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...poverty may be, there is one thing that distinguishes the Indian poor from those in many other nations: they live in a democracy. And as India discovered last year, even its poorest can vote. At the general election, the ruling coalition led by Atal Bihari Vajpayee, lauded for its bold economic reforms, suffered a shocking defeat at the polls, partly because of resentment from the poor that they were missing out on the boom. Into office came a government that needed the support of the Communists, and which had promised not to forget those at the bottom of the heap...
...Conscious of the need to distribute the benefits of growth more evenly, business leaders welcomed Chidambaram's proposals rather than voicing disappointment that he had not cut India's fiscal deficit aggressively or launched bold moves to open up the economy to foreign investment. Says Kumar Mangalam Birla, chairman of the Aditya Birla Group, a Bombay-based conglomerate, and one of the country's richest men: "65% of our population is in the villages; you have to have a budget that addresses them." Empowering the poor, many businessmen say, will eventually widen the foundations of the boom. "The emphasis...
...this time of unmatched Chinese economic accomplishment and global success, what is still missing from China's political landscape is the kind of confident, bold leadership that is capable of looking honestly at the historical record; of acknowledging errors, failures and even great crimes; and of then making amends so that society can realign its official narratives with the truth. For it is no easy task for a society to live in a healthy fashion while enmeshed in a fabric of lies...
...banish extreme poverty in our generation--yet 8 million people die each year because they are too poor to survive. The trag edy is that with a little help, they could even thrive. In a bold new book, Jeffrey D. Sachs shows how we can make it happen...
...Summers sailed through his years as Treasury secretary, retaining his bold hand while avoiding any major conflicts with foreign leaders or domestic policy makers. According to Wessel, the most impressive thing about Summers at the Treasury was “how hard he worked at courting the press and trying to undo this image of being Washington’s smartest klutz...