5

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Notes

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Birtchnell, T. (2013). Austerity in the Spotlight. In: Indovation. Critical Studies of the Asia Pacific Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137027412_4

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