In India Unbound I wrote about how India embraced democracy first and capitalism afterwards and this had made all the difference.1 India became a full-fledged democracy in 1950, with universal suffrage and extensive human rights, but it was not until 1991 that it opened up to a freer play of capitalist forces. This unique reversal, I think, explains a great deal about Indian society today, and particularly why the pace of reforms is so painfully slow.