The Indian Economy Blog is reporting on very interesting observation:
not once in world history has a large-sized country gone into rapid industrialization mode, while also guaranteeing universal franchise or a vote for all of its citizens. When you think about it, this claim is probably true. Forget China, think about the U.S., Soviet Union, the U.K., France, Germany etc. Not one of those countries actually industrialized while everyone had the vote.
To me, this appears more to be coincidence than anything else. But there’s no denying the fact that India is one of the largest, growing economy in the developing world that has a working democracy.
With apologies to Goldman Sachs, I must say that the clubbing of India as a part of BRIC is perhaps the biggest mistake that we all took to. No matter if statistics show that India will grow at a scorching pace, no matter if in less than a few years of the report India overshot the predictions by Sachs – we should still not have taken to it in the way we did. A lot of PR hooha, a little proof-of-the-pudding, and a name like Goldman S, and you’ve got the right broth for a success thriller.
You’ve got to read more at http://publicrelationsindia.blogspot.com/2007/09/bric-by-brick.html to see the harm that BRIC caused INDIA.
Fools rush in where angels fear to tread,