Technology

Very much agree, and we see similar mentality with the proxy war in Ukraine. The west is having a really hard time grappling with the fact that they can't just create a military industry to produce things like artillery shells out of whole cloth. It's exact same problem of underestimating the challenge of creating a system that is able to produce skilled labor. You can't just throw money at the problem and magically solve it.

There was also a good discussion on Indian economy on Ben Norton's channel, basically saying a lot of what you mention regarding trying to skip the industrialization step and jumping straight into a financialized economy instead https://www.youtube.com/watch?v=3zt1ZYzWP7k