The world economy was already in uncharted waters, ten years after the Global Financial Crisis of 2008, when the COVID-19 pandemic struck like a bolt of lightning. Whatever remained of the neoliberal credo – based on the salience of free markets – was upended, and economic nationalism and protectionism fast became the new stock ideology.
In Negotiating the New Normal, Saurav Jha clinically examines why, in the wake of the coronavirus shock, strong economic recovery in the developed world is more doubtful than ever. Instead of throwing its weight behind a multipolar world order, China, by far the largest economy among the BRICS nations, has chosen to create a Pax Sinica. However, it is unlikely to make much headway owing to both internal economic contradictions and pushback from the West and beyond. And what of India? Can it become a 'new China' to serve as a key engine of global growth, overcoming the pandemic-induced setback as well as earlier policy missteps like demonetization?
Answering all these questions and raising many more, Jha's deeply researched and cogently argued account examines the 'new normal' of a transactional, often predatory and ultimately deflationary, geo-economic climate, where central banks are fast running out of answers and heavily indebted governments are desperately searching for silver bullets. This work of extraordinary depth and ambition, tracing the destinies of the major economic centres of the world, provides a nuanced, if sobering, context to the reader as it suggests what India must do to rise in this grave new pandemic-ridden world.
Classification : Politics & Current Affairs
Pub Date : AUG 17, 2023
Imprint : Hachette India
Page Extent : 440
Binding : PB
ISBN : 9789357312462
Price : INR 599
Saurav Jha is an author and commentator on geostrategic affairs, and has written for numerous publications, including Deccan Herald, The Telegraph, World Politics Review, the Diplomat, Le Monde diplomatique and Nuclear Engineering International. Trained in Economics at Presidency College, Calcutta, and Jawaharlal Nehru University, New Delhi, Jha has worked as an energy economist in the past, besides serving as a consultant to FICCI's international division. His first book, The Upside Down Book of Nuclear Power, was released in 2010, and in 2015, he published The Heat and Dust Project, co-written with Devapriya Roy, which chronicles a backpacking trip through India on an extremely tight budget. In 2017, he founded Delhi Defence Review, an online journal focused on the analysis of technology, war and ideas.