Compelling case for a new welfare order for the 21st century. A changing world– with changing elites; towards education and gender equalities.
Surjit Bhalla is always both original and provocative…he displays both of these characteristics, to startling effect. He argues that "education globalization, warts and all, is globalization"…the spread of education across the world is, an unstoppable force… Increased global equality will be the inevitable—and desirable—outcome. An important thesis and a very interesting one
Chief Economics Commentator,
Financial Times
Surjit Bhalla weaves a fascinating tale of the impact of rising levels of education in developing countries to explain many contemporary developments… There is much food for thought here—and also discussion and debate
Former Deputy Chairman,
Planning Commission
Surjit focuses on the importance of education in fundamentally changing the world we live in. He is bold, opinionated, and never dull. While you may not agree with everything he says, this book will challenge the way you think about the key economic problems of our time.
23rd Governor of the
Reserve Bank of India
  • Shereen Bhan in a panel discussion with the author of the book 'The New Wealth Of Nations' Surjit Bhalla & Economist NK Singh; talks about gender gap, wage rates in India, need for basic income & more.
About the Book

Education is the new wealth and it is distributed more equally

  • Education wealth exceeds financial wealth. The book estimates education wealth in 2016 at US$ 330 trillion, well ahead of financial wealth at US$250 trillion
  • The very large increase in educational attainment in the non-Western world has large consequences
  • Improved, and improving, world equality of incomes as people from erstwhile poor countries begin to match the high education levels of the West

Big expansion in college education

  • In emerging economies, it has meant greater competition, lower costs, and low and stable advanced country inflation
  • This exploding growth in educated labor supply means imploding inflation levels worldwide

Radical change in gender roles

  • Women have equaled, and are now exceeding, the educational attainment of men
  • This leads to empowerment via equality in earnings

A large change in the structure of elites

  • The new and large middle class now vies with the traditional elite for power and influence
  • Greater education achievement and less education inequality will likely lead to more democracy

New challenges with the explosion of education and technology

  • The worldwide scarcity of jobs, for one 
  • Countries, rich and emerging, will have to explore options like basic income and negative income tax
A new welfare order, appropriate for the changed—and changing—21st century can emerge
e-mail phone  + 91 9810220999
Surjit S. Bhalla is a Senior India Analyst for the Observatory Group, a New York based macroeconomic policy advisory firm and Chairman of Oxus Research & Investments. Surjit has taught at the Delhi School of Economics and worked at the Rand Corporation, the Brookings Institution, World Bank, Goldman Sachs and Deutsche Bank. He also served as executive director of the Policy Group in New Delhi, the country’s first non-government funded think tank, and is on the governing board of India’s largest think tank, NCAER.

He is a Contributing Editor to The Indian Express, and is the author of Imagine There’s no Country (2002) and Devaluing to Prosperity (2012). His first book, Between the Wickets: The Who and Why of the Best in Cricket (1987), developed a model for evaluating performance in sports.

He holds a PhD in Economics from Princeton University, a Master in Public and International Affairs from Woodrow Wilson School, Princeton University, and a BSEE degree from Purdue University. In 2017 he was appointed as a member of Prime Minister Narendra Modi’s newly-formed Economic Advisory Council. He lives in New Delhi.