Deficit Financing, Controls, and Movement of Prices in India since 1947 by A. Vasudevan. Bombay: Allied Publishers Private, Ltd., 1967. pp.239.

Frank C. Child


Experience with the processes of inflation and growth is
varied around the world and through time. In Western Europe and the
United States, there has been rapid growth (or slow growth) when prices
were rising and when they were not. The Japanese success story shows
that more or less chronic inflation is consistent with a high growth
rate; but it also shows that the growth rate is less rapid at the
highest (observed) rates of inflation. Socialist countries, like Poland
and Russia, have experienced (planned?) inflation in accompaniment to
growth. Recent Brazilian and Mexican experience suggests that a rapid
inflation is consistent with (contributed to ?) a high growth rate.
Indonesia and Ghana provide examples of inflation leading to stagnation
or disintegration rather than progress. Other contradictory examples add
to our mixed bag of empirical evidence.

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