I would never have thought that law would be of such importance in the development of a nation. Law provides security, peace of mind, solutions, confidence and welfare. There is room for improvement for China and India, but neither one of them can become the next big thing.
Well, India is really far behind China; as far as India goes, there is something about the sheer population density of the country and with the culture that will not allow the executive and judicial arms to function well.
China (I don't know much about) has something odd with the way it functions. As an outsider, I don't see that the people are empowered and I believe that the economy is propelled through an odd manipulative force.
I have to believe that the financial markets, which inadvertently propel economic growth to a different trajectory, will not develop to the extent that either of these 2 countries might want them to.
All the advanced economies have a strong will power; this is contrasted with some Gulf OPEC countries, which, one would deem to be strong. However, a country where people do not feel secure will never grow beyond a certain extent.
This is the reason why I believe that despite all the nonsense that the US has gone (and is going) through, the US will come out fine. I wonder when.
But there will be a change; a larger proportion of assets will be owned by non- Americans.
I want to work outside India, for sometime, for precisely these reasons. May be, India might evolve, but what I am to work towards, only a country with strong will power and legal control can give me.