Paul Erdman: Long-term gains likely for India

From The MarketWatch:

It is not unlikely that continuing population growth, and the development of a modern economy propelled by very advanced technology will push ’s GDP past that of China, and well beyond that of the United States by the middle of the century.

In many ways, India’s prospects in the 21st century are superior to those of China. The institutional framework in the two countries could hardly stand in greater contrast.

India is a full-fledged , with a parliament in New Delhi that is the equal to that in London or Ottawa. China remains a Communist state, under one-party governance.

India enjoys all the advantages for person and property provided by the British rule of law, again in stark contrast to China whose legal system is murky at best where both property and certainly person is concerned.

Then there is language, more specifically English which is now the global language of both business, and science. As Ram Narayanan points out is his excellent commentary on Indian/American relations, India has the advantage of a huge university-educated pool of top-notch scientific, technological and managerial manpower that has the unique advantage among Asia nations of being able to “think” in English.

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