A India é uma merda tão grande, monumental, gigantesca que faz até mesmo a merda absoluta do Brasil parecer um lugar decente. Mesmo os profundamente iludidos que achavam que a India vai algum dia ser um lugar um pouco melhor do que uma fossa, vão se desiludindo: My reasoning was that India’s superior and more commercially run private sector is stronger than China’s, and that ultimately, economic development is propelled forward by entrepreneurship and healthy, innovative private companies and banks, not by government planning and state-driven industrialization. India’s private enterprise, backed up by the freedoms of democracy, would come to trump China’s state-led, authoritarian growth model. Not only is history on my side — name one authoritarian regime that fostered vibrant, creative industries — but I also have my doubts about the perceived competency of the Chinese state. (That’s a subject for another post.) Yes, the Indian state may underperform the Chinese state, but, I felt, at the end of the day that wouldn’t hold back India’s economic miracle.
Yet watching what’s going on in India right now is making me second-guess my analysis. I still believe that democratic capitalism will win out over authoritarian state capitalism. But there is always the chance that a government becomes so inept, its management so faulty, that the state can become a major drag on economic development, even if the economy boasts a highly professional private sector. Is that what’s happening in India today?
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