Failure of American financial institutions is a reason to rejoice – Prof. R. Vaidanathan


An interesting read.

……..The decline of these institutions — many more to come — is the best thing that has happened to countries such as India, which are poised to play a larger role in global financial affairs.

Let us have some facts. India had 25% of global income in 1500 through 1700; by 1820, this was down to 17% and by 1951 to 5%; in 1998, the country’s share stood at 5.5% (according to Angus Maddison in The World Economy: A millennial Perspective, OECD Development Centre Studies -2007; Table-B-20 Appendix B; pp263).

We need to reclaim our position in the world — it is just returning to where we were. By 2025, we should have at least 25% of global GDP………….

http://www.dnaindia.com/report.asp?newsid=1192432

1 Response to “Failure of American financial institutions is a reason to rejoice – Prof. R. Vaidanathan”


  1. 1 prashant October 14, 2008 at 5:05 pm

    Attached recent picture of the great persona Dr. Vaidanathan –

    http://www.thewe.cc/thewei/&/&/bbc9/kajol.jpe


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