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Cake day: June 15th, 2023

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  • This isn’t true, though; politics is in the driver’s seat, and capital is at the mercy of government. We can see this even in the US where the Biden administration is pushing decoupling/deglobalization for geopolitical and domestic reasons, to the discomfort of US-based multinationals. On the other side of the aisle, the business-friendly cosmopolitan arm of the Republican party has lost ground to the Trumpian populist wing. You see a similar story elsewhere in the world. In the case of Russia, a lot of people thought that Putin was a tool of the oligarchs, so you can change his behavior by putting pressure on the oligarchs. Surprise, it turned out that the oligarchs have to do what Putin tells them, not the other way round.





  • International commentators can’t seem to wrap their minds around the idea that Modi’s BJP is having so much success because Indians, on the whole, like them and think they’re doing a pretty good job.

    Americans in particular tend to think that if you don’t have two equally strong parties duking it out over 50/50 nailbiter elections, it’s not democracy. But plenty of postwar and postcolonial democracies end up with dominant parties, without falling into dictatorship. In Japan, for example, the LDP has held power for something like 95% of the time since WWII, and it’s a pretty healthy democracy.