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Thread: Economic Progress - China vs India
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[quote=GUEST12496,248990]Well said charak. Sometimes the Indians boast about their democracy, but I see it as an impediment to growth (especially being the worlds largest democracy). Taiwan, Japan, S. Korea and Singapore all had very authoritarian forms of government during their rapid industrialization; similarly this is the case with China. If you look at the democracies of Great Britain and US; they took at least a hundred years to industrialize. I am not saying that India's industrialization process will take one hundred years (because of factors such as increased technology) but it will most likely be longer than that of China. During the 1950's the Chinese economy was actually below that of the Indian economy. By the 1970's it had overtook the Indians. This is a fact and illustrates that democracy may cause a greater time lag in the period of industrialization. That being said an authoritative government doesn't automatically mean a shorter period of industrialization (down to factors such as red tape). Economic growth is a game of Russian roulette; you're as likely as the other guy to be shot no matter how many times you've played the game. Its more down to luck although preparation and experience helps.[/quote]
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