Palin was statesmanlike in India

The other side of her vision involves developing the natural resources in America that regulations, like bans on offshore drilling, have “stymied.” In a time of high unemployment and high inflation, unlocking the country’s mineral wealth can both create jobs and provide larger supplies of oil and gas to ease high energy prices.

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India offers a lesson here. The past 20 years may have seen some of the country’s entrepreneurial energies getting tapped, but a web of regulations keeps its natural resources untapped. Besides hindering expansion in a number of infrastructure sectors, these regulations — many in the name of environmentalism — enable cronyism, as rent-seeking bureaucrats skew the playing field to favor a few businesses. They also leave India at the mercy of foreign energy sources.

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