Asia’s BRICs Hit the Wall
China and India have used very different political models to achieve their GDP growth targets. Nonetheless, as their economies mature, both will need to embrace structural change – and to address the challenges of overdue political reforms.
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NEW DELHI –India’s democratic credentials do not impress Francis Fukuyama, who two decades ago prophesied the “end of history,” as being a catalyst for the country’s economic growth. Fukuyama finds excessive “patronage politics and fractiousness” in India – flaws that stand in stark contrast to China’s speedier, though not necessarily cleaner, political system.