1. Distinguishing four phases -- 2. Phase I (1951-65) : takeoff under a liberal regime -- 3. Phase II (1965-81) : socialism strikes with a vengeance -- 4. Phase III (1981-88) : liberalization by stealth -- 5. Phase IV (1988-2006) : triumph of liberalization -- 6. A tale of two countries : India...

Introduction -- The conceptual framework -- Initial conditions and policy reforms -- Direction of structural changes -- Competitive dynamics -- Technological change -- Organizational change -- Evolution of public and private order institutions -- Conclusion.

Papers presented at the National Conference in Honour of K.N. Raj, economic planning advisor, and economics professor from India; conference held in 2004 at St. Thomas College, Trichur, in the state of Kerala, India; honorary volume