Kaushik Basu, C. Marks Professor of International Studies and professor of economics and chief economist of the World Bank from 2012-16, writes in this New York Times piece that India's recent effort at demonetization was a laudble attempt to combat the country's various financial problems, but that it is likely to rock the economy.
"Demonetization was ostensibly implemented to combat corruption, terrorism financing and inflation," he writes. "But it was poorly designed, with scant attention paid to the laws of the market, and it is likely to fail. So far its effects have been disastrous for the middle- and lower-middle classes, as well as the poor. And the worst may be yet to come."