First let’s come to economics. Both the US and UK are highly financialized, “post-industrial” or “post- manufacturing” economies.
How do they pay for this ever-growing deficit?
This “privilege” came at the huge price tag of decimating their manufacturing sectors.
The assumption is “IP/Finance jobs pay well and manufacturing jobs will disappear” even for India because that happened in the US/UK.
Manufacturing decline created massive increase in inequality.
Finance industry benefited massively from recycling bonds issued to foreigners to domestic asset markets and so Finance paid good wages.
Asset bubbles increased inequality even further & it was already increasing due to manufacturing decline.
It is this experience we risk over-learning from in India.
Now token-distribition jobs and their effect.
College majors like Psychology rose to feed these jobs.
Now the “cousin abroad syndrome”.
We have to undo this distortion of our very thought patterns and that is hard. That is why I write.