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Re #63

There is always a danger when economy or politics goes wrong. This time, the overheated economy with shaky institution and unstable banking system pose the new challenge which can be more serious. The aftermath of such overheated market is even difficult for mature economy like America. It is much tougher for China which is just started to establish its market economy. The developing economy should keep the banking system simple and well in check.

China's institutions are not perfect, but they're getting the job done more effectively than the institutions of today's Third World republics. After 50 years of democracy, India's parliament has not yet enacted even the most basic economic reforms like new labor laws due to constant legislative gridlock and opposition from India's majority-poor population. In India today, it's still illegal for private businesses to hire and fire workers freely. In addition, India's tariffs today are still 2-3 times higher than China's because India's pro-big government politicians jobs will get voted out of office if they don't continue to protect India's bloated, inefficient industries from foreign competition.