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In the United States, markets and democracy may actually not be mutually reinforcing. So you can have a democratic majority that votes anti-market policies. And this is particularly the case in countries that have, what I call, a market-dominant ethnic minority. And this is a problem that the West does not really face. Market-dominant minorities are very small ethnic groups that actually come to dominate the entire economy of a developing country.

Added on 20 Feb 2017