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Ruchir Sharma on America’s Debt and the Future of Capitalism
Ideas of India
Beware Imitating Failures
Emulating the Chinese economic model may be misguided, as it faces increasing criticism due to high debt and other economic challenges. The effectiveness of industrial policy varies greatly among countries, with many examples of failure, especially in Latin America. Countries with authoritarian regimes may implement industrial policy more effectively than democracies, which often struggle with chaotic systems. This raises questions about the cultural and governmental conditions necessary for successful industrial policy implementation.
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