‘The Retreat of Democracy’ presents an expanded and reworked selection of Basu’s best journalistic and academic writings on political and economic themes since the late 1990s. In addition to Basu’s critical essays on globalization and democracy, the book also moves onto wider terrain – to ideas in economics, anthropological observations on social norms, the role of culture, and travel in India and abroad.

While the essays range from studies on major economists such as Amartya Sen and Joseph Stiglitz, to humorous encounters with Indian bureaucracy, two recurring themes run thoughout: first, that the ultimate objective of policy-making must be the progress of the disadvantaged, and ignoring market laws and individual incentives courts failure; second, that for the successful crafting of economic policy it is important to recognize markets as embedded in specific cultures and social norms. This volume is a clear, intelligible and highly engaging showcase of Basu’s global and humanistic views on politics, economics and democracy.

Kaushik Basu is the Carl Marks Professor of Economics and Chairman of the Department of Economics at Cornell University. He has to his credit a large number of monographs, edited volumes, and essay collections on development economics and democracy.

Introduction; Part 1: Democracy and Globalisation; Part 2: India and the World; Part 3: Social Norms and Political Economy; Part 4: Persons; Part 5: On the Road, Around the World; Index

‘Kaushik Basu is that triply rare being – an Indian intellectual who is open-minded, an economic theorist who is interested in human beings, and an American academic who has a sense of style.’ —Ramachandra Guha, author of ‘India After Gandhi: The History of the World’s Largest Democracy’

‘This is a rare book that combines the wisdom of market economy with social upliftment. Basu shows he is a clear and deep thinker with his heart in the right place.’ —N. R. Narayana Murthy, founder of Infosys Technologies

‘This creative, lucid and forthright collection of essays is a joy to read, even where one disagrees. It will be of great value in sensitizing economists to political realities, and others to economic realities.’ —Jean Drèze, former Lecturer in Development Economics at the London School of Economics