WALTER RUSSELL MEAD: China and India Both Struggling: Growth Isn’t Guaranteed. “Both imposing giants stand on feet of clay. Both face problems of security and unrest. Both must deal with political turmoil — whether there is one party or dozens, countries of more than a billion people undergoing rapid change can’t take stability for granted. Neither is guaranteed years of economic growth; India’s economy is slowed by the dead weight of regulations and interest groups the country’s weak governments can’t push aside, and China is approaching the end of the road for export-oriented development.”

Then there’s the ever-present danger of bad luck.