Finance & economics | Free exchange

India has undermined a popular myth about development

Extreme poverty in the country has dropped to negligible levels

A declining line graph transitions into an illustration of a farmer plowing with an ox, symbolizing economic or agricultural decline.
Illustration: Álvaro Bernis

Thirty years ago Siddharth Dube, a writer, visited a small village in northern India near the site of a historic peasants’ revolt. He found plenty that remained enraging: mud huts, primitive ploughs, “barefoot old men” and “bone-thin children”. One older villager, Ram Dass, recalled the bitter deprivation of his younger years, when he would work long days on someone else’s land for the meagre reward of 1.5kg of grain. On cold nights, the poor stuffed rice stalks into old clothes to keep warm. “What did we know what a quilt was?” A man was lucky to own a single pair of shoes from his wedding to his death.

the-economist-today
The Economist today

Handpicked stories, in your inbox

A daily newsletter with the best of our journalism

Traders work on the floor of the New York Stock Exchange

Even the Trumpiest stocks are suffering

Investors may have misjudged which firms would thrive under the new administration

The foot of a man goiung over a crack on the floor.

Beneath investors’ feet, the ground is shifting

More remarkable than slumping share prices are the forces behind them


Illustration of American flag balloon floats between tall green cacti against a soft pink sky

The Trump administration is playing a dangerous stockmarket game

American investors are extremely exposed to a sell-off—and so is the economy


America’s Democrats should embrace “abundance liberalism”

Two new books contain much to commend them

Where will be the next electric-vehicle superpower?

Three Asian countries make their pitch

Can anything get China’s shoppers to spend?

An economic recovery depends on it. Yet a new action plan may not do the job