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China & India: The threat of populist nationalism

An exclusive excerpt from former RBI governor Raghuram Rajan's latest book

The Rashtriya Swayamsevak Sangh and the People's Liberation Army (right)
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The Rashtriya Swayamsevak Sangh and the People’s Liberation Army (right)

Raghuram Rajan
Continued growth will put pressure on both China and India to liberalise further and become more market-oriented. Almost inevitably, this will make them look more like successful advanced economies, making global engagement and dialogue easier. Much slower growth, though, could lead them in more worrisome directions.

Leaders have an alternative to moving toward a liberal open-access society. And that is to exploit the populist nationalistic fervor that is latent in every society, especially as economic fears grow and disenchantment with the corrupt traditional elite increases. Both China and India have large numbers of people who have left their village community, and

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First Published: Feb 26 2019 | 8:52 PM IST

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