C. P. Chandrasekhar on legacy capital accumulation in the developing world

Injecting large amounts of cheap liquidity in the economic system has been result of increasing reliance on monetary policies post the Greenspan years. This has meant asset price inflation and accumulation of large amounts of legacy capital in the emerging and frontier markets. This legacy capital makes adoption of large expenditures on social-welfare difficult due to the risk of exit of capital. C. P. Chandrasekhar argues that this may be a worthwhile pain to endure for its benefits. Full discussion available at https://youtu.be/rI9Wt0WWP94