The great thing about running an online newsletter is that it is not only self-correcting, it is self-enhancing. Whenever I make a mistake or state a factual error, my inbox catches on fire when corrections, additional data, and chastisements. Ditto when I exclude some key points to bolster my own arguments. So I thought I would publish a letter I received from a reader from the subcontinent regarding yesterday’s piece on “India is Catching Up With China” (click here).
I am surprised in your comparison with China because you have missed several important points. India is a democracy. It does not have a Ponzi/mafia political party which focuses on looting the nation. Check out the number of billionaires in the Communist Party of China. Patents are relatively much safer in India. The press is free and vibrant. There is no “mad” overcapacity in anything like empty buildings/cities and the like.
The Indian judiciary is slow and generally very fair. India does not have problems of one child policy. Air pollution in Indian cities is probably lower. Most importantly: the fundamentals of the Indian economy in many ways are better than the Chinese. India does not control its currency artificially. There are fewer Indians trying to run out of India than Chinese trying to run out of China. In fact, most Indians can take foreign currency outside the country up to a limit. Few do it in China.”
Here’s the Better Bet