After a decade of rapid economic growth, India is in the midst of a sudden swoon. The stock market has fallen, the value of the rupee has plunged, and India’s longtime hope of catching up to China appears increasingly distant. But some prominent Indian economists believe the recent slowdown may actually be a good thing for the country. They argue that much of India’s recent boom was fueled by a toxic mix of political corruption and crony capitalism that some feared would spiral out of control. As in Russia, Indian oligarchs with political connections have made vast fortunes while hundreds of millions remained desperately poor. India has 55 billionaires, second-most … Continue reading Gardiner Harris