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Fault Lines by Raghuram G. Rajan

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CHAPTER TWO

Exporting to Grow

I GREW UP IN DIFFERENT PARTS of the world because my father was an Indian diplomat. My first real memories of India are from my early teens, in the mid-1970s, when he returned to work in Delhi. It was not an easy time. We were not poor, but my parents had to bring up four children on my father's government salary. More problematic, there was very little to buy, especially for children who had grown used to the plentiful choices in European supermarkets. Every evening, one of us children trudged around the local markets looking for bread. The government was trying to limit the production of “unnecessary” consumer goods, of which bread was deemed one. Moreover, because the government also regulated the official sale ...

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