Morgan Stanley’s EOY 2011 note on India says it all “Why China is Riskier than China.” Ouch. Given trend reversals in China’s economic and political reforms over the past eighteen months, the growing chorus of voices acknowledging that India is not yet ready to replace China as the next great growth story from the world’s emerging economies is troubling. On one front, American and European multinationals are eagerly scouting out another growth opportunity given the challenges and concerns percolating within the Chinese economy. On the other, the frank reality as measured even by the most balanced of emerging economy experts is that India just is not quite ready to supplant China as the next great growth story. As we head into 2012, look for more experts to point out that India is not ready to take over China’s place in the American imagination about the good globalization can accomplish, a realization that will go to the heart of American business’ attitudes about free trade and international commerce.