Jerry A. Webman

So much of what happened to India late last year and early into 2011 is the same story we've seen with other big emerging markets, and that is that investors started to realize that the growth trajectory in India would have to get moderated by tightening policy.

It's much easier for a middle class Indian entrepreneur to start up a computer company than it is for an Indian company to build roads and transportation systems suitable for a population that is getting wealthier and demanding more basic services.

Finding a 'sacrificial lamb' on whom to tag blame for complicated problems is an important instrument in the toolkit of politicians, because it deflects blame for the nation's economic woes away from their own regulatory lapses, economic mismanagement and coddling to labor unions.