Stiglitz said that about an year ago people used to talk about de-coupling, meaning that emerging economies, especially that of India, are not linked to the global economy and so any downturn would not spread to countries like India and China.
"I always thought that that was a myth, and today it seems that the downturn in the world's largest economy has to have global implications and that is what is happening today. We are tied by a whole set of connections -- capital markets, export markets, labour, all that. . .," Stiglitz said, adding that India's economy is likely to continue growing but at a slower rate than before the crisis.
Image: Prof Sree Sreenivasan, Dean of Student Affairs, Columbia School of Journalism, delivering the opening keynote address at the India Business Conference by Columbia Business School, April 10. | Photograph: Paresh Gandhi
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