This essay puts forward a tentative theory explaining the factors that ought to be taken into con-sideration before embarking upon reforms. The arguments are based on three postulates: the first is that the constitution of a nation delimits the rules of the game that allow for institutions that promote growth and development to be established. The success or failure of other institutions that support wealth creating activities would depend upon whether the fundamental bedrock of Property Rights and Contract and Freedom of Enterprise are provided for in the constitution or not. If not, then a fundamental pre-requirement would be to change the constitutional provisions to allow for wealth creating institutions. Secondly, it is postulated that ideology can play an important role in establishing the foundations upon which other institutions would be built. Thirdly, it is postulated that the freedom of the State to change the fundamental rules of the game in a democracy arises from particular voting systems and the extent to which a society is fractionalized. This framework is applied to the Indian situation and some conclusions are drawn.
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- Democracy and Constitutional Amendments: Economic Reforms in India
Dr. A. V. Raja
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