Just finished the bio of Deng Xiaoping by the recently departed Ezra Vogel. Really fascinating book for anyone interested in the foundation of Modern China. I'd argue Deng was the most important statesman in the world from 1950-2000. Many lessons for India. A few takeaways (1/n)

We expect transformative leaders to be grand architects w/ a modernization vision. They should know what changes are crucial. In actuality, most have no clear agenda. Reforms - esp econ. ones - are messy, contradictory, beset by unorthodox ideas mixed in w/ many good ideas (2/n)
Deng & his Communist Party had a nebulous philosophy of "trial by error" & "do what works." Deng's early years as ruling premier were noteworthy for debacles like an economic retrenchment & abrupt cancellation of foreign contracts to husband scarce forex reserves (3/n)
Deng believed in the "population bomb" myth and enacted the 1-Child Law which could hurt China's long-run growth prospects. Deng also quixotically spent much of his country's resources trying to become a petro-state to match Saudi Arabia during the '70s (4/n).
Even Deng's good ideas like special economic zones (SEZs) were rife with problems and accusations of poor implementation. SEZs led to shortages, graft, inflation. Communist leaders demanded an SEZ moratorium and Deng would periodically accede to such demands (5/n)
Deng also deregulated prices too quickly in the early and then late '80s triggering inflation and forcing a contractionary fiscal policy. By the time Deng's tenure ended, annual growth had slowed to 3% and yearly inflation was at 25%! (6/n)
There were egregious human rights violations including the 1989 Tiananmen Square protests. There were border clashes with Vietnam & Soviets. Nonetheless, Deng modernized China and put it on the path of industrialization. The path was just more zig zag than people realize (7/n)
@narendramodi has much in common w/ Deng. Neither had a sophisticated formal education. Both can credit their careers to being entrenched in the bowels of their respective ideological movements whether it be the Communist Party or RSS. Both started off as regional leaders (8/n)
Both have the image of a "strongman" balanced out w/ an avuncular persona. Both have cults of personality. Like Deng, Modi has pushed through very consequential & necessary reforms like the GST, bankruptcy code, corporate tax cuts, wealth tax abolition, farm & labor laws. (9/n)
Some reforms like GST have been accused of sloppy implementation. Modi also did a very unorthodox measure w/ demonetization. But before one subscribes to the views of detractors like @Ram_Guha, Raghu Rajan, @BDUTT, @tavleen_singh, @Nidhi, @andymukherjee70 & @ShashiTharoor (10/n)
It is important to know that the process of industrialization & reform doesn't move as some linear cavalcade. In a country like China, which is completely unencumbered by democracy, institutions, the press, courts, one would expect economic & social development to be rapid (11/n)
But even Deng Xiaoping traversed a rocky path to achieve economic & cultural revitalization. Modi can do the same for India (12/12) @AmitShah @nsitharaman @DrSJaishankar @PiyushGoyal @rajeev_mp @swapan55 @SwarajyaMag @ARanganathan72 @ShefVaidya @sunandavashisht @KanganaTeam
@ShekharGupta @navikakumar @RShivshankar @TimesNow @ThePrintIndia @FareedZakaria

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OK. Chapter 7 of Book 4 of #WealthOfNations is tough going. It's long. It's serious. It's all about colonies.

We can take comfort, though, in knowing that the chapter #AdamSmith says is about colonies is, in fact, about colonies. (IV.vii) #WealthOfTweets #SmithTweets


Colonies were a vexed subject when #AdamSmith was writing, and they’re even more complicated now. So, before we even get to the tweeting, here’s a link to that thread on Smith and “savage nations.” (IV.vii) #WealthOfTweets


The reason for the ancient Greeks and Romans to settle colonies was straightforward: they didn’t have enough space for their growing populations. Their colonies were treated as “emancipated children”—connected but independent. (IV.vii.a.2) #WealthOfTweets #SmithTweets

(Both these things are in contrast to the European colonies, as we'll see.) (IV.vii.a.2) #WealthOfTweets #SmithTweets

Ancient Greeks and Romans needed more space because the land was owned by an increasingly small number of citizens and farming and nearly all trades and arts were performed by slaves. It was hard for a poor freeman to improve his life. (IV.vii.a.3) #WealthOfTweets #SmithTweets

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1/ Some initial thoughts on personal moats:

Like company moats, your personal moat should be a competitive advantage that is not only durable—it should also compound over time.

Characteristics of a personal moat below:


2/ Like a company moat, you want to build career capital while you sleep.

As Andrew Chen noted:


3/ You don’t want to build a competitive advantage that is fleeting or that will get commoditized

Things that might get commoditized over time (some longer than


4/ Before the arrival of recorded music, what used to be scarce was the actual music itself — required an in-person artist.

After recorded music, the music itself became abundant and what became scarce was curation, distribution, and self space.

5/ Similarly, in careers, what used to be (more) scarce were things like ideas, money, and exclusive relationships.

In the internet economy, what has become scarce are things like specific knowledge, rare & valuable skills, and great reputations.
शमशान में जब महर्षि दधीचि के मांसपिंड का दाह संस्कार हो रहा था तो उनकी पत्नी अपने पति का वियोग सहन नहीं कर पायी और पास में ही स्थित विशाल पीपल वृक्ष के कोटर में अपने तीन वर्ष के बालक को रख के स्वयं चिता पे बैठ कर सती हो गयी ।इस प्रकार ऋषी दधीचि और उनकी पत्नी की मुक्ति हो गयी।


परन्तु पीपल के कोटर में रखा बालक भूख प्यास से तड़पने लगा। जब कुछ नहीं मिला तो वो कोटर में पड़े पीपल के गोदों (फल) को खाकर बड़ा होने लगा। कालान्तर में पीपल के फलों और पत्तों को खाकर बालक का जीवन किसी प्रकार सुरक्षित रहा।

एक दिन देवर्षि नारद वहां से गुजर रहे थे ।नारद ने पीपल के कोटर में बालक को देख कर उसका परिचय मांगा -
नारद बोले - बालक तुम कौन हो?
बालक - यही तो मैं भी जानना चहता हूँ ।
नारद - तुम्हारे जनक कौन हैं?
बालक - यही तो मैं भी जानना चाहता हूँ ।

तब नारद ने आँखें बन्द कर ध्यान लगाया ।


तत्पश्चात आश्चर्यचकित हो कर बालक को बताया कि 'हे बालक! तुम महान दानी महर्षि दधीचि के पुत्र हो । तुम्हारे पिता की अस्थियों का वज्रास्त्र बनाकर ही देवताओं ने असुरों पर विजय पायी थी।तुम्हारे पिता की मृत्यु मात्र 31 वर्ष की वय में ही हो गयी थी'।

बालक - मेरे पिता की अकाल मृत्यु का क्या कारण था?
नारद - तुम्हारे पिता पर शनिदेव की महादशा थी।
बालक - मेरे उपर आयी विपत्ति का कारण क्या था?
नारद - शनिदेव की महादशा।
इतना बताकर देवर्षि नारद ने पीपल के पत्तों और गोदों को खाकर बड़े हुए उस बालक का नाम पिप्पलाद रखा और उसे दीक्षित किया।