China鈥檚 impressive. But India may have more long-term potential.
| Mumbai, India
This weekend we went to a wedding reception in Mumbai.
There were beautiful women dressed in brightly colored traditional gowns. Men favored western business suits, but a few sported the outfits usually worn at Hindu weddings鈥ith flowing, colored tunics, baggy white pants and little embroidered slippers.
These were the men and women who are leading the Indian economy in one of the most remarkable growth stories in economic history. India has been upstaged by China. The middle kingdom鈥檚 story鈥rom communist rags to capitalist riches in a single generation has a lot of dramatic punch. But India鈥檚 story may have a longer run. Because India grows without relying too heavily on exports. And it seems to have a large class of people who may be capable of keeping that growth on track.
鈥淚 now work for Blackrock,鈥� said a pretty young woman. 鈥淚 did my undergraduate work at the University of Texas. Then I worked in New York for a while.
鈥淢y sister lives in Georgetown, not far from you鈥︹赌�
Another man was a Sikh, with a turban on his head.
鈥淚鈥檓 a metallurgist. I believe in machines. When I have money, I buy machines. I don鈥檛 trust stocks鈥︹赌�
It was a Sikh who assassinated Indira Ghandi. The Sikhs 鈥� a military caste 鈥� were regarded with deep suspicion for a while. Incidentally, the French prohibit people from wearing a turban when they get an official photograph. This is to provide the government with an accurate picture of the person, presumably. But since the Sikhs wear their turbans all the time, a more accurate picture would show what the man looks like with his turban on鈥�
鈥淚 went to the University of Nevada,鈥� said one of the guests. 鈥淚 went to MIT,鈥� said another. 鈥淚 went to the University of Pennsylvania鈥︹赌�
鈥淚 got a patent on鈥�. I鈥檓 a biochemist鈥� I鈥檓 on the board of鈥� I run a business that鈥︹赌�
One after the other, the r茅sum茅s were impressive. These are people who have money, training, ambition, manners鈥�
鈥淭here is no Social Security in India,鈥� explained a colleague. 鈥淎nd no welfare. We鈥檙e too poor for that. People know they have to work to support themselves and their families. And the economy is still an entrepreneurial economy. The people who have money usually run their own businesses. The money is still in the hands of entrepreneurs instead of professional managers. It鈥檚 more like the economy in the US during the early part of the 20th century, in other words, than like today鈥檚 US economy.鈥�
------------------------------
海角大神 has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link above.
