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Mumbai Consensus
The Mumbai Consensus is a term used to refer to India's particular model of economic development, with a "people-centric" approach to managing its economy which may be taken up by other developing nations in time.〔Chrystia Freeland. (The Mumbai consensus ). 22 October 2010.〕 India's model of economic growth, which has relied on its domestic market more than exports, boosted domestic consumption rather than investment, pursued service-oriented industries rather than low-skilled manufacturing industries, has greatly differed from the typical Asian strategy of exporting labor-intensive, low-priced manufactured goods to the West.〔Gurcharan Das. (The India Model ). July 2006〕 This model of economic development remains distinct from the Beijing Consensus with an export-led growth economy, and the Washington Consensus focused instead on encouraging the spread of democracy and free trade.
==Larry Summers==
The term is not an official one but was coined by Larry Summers, an American economist and a key advisor and decision-maker for the White House in the Obama administration, speaking at the U.S.-India Business Council in mid-2010. Summers pointed out that India has a model that should be increasingly watched and could potentially be used as an example for other developing nations, suggesting that over time many nations will adopt this model:
And perhaps – perhaps – in 2040, the discussion will be less about the Washington Consensus or the Beijing Consensus, than about the Mumbai Consensus – a third way not based on ideas of laissez-faire capitalism that have proven obsolete or ideas of authoritarian capitalism that ultimately will prove not to be enduringly successful. Instead, a Mumbai Consensus based on the idea of a democratic developmental state, driven not by a mercantilist emphasis on exports, but a people-centered emphasis on growing levels of consumptions and a widening middle class." Larry Summers
Summers also suggested that India's model may become increasingly viable for other nations because it does not fail the middle class but instead allows this group to prosper, whilst not deviating from the traditional capitalist approach to running the economy.〔(India and the Global Economy | The White House )〕 However, Summers acknowledges a number of challenges that would hurt the viability of a Mumbai Consensus, with a need of continued assurance of efficiency of government whilst also having continued faith in the public sector and action which means that continued economic prosperity does not just lead to the success of a select few.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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