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Why Nations Fail by Daron Acemoglu and James Robinson (A&R) distinguished between inclusive and extractive economic and political institutions. Part 1 of this article argued that after a dream run of 40 years, China is starting to stumble. China’s struggles open a window of opportunity for India. China’s experience tells us that more inclusive economic institutions can lead to decades of rapid economic growth. And ultimately, inclusive economic institutions are founded on inclusive political institutions.
Building inclusive economic institutions: China’s growth since 1980 saw hundreds of millions more Chinese become better educated and get good jobs. Many hundreds of thousands
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