Sunday, November 4, 2007

Transcending Economic Castes

Although it is not the primary purpose of this weblog, I will still contribute on occasions to the comments under the Marginal Revolution blog. One in particular was a post on the caste system in India.

One reader's comments struck me as being particular relevant for where we are today.

"The tribulations of Russia's economic liberalization teaches us that doing the right thing 'too quickly' can be sub-optimal in the wrong circumstances, posted by Nick seemed to me to be a very valid point.

It again raises a comparison with China which I originally did back at the Why the Left should learn to love liberalism post. Some comparisons seem obvious but some insights from those with more experience and education would be appreciated. George David of United Technologies provides some comparisons between India and China in this MIT Sloan video (don't remember exactly where but the entire video is interesting).

I realize that this was off on a bit of a tangent, but it seemed we are talking about economic systems and their sustainability. Cross comparisons of current systems seem more enlightening that overly in-depth analysis of a hopefully antiquated system.

Sounded something akin to the Law of Unintended Consequences though this time from the side of the unfettered capitalists. It also argues that understanding local culture is as important to creating beneficial paradigm shifts as understanding economic principals. Something that may be relevant to the study of the mosquito nets.

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