While the US is the world's biggest economy and will eventually bounce back from it's present troubles - this series of youtube videos by S Grumurthy are very instructive.
http://ca.youtube.com/watch?v=ruh1M2G-ueo&feature=channel
Indian family and community life makes for savings oriented economics; Americans today are consuming more than they earn. Of course - this profligacy is enabled by the Hans who keep saving and sending money to the US.
India needs to devise strategies to use international trade to it's own benefits - on it's own terms; while all the time mouthing free-market platitudes.
1 comment:
M R Ventakesh too made similar points in this videos, suitable dumbed down for the masses to get the idea -
http://video.google.com/videoplay?docid=4343898391323537541
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