Peter Blair Henry

Economic growth creates jobs, and countries grow when they educate their people and pursue policies that encourage households to save, existing businesses to invest, and entrepreneurs to innovate and create new markets.

Fear of foreign domination in India led the Janata Party, in the 1970s, to push for partial Indian ownership of all multinational firms within the country. The result was a spectacular pullback, by companies such as IBM and Coca-Cola, and a stagnant economy.