Indians at Princeton University - 11

Ashoka Mody: A Trailblazing Economist and Advocate for Economic Policy Reform

Introduction: Ashoka Mody, born on 14 January 1956, is a distinguished American economist renowned for his expertise in international finance and economic policy. He currently holds the esteemed position of Charles and Marie Robertson Visiting Professor in International Economic Policy and Lecturer in Public and International Affairs at the Princeton School of Public and International Affairs. Mody's remarkable career and academic contributions have left an indelible mark on the field of economics.

Educational Pursuits: Mody's journey into the world of economics commenced at the Indian Institute of Technology in Madras, where he studied Electronics. However, his thirst for knowledge led him to explore economics further. After completing his B.Tech. in 1978, he pursued an M.Phil. in Applied Economics at the Centre for Development Studies in Trivandrum in 1979. His dedication to the subject propelled him to work as a Research Associate at the center.

His academic pursuits culminated in a Ph.D. in Economics, which he obtained from Boston University in 1986. This diverse educational background equipped Mody with a unique perspective that would later shape his career.

Distinguished Career: Ashoka Mody's professional journey began with a brief stint as a member of the technical staff at AT&T Bell Laboratories. However, his career trajectory took a significant turn when he joined the World Bank in 1987, where he would work tirelessly until 2003. At the World Bank, Mody contributed to shaping international economic policy and honed his expertise in areas of critical importance to the global economy.

In 1997/1998, Mody expanded his horizons as a visiting professor of public policy at the prestigious Wharton School. This experience allowed him to share his knowledge with the next generation of economists and policymakers.

From 2001 until his retirement, Mody served as the assistant director of the International Monetary Fund's European Department. During his tenure at the IMF, Mody emerged as a strong advocate against fiscal austerity as a means to resolve credit crises. His principled stance underscored his dedication to more humane and effective economic policies.

Key IMF Representation and Critique: Notably, Ashoka Mody was the chief IMF representative to Ireland during a critical period in the country's history when Ireland faced a troika bailout. Mody's tenure in Ireland was marked by his critical evaluation of the austerity measures enforced on the nation. He highlighted the severity of the regime imposed by the troika and criticized the Irish government for not showing solidarity with other indebted European Union nations. In a pointed critique, he asserted that Irish Finance Minister Michael Noonan had missed an opportunity for debt reduction.

In 2018, Mody also drew attention to Ireland's economic exposure to U.S. multinationals, identifying potential vulnerabilities in the wake of the Tax Cuts and Jobs Act of 2017 reforms.

Affiliation with Bruegel and Authorship: In addition to his academic and institutional roles, Ashoka Mody is affiliated with Bruegel in Brussels, an influential think tank focusing on European economic policy.

Mody's academic contributions extend to his prolific authorship. His books, such as "Foreign Direct Investment and the World Economy," "EuroTragedy: A Drama in Nine Acts," and his upcoming work, "India Is Broken: A People Betrayed, Independence to Today," have enriched the discourse on international economics and policy.

Conclusion: Ashoka Mody's career and contributions to the fields of economics and international finance stand as a testament to his dedication to sound economic policy and his commitment to reshaping the global economic landscape. His work as an educator, economist, and advisor has had a lasting impact, influencing the policies and decisions of governments, central banks, and institutions around the world. Ashoka Mody remains a significant figure in the realm of international economic policy reform and an inspiration for future generations of economists.