ISTANBUL – The ongoing showdown in Egypt between the country’s Islamists and its military rulers is a clear reminder of how difficult democratic transitions in the Arab world are likely to be. Obviously, failure to reach a power-sharing agreement will prolong political instability. But the resulting economic inaction would be just as damaging to the consolidation of democratic rule.
NEW DELHI – India’s sliding economy has inspired gloom and doom far and wide, but increasingly bearish sentiment is misplaced. India still offers hope, but, to understand why, you have to leave macroeconomic indicators aside and go micro. To take one example: Google the phrase “frugal innovation,” and the first 20 search results all relate to India.