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  • To be sure, India is not the only emerging economy wrestling with serious inflationary pressures; price levels also have risen markedly in the BRIC siblings of Brazil, China and Russia.  Earlier this month, the UN Food and Agriculture Organization announced that its global food price index surpassed the peak set in 2007-2008, when sharp price increases led to violent unrest across the developing world.

  • A 2009 study by the Asian Development Bank (ADB) raised the prospect of India’s “Latin Americanization”, by which it meant, among other things, the consolidation of oligarchic capitalism, with major family-based corporations wielding disproportionate influence over markets and the state.  The report pointed as a cautionary tale to the case of Mexico, which enjoyed marked economic dynamism from the 1950s to the early 1980s.

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