Teresita C. Schaffer in The Globalist argues that the key problem is that millions of Indians are left out of their country's exciting rise.
Looking up and down the income scale, there are “three Indias”, airplane India, scooter India, and bullock cart India. The distinction is not new and Kalecki has already developed the theory of Intermediate class and Intermediate Regime. Here is a paper by Matthew McCartney and Barbara Harriss-White.
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