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We argue that an understanding of the political drivers of economic growth needs an explanation of the political dynamics around the transition from one growth phase to another, and that the political drivers of early stage growth accelerations are different from that of growth maintenance. Informal institutions are likely to play a role in growth acceleration, while formal institutions of credible commitment, the provisioning of public goods and the overcoming of co-ordination failures will be more important in growth maintenance. We present empirical evidence drawn from country case-studies and cross-country econometric analysis that provides support to our theoretical propositions. © 2013 Elsevier Ltd.

The purpose of this paper is to situate India's recent economic growth in the long sweep of the twentieth century and to understand what is different about the contemporary growth experience from earlier episodes. The paper argues that most interpretations of India's growth acceleration tend to privilege one dimension of the growth experience over another, and that the causes of India's growth suggest a more complex causal story and that no single perspective can provide a convincing explanation of India's growth phenomenon. The paper also argues that in contrast to the previous growth success stories of the developing world, especially those originating from Asia, India's pattern of growth has followed a non-standard route that privileges knowledge-intensive services and capital-intensive manufacturing over labour-intensive manufacturing, which is not in India's long-term interests, either from viewpoints of efficiency or equity.