Abstract
This chapter analyses the first growth episode, running from the 1950s to 1992. It shows that in terms of various indicators, this long episode was mostly characterized by economic stagnation, with a nascent recovery in the last decade, that is, the eighties. In the political space, this long period saw an evolution from a dominant party system to minority governments and more political contestations. For most of the episode, the predominant position of the Congress party coupled with its socialist ideology resulted in disordered deals that led to low investment, productivity and stagnation. As the political space became more competitive, the political elite turned to the business class for support and this led to more ordered deals between them, resulting in a recovery in the eighties.
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