Despite their problems, both Chinese and Indian companies have to be credited with some spectacular growth over the past decade. The question is whether it is sustainable?

Although it may not be fair to say that countries get the leaders they deserve, it is definitely true that they get the companies they deserve. The expression though has nothing to do with culture and everything to do with law.

Over the past several decades and even now, there is a general belief that the culture of a country has something to do with success of its economy and its companies. These myths have never been so prevalent when they are applied to India or China. Prior to the reforms and the 1990s, it was often said that India had a `Hindu growth rate'. The idea was that India could only grow at 2% because there were something lacking in its culture.

In contrast, the former president of Singapore, Lee Kuan Yew, is fond of broadcasting his thesis that the success of Singapore and of China was somehow based on Confucian family values. Nothing could be further from the truth.

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