In this speech at Capitalism & Morality Calgary 2023, I talked about India’s economy and why the country’s apparent growth story is widely misunderstood.

India’s economic problems are not merely about policy, infrastructure, or capital. They arise from deeper cultural and institutional weaknesses: poor work ethic, low trust, corruption, lack of civic responsibility, and the absence of the social discipline required for large-scale development.

I also compare India with China and explain why India is unlikely to follow China’s path, despite Western enthusiasm about India’s population size, low wages, and supposed demographic dividend.

Watch the full discussion below:

Key Takeaways

• Why India’s economic rise is widely exaggerated
• Why India is unlikely to become another China
• How culture, work ethic, and trust shape economic development
• Why low wages and population size are not enough
• How corruption and weak institutions limit India’s future