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Jagadish Bhagwati of Columbia has a ton to say about how India screwed up on trade. Basically there are many trade-unfriendly laws dating back to 60s and 70s wh

by shas3 9y ago

Jagadish Bhagwati of Columbia has a ton to say about how India screwed up on trade. Basically there are many trade-unfriendly laws dating back to 60s and 70s which are hard and slow to undo because they have to be done via parliamentary procedures (kinda how Congressional gridlock makes lawmaking slow in the US). Here's a good interview of his with Russ Roberts on Econtalk: http://www.econtalk.org/archives/2013/08/bhagwati_on_ind.html http://www.econtalk.org/archives/2013/08/bhagwati_on_ind.htm... Edit: this is in contrast to China where laws are made by diktats.

valarauca1 9y ago
where laws are made by diktats Diktats implies the popular consent of the people isn't taken into the consideration by the CCP when forming policy. This is a very western-liberal-repulic centric view point and is flawed. The CCP actively considers _what_ is wanted and _how_ to achieve it. Simply because people do not vote doesn't mean they aren't considered. Citation: https://en.wikipedia.org/wiki/Mass_line https://en.wikipedia.org/wiki/Mass_line