The achievements of India and China are significant, but one should not underestimate their structural weaknesses. Many social and political uncertainties cloud the horizons of these two countries for the foreseeable future
The dramatic recent history of China, including the historic irony of the development of today’s arguably most vigorous capitalism in an avowedly communist country, would have confounded Chairman Mao the most
Over more than a century, capitalism, with all its inequity, instability and immorality, has shown a remarkable resilience. Such resilience is likely to continue, but only if politics at the national level can tame capitalism's excesses and mobilize
The free market is the only mechanism that has ever been discovered for achieving participatory democracy. So spake Milton Friedman. But political freedoms may not flow naturally from economic freedoms...