Synopsis This volume-in honour of K.N. Raj, internationally known for his contributions to development economics--is an outstanding collection of essays in development economics. The authors have contributed significantly to development theory and policy and have influenced the course of development economics over a long period of time. The essays fall into three sections: development theory, comparative development experience and Indian development experience. The majority emphasize the importance of institutions and their responses to the forces of change during the process of development. The essays in the theory section push development economics in new directions and pose fresh problems for analysis. In the comparative analysis section, the authors contrast the development experiences of three major regions: East Asia (especially China), Latin America, and South Asia (particularly India). These essays also deal with issues associated with structural adjustment programmes that have been or are being implemented in these economies. The third section deals with issues and problems of Indian economic development. The critical role of agriculture and the neglect of agricultural reform in India's development receive serious attention. The political economy of Indian development, and also the crisis of the fiscal system which has been some what influenced by it, receives careful analysis. The development of Kerala state, which is often described as a paradox, is critically examined in another paper in this section. Thus, this collection of essays provides a fresh look at development issues and the experiences of the last thirty years. It deserves to be studied not only by development economists, but also by policy planners and practitioners. It would also make an excellent collection of readings for courses on development economics, comparative economic systems, and on Indian studies.