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Raghuram Rajan, the head of the Reserve Bank of India, has a theory for why wealthy economies have recently been underperforming: It’s because they’re hypocritical. When poor economies falter, he says, their wealthy neighbors demand structural reforms in service of making the global economy more vibrant. But they have spared themselves the same tough love.

“They have tried everything new, continuing easy monetary policy, but they still don’t have sustainable growth that they would be happy with,” Rajan said in Pune recently. The bottom line, he declared, is that “we have been too quiet in the emerging markets, saying what the developed markets do is best for the global economy.”

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