The Department of Economics hosted a talk titled “Class and Inequality in China and India” by Prof. Vamsi Vakulabharanam, Associate Professor of Economics at the University of Massachusetts Amherst on June 17th. Prof. Vakulabharanam, a former faculty member at the University of Hyderabad and City University of New York, has been associated with research institutions such as the Institute for New Economic Thinking (INET) and the India China Institute. He is a renowned scholar in the field of political economy, inequality and development studies with a focus on India, global capitalism and class-caste dynamics.
In his talk, Prof. Vakulabharanam presented key ideas from his recent book Class and Inequality in India (1950–2010), offering a comparative political economy perspective on India and China. His lecture offered critical comparative insights into the evolution of class structures and inequalities in China and India, two of the world’s largest emerging economies.
Drawing on empirical evidence and theoretical perspectives, the speaker examined the socio- economic trajectories of both countries and highlighted the implications of rising disparities for long- term development and social stability. He traced two distinct phases in the post-independence period:1950–1980, marked by low economic growth but a decline in inequality (forming the lower part of a U-shape), and 1980–2010, characterised by rapid growth under neoliberal reforms and policies but a simultaneous rise in inequality.
The lecture highlighted three main contributions of the book:
- A class-based analysis of inequality, especially novel in the context of China.
- An exploration of how India and China have transformed the world economy post-1950, and how global economic dynamics have, in turn, reshaped these countries.
- A theoretical framework for understanding within-country inequality.
Prof. Vakulabharanam also engaged with frameworks such as varieties of capitalism, French regulation theory, and comparative urban inequality (e.g., urban Gini coefficient analysis in Beijing and Delhi), offering a nuanced critique on ideas from thinkers like Thomas Piketty and Simon Kuznets and of global inequality discourse.
Concluding his talk, Prof. Vakulabharanam emphasised, “If China and India genuinely want to add something novel to the world order, they have to break free from the European model and find their own way of addressing inequality, climate change, and technological innovation.”
The session witnessed active participation from faculty members and research scholars from the Easwari School. Followed by a lively Q&A session, engaging participants in discussions around development policy, economic reforms, and the political economy of inequality. This academic event marked a valuable opportunity for the university community to interact with an international expert and gain deeper understanding of comparative development challenges in Asia.
