Tuesday, May 26, 2015
The Path to Development
In an insightful article in Strategy and Business, John Jullens present a view on How Emerging Markets Can Finally Arrive. This is required reading for anyone who cares about emerging markets, if only for going beyond the orthodoxy of free trade and flexible labour market. The broader point - that every market needs its own strategy and that the strategy may vary from stage to stage of development - is also extremely valuable, as this is usually overlooked in any politically tinted discussion about development.
At the core of it, this article has a China theory at its core. China is affecting a transformation of its economy, and it may just pull it off. While some commentators in the United States would say that China can not be a model for most other countries, just because of its political structure, it is becoming a model for many countries, including, for India, the alternate that these commentators would love to highlight. China has proved the naysayers wrong several times - The Coming Collapse of China still sits on my bookshelf after 10 years - and it seems to be going through another extraordinary transformation right now. China is also a great example of the development of domestic businesses as an essential ingredient of development strategy, and it has done so through a mixture of direct and indirect protection. One may not agree with its strategies - and developed countries indeed do not - but one must remember that the strategies that England, France, Germany, or United States followed in their path to progress was no more moral than what China does now. If you are complaining about China's approach to intellectual property, check on how the United States treated such issues in the late Nineteenth century.
Indeed, the lesson here is not to be like China, but each country mapping its own path, rather than following any orthodoxy preached over our heads by magazines like The Economist (which I stopped reading because I got so tired of its right wing crusade, after more than a decade of loyal readership!). To develop a country, its government needs to be responsive to its ground realities and play on its strengths, rather than following models of another nation and formula thought up by armchair theorists.
A friend has recently forwarded me a quote from Lord Macaulay's speech in the British Parliament on 2nd February 1835. I reproduce the...
Introduction : The Business of Gift Giving Business gift giving has always been common and contentious at the same time. Business gifts are ...
My previous post, o n whether Hinduism is the only thing to unite India , to which my answer was negative, was based on the idea that Indi...
The title of this post is in quotes because someone told me this. This was some days ago, over lunch in London, something that I stayed wi...
We knew this anecdotally: That Engineering graduates can not find a job in India. Now, we have some numbers: AICTE says that 60% of the 80...
It is common to hear - Globalization is not working for everyone! The Right says it, and believes that closed societies with open economie...
India is in the middle of a great transformation, driven by the aspirations of its young people. This transformation is apparent to an...
Today's election results in five Indian states may or may not be noticed by the world media, but they are, in a way, no less significa...
When facts change.. I enthused when Labour Party chose Jeremy Corbyn as its leader. It promised an escape from politics as usual, a b...
Or, I could have said - why I can't read business books. At least, not anymore. This may seem inconsequential, but it is not for m...
How To Live
"Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the grey twilight that knows neither victory nor defeat."
- Theodore Roosevelt
- Theodore Roosevelt
We shall not cease from exploration
And the end of all our exploring
Will be to arrive where we started
And know the place for the first time.
- T S Eliot
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.