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Reforms on the way in India?

From the Financial Times, via Daniel Drezner:

India's Communist-backed government will on Thursday afternoon consider a sweeping liberalisation of foreign direct investment rules that would kick start a long-stalled programme of economic reforms.

Institutions matter

Carpetblogger complains that Azerbaijan has failed to converge on an appropriate method of summoning an elevator:

Some locals summon the elevator based on where it is relative to where they are, not the direction they want to go. For example, someone standing on the 13th floor wants to go down, but the elevator is on the 8th floor. He or she pushes the UP arrow to call the elevator up, rather than the DOWN arrow to indicate he or she wants to go down.

The paradox of plenty

The New York Times reports on Russia's struggle with 'the paradox of bounty':

As the world's second-largest oil exporter, behind only Saudi Arabia, Russia is taking in $500 million a day from crude oil exports and the cash is gushing faster than the nation can absorb it without causing inflation.

Ten myths about governance and corruption

From Dani Kauffman in Finance and Development:

Myth #5: It takes generations for governance to improve. While it is true that institutions often change only gradually, in some countries there has been a sharp improvement in the short term. This defies the view that while governance may deteriorate quickly, improvements are always slow and incremental...