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China, India Superpower? Not so Fast!

Despite impressive growth, the rising Asian giants have feet of clay.

By: Pranab Bardhan
For YaleGlobal, 25 October 2005

BERKELEY: The media, particularly the financial press, are all agog over the rise of China and India in the international economy. After a long period of relative stagnation, these two countries, nearly two-fifths of the world population, have seen their incomes grow at remarkably high rates over the last two decades. Journalists have referred to their economic reforms and integration into the world economy in all kinds of colorful metaphors: giants shaking off their "socialist slumber," "caged tigers" unshackled, and so on. Columnists have sent breathless reports from Beijing and Bangalore about the inexorable competition from these two new whiz kids in our complacent neighborhood in a "flattened," globalized, playing field. Others have warned about the momentous implications of "three billion new capitalists," largely from China and India, redefining the next phase of globalization.

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