Mihir Sharma writes when reviewing The Billionaire Raj “Democracy is under threat, whether in India or elsewhere, not from the oligarchs but from those who promise to control them. You don’t even need your oligarchs to hold enormous political power to create the appearance of a grave threat that needs to be corralled – if your propaganda machinery is good enough. We in India are threatened with the worst of both worlds. The rich will retain control of our markets and our resources, but they will be those who have come to an accommodation with the populists in power. Meanwhile, a supposed anti-corruption campaign will keep growth from hitting the heights that it has in the past, thereby keeping millions in poverty. This combination is not unique to India, either; more and more emerging markets are falling victim to the same disease. If this is a progressive era, then India, I fear, is destined to go backwards”
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