India demonstrates that it is not easy for countries that have embarked on wrong-headed policies to make rapid course adjustments. Special interests that the system spawns gives it far more staying power than it deserves. Democracies especially are more adept at preventing the downsides of change rather than embracing its upside, inevitably slowing progress. India will likely get things right in the long run. But, in the short run, cautious pessimism is in order.......Read More