Yuen Yuen Ang for PS On Point: How Exceptional Is China's Crony-Capitalist Boom?

Don't miss a new PS Big Picture on India's elections, with Ashoka Mody, Debasish Roy Chowdhury, and more [View this message in a web browser]( [PS On Point]( MAY 10, 2024 While both the American and Chinese Gilded Ages raised material standards of living for hundreds of millions of people, their endemic corruption produced radically unequal and unsustainable growth. Ultimately, writes Johns Hopkins University's Yuen Yuen Ang, both periods offer cautionary tales about unbridled crony capitalism, not models for blind emulation. [Read more]( [PS. To access the new issue of PS Quarterly, subscribe to Premium now.]( [PS Longer Reads: How Exceptional Is China's Crony-Capitalist Boom?]( [How Exceptional Is China's Crony-Capitalist Boom?]( By Yuen Yuen Ang A longstanding consensus holds that Western industrialized economies achieved their unprecedented levels of prosperity only by eradicating corruption, and that modern China's rapid GDP growth therefore breaks the mold. But a clear-eyed appraisal of American history shows that China is not so unique after all. [Read more]( [PS Big Picture: Will India’s Election Destroy Its Democracy?]( [Will India’s Election Destroy Its Democracy?]( with Ashoka Mody, Debasish Roy Chowdhury, Shashi Tharoor, and more Since taking power in 2014, Prime Minister Narendra Modi and his ruling Bharatiya Janata Party have stoked Hindu nationalism, hollowed out India’s democracy, and overseen an economy that is probably performing far worse than official figures suggest. And yet Modi and the BJP are genuinely popular, making them likely – though not certain – to emerge victorious when the ongoing parliamentary election concludes in June. [Read more]( [PS Longer Reads: India’s Despotic Election]( [India’s Despotic Election]( By Debasish Roy Chowdhury India is no longer the model free-market democracy that Westerners spent years imagining, encouraging, and touting. With Prime Minister Narendra Modi having bent the media, big business, and democratic institutions to his will, India's markets and politics are becoming less free – as the ongoing election is set to confirm. [Read more]( [Join a global gathering of journalists and editors at the IPI World Congress in Sarajevo, exploring the role of media in crises.]( [Facebook]( [Twitter]( [LinkedIn]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. Receipt of this newsletter does not guarantee rights to re-publish any of its content. This newsletter is a service of [Project Syndicate](. [Change your newsletter preferences](. Follow us on [Facebook]( [Twitter]( and [YouTube](. © Project Syndicate, all rights reserved. [Unsubscribe from all newsletters](.