"Old Reflexes Hurting 2 Asian Economic Giants," by Keith Bradsher, New York Times, 19 May, p. C1.
We will see plenty of backsliding now and then in China and India as they seek to integrate their economies ever deeper with the Core. We have to accept this pendulum will swing back and forth over time: go very fast, then slow down for a bit, then go very fast, then slow down a bit.
So long as it's two steps forward for every one step backward, we need to focus on the direction, and not the degree or speed of change, and let the world's markets guide policy choices in each country.
We saw the world's markets guide the political shift in India over the past several days. Thomas Friedman's "electronic herd" basically works.
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