Pranab Bardhan on India, China, universal basic income, and more

Pranab Bardhan highlights the costs of India’s crony oligarchy, assess the sources of China’s economic resilience, makes the case for a UBI, and more The PS Say More Newsletter | [View this message in a web browser]( [PS Say More]( This week in Say More, PS talks with Pranab Bardhan, Distinguished Professor Emeritus at the University of California, Berkeley, and the author, most recently, of [A World of Insecurity: Democratic Disenchantment in Rich and Poor Countries](. To read the full interview – in which Bardhan highlights the costs of India’s crony oligarchy, assess the sources of China’s economic resilience, makes the case for a UBI in low-income countries, and more – [click here](. Pranab Bardhan Says More... Syndicate: : In February, you [highlighted]( “the symbiotic relationship between business and political elites under [Indian] Prime Minister Narendra Modi,” the leader of the ruling Bharatiya Janata Party, arguing that rampant political favoritism is impeding India’s economic growth and development. Would the end of BJP rule be enough to bring about the demise of “India’s crony oligarchy,” or are structural reforms or other policy interventions also needed to boost competition? How might such efforts advance the [goal]( of “generating sufficient productive employment” for India’s young people? Pranab Bardhan: While India’s business-politics nexus has existed for many decades, corporate concentration and the dominance of some favored oligarchs have become more egregious under Modi. This has made the imperatives of structural reform and stronger competition policy much more pressing. Compounding the urgency, India is now in the brief period in its demographic transition when large numbers of young people... [Continue reading]( [PS. Save 25% on a new PS subscription.]( By the Way... PS: In your new book, [A World of Insecurity: Democratic Disenchantment in Rich and Poor Countries]( you challenge arguments urging countries to embrace more bottom-up decision-making and community-based initiatives as a way to “take back control” from distant or faceless authorities. What is the proper role of the community – specifically, the “devolution of power to local community associations” – in a democracy, and what are some of the “political and economic pitfalls of the communitarian position”? PB: As I note in my book, there are many examples of devolution leading to better decisions – from the point of view of efficiency, equity, and fitness to specific local conditions and challenges – in both rich and poor countries. But it is in projects that rely largely on the use of local information and initiative – for example, managing the local commons – that local communities excel. Devolution of power can also help ease social and political tensions and ensure local cultural and political autonomy. But there are limits to local communities’ advantages. For many types of projects... [Continue reading]( [PS Say More: John H. Cochrane on fiscal theory, bank failures, central-bank independence, and more]( [John H. Cochrane on fiscal theory, bank failures, central-bank independence, and more]( John H. Cochrane predicts a period of stubborn inflation, explains why more regulation will not end financial crises, considers factors that may diminish faith in government-debt repayment, and more. Cochrane is a senior fellow of the Hoover Institution, an adjunct scholar at the CATO Institute, and the author of [The Fiscal Theory of the Price Level](. [Read now]( [PS. Subscribe to PS Premium to receive your copy of PS Quarterly: Paradigm Shifts.]( [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](.