Saturday, December 10, 2011

The next superpower

It is interesting to see my progress through this blog. May be it is time that I refine my opinion. Even though I quite firmly believe that a massive, unprecedented (since the GD) slowdown is upon us, I believe that US will still emerge as a leader afterwards. I say this because I believe in the resilience of America, the ingenuity of its inhabitants and a wonderful, progressive legal system it possesses. I had written about this 2 years ago, here. The US will refine its financial system and the entrepreneurial activities that that country fosters will give rise to something new once again. I write this because I envy what the US is capable of; the key to Indian success over the next few decades would definitely be a more functional legal system.
As a partial aside, one has to think of how important a role bankruptcies play in a capitalistic world. I am reading Security Analysis and even in the 1930s/ 1940s a corporation in the US could undergo a restructuring. Related progresses are of the commercial debt market, access to cheaper financing for new enterprises, scrutiny of new businesses, correctional advice by wiser entities, etc.
To end, "Conventional wisdom is a much loved oxymoron."

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