Re: [Pen-l] Capitalism's Burning House

["Anthony D'Costa" <promothesdcosta@xxxxxxxxx>]

Yes, I think it was an allusion to balance the global order, although not necessarily Chinese imperialism.

I don't know the Chinese situation but getting a sense of the impending crisis India is better insulated than China simply because it's international exposure is less and its monetary authority has been quite conservative.  However, the exposed sectors such as IT, re-exports of diamonds and other stones, garments etc. will be hit, though the IT industry differentially as high value outsourcing services may be transferred from high wage to India for cost cutting reasons.  Domestic investment continues so that ought to dampen the shock.

In the end it will boil down to politics and the next forthcoming elections so few bold policies will be pursued for a while.  As for growth rates I guess we just take it for their word, they must have some basis to make these public pronouncements.  Today the Chinese government will be releasing its macro (growth) statistics for 2008.

Anthony

On Wed, Jan 21, 2009 at 10:11 PM, raghu <mraghu01@xxxxxxxxx> wrote:

On Wed, Jan 21, 2009 at 9:35 AM, Anthony D'Costa
<promothesdcosta@xxxxxxxxx> wrote:
> On the other hand, I and C
> ambassadors were the two with power point presentations with the former
> focused on economic reforms and the government's massive spending programs
> in a number of sectors and the latter about economic growth and the need for
> global symmetry.

"Global symmetry"?? Is that code for a new Chinese imperialism to
balance the Western version?

> Both India and China projected high growth rates this year, 7% and 9%!

I think we are in for a rude shock on that one in both countries..

> Most importantly I could observe a real determination among a lot of Indians of
> all classes to move ahead.  I think this is the most significant change
> India has undergone in the last 15 years.

I agree about the new optimism and self-confidence being the most
significant change in India in the last 15 years or so. The question
is can this survive the coming crisis?
-raghu.


--
The meek shall inherit the earth, if that's OK with you.

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Anthony P. D'Costa
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Asia Research Centre
Copenhagen Business School
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