Jagdish Bhagwati, Economist
Economist

Jagdish Bhagwati

Born 26 July 1934 · Maharashtra

Developed the theory of immiserizing growth in international trade economics.

Jagdish Natwarlal Bhagwati is an Indian-born naturalized American economist and trade theorist. He is a University Professor of economics and law at Columbia University and a Senior Fellow in International Economics at the Council on Foreign Relations. He has made contributions to international trade theory and economic development.

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A detail that
surprised us

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While at Columbia, Bhagwati was one of only 10 scholars ever to hold the distinguished title of University Professor, a rank that allows teaching across all departments.

The Story

1
In 1967, Jagdish Bhagwati earned his PhD from MIT with a thesis titled 'Essays in International Economics,' supervised by Charles P. Kindleberger, marking his early deep dive into trade theory.
2
🌍 From 1962 to 1968, Bhagwati taught international trade at Delhi School of Economics, shaping economic thought during a period when India was grappling with inward-looking policies.
3In 1980, he joined Columbia University as Arthur Lehman Professor of Economics, and uniquely held a chair named after him while still teaching, one of only 10 University Professors there.
4🏅 Bhagwati received the Padma Vibhushan and Japan's Order of the Rising Sun, and in 2014, Financial Times dubbed him "one of the most outstanding economists of his generation never to have won the Nobel Prize."

🏅 Awards & Honours

—
Padma Vibhushan

🔍 One thing most people don't know

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Bhagwati’s 1970 OECD study 'India: Planning for Industrialization' co-authored with his wife Padma Desai was a pivotal critique that shaped debates on India’s industrial policy during a time of strict state control.

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Through the Years

7 photographs from the archives
Prof. Jagdish Bhagwati meeting Union Minister Kamal Nath in New Delhi (2004)
Prof. Jagdish Bhagwati meeting Union Minister Kamal Nath in New Delhi (2004)
2004
Jagdish Bhagwati receiving Pravasi Bhartiya Samman from External Affairs Minister K. Natwar Singh in New Delhi (2005)
Professor Jagdish Bhagwati speaking at the Nordic Globalization Forum in Riksgränsen (2008)
Jagdish Bhagwati at Ed Luce Book Party in New York (2012)
Professor Jagdish Bhagwati at UNCTAD special event on sustainable development (2013)

🗓️ A Life in Moments

🕊️
Birth
Birth in Bombay Presidency
Jagdish Bhagwati was born into a Gujarati family in the Bombay Presidency under British rule.
1934
📚
Education
Graduated in Economics from Cambridge
Bhagwati received a second BA in economics from St. John's College, Cambridge, after studying commerce in Mumbai.
1956
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Career
Professor at Delhi School of Economics
Taught international trade for six years amid India's restrictive trade policies.
1962
📚
Education
PhD from MIT
Completed doctoral thesis 'Essays in International Economics' under Charles P. Kindleberger.
1967
📖
Publication
Published OECD Study on India
Co-authored 'India: Planning for Industrialization' with Padma Desai, analyzing the country’s industrial strategy.
1970
⚡
Career
Joined Columbia University
Started as Arthur Lehman Professor, later becoming a rare University Professor.
1980
🏅
Award
Financial Times Recognition
Named among top economists never awarded the Nobel Prize, reflecting his impact on trade economics.
2014
More moments to come...
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🗝️Discoveries

Swipe to uncover hidden stories
01 / 05
🏆ACHIEVEMENT

In 2014, Financial Times named Bhagwati among the best economists never to have won a Nobel Prize, a sentiment echoed by Nobel laureate Paul Krugman who praised his clarifications on trade distortions.

02 / 05
🔍LESSER KNOWN

Despite his academic prominence, Bhagwati returned to India in 1961 to teach briefly at the Indian Statistical Institute and later Delhi School of Economics, influencing economic thought during pre-liberalization years.

03 / 05
💡SURPRISING

Bhagwati argued in 2007 that India’s rural poverty had declined significantly since the 1980s, lifting over 200 million people above the poverty line through economic reforms and trade liberalization.

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"The crucial point for me is that people didn't understand at all clearly how distortions in a trading economy relate to policy before Jagdish spelled it out. Once he did, it became so clear that it was hard to believe that someone had to point it out." - Paul Krugman

— Jagdish Bhagwati

🎙️ Speeches & Recordings

These recordings preserve the legacy of Bharat's icons
IN CONVERSATION- PROF. JAGDISH BHAGWATI
·YouTube
More from this archive
IN CONVERSATION- PROF. JAGDISH BHAGWATI
01
IN CONVERSATION- PROF. JAGDISH BHAGWATI
YouTube
IN CONVERSATION- PROF. JAGDISH BHAGWATI
02
IN CONVERSATION- PROF. JAGDISH BHAGWATI
YouTube
Jagdish Bhagwati on Narendra Modi, Indian Growth
03
Jagdish Bhagwati on Narendra Modi, Indian Growth
YouTube
Why Growth Matters
04
Why Growth Matters
YouTube

🌱 What changed because of them

Jagdish Bhagwati's rigorous articulation and defense of free trade reshaped global economic policy debates, especially concerning India’s economic liberalization starting in 1991. His work influenced institutions like the Delhi School of Economics and Columbia University, while his advocacy contributed to policy reforms that reduced rural poverty by over 200 million people. His insights on licensing and corruption spurred wider recognition of structural barriers to development in India.

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