A Comparative Assessment of How Trade Liberalization and the Economic Crisis have impacted India and South Africa

This note is concerned with comparing the impact of the financial and economic crisis on two large countries located in very different contexts, namely India and South Africa. The author argues that that India and South Africa were impacted by the global crisis not because of their exposure and entanglements with the markets, institutions, and instruments that were at the center of that crisis, but because of their integration through trade and capital flows with the global economy. The net result of the analysis is that India and South Africa have weathered the storm despite being initially affected.

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