How can a country that aspires to be a global power be scared of a big-box store? It's a question worth pondering as New Delhi's long-delayed decision last week to open the retail business to foreign investors unleashes a predictable firestorm of protest.

Banks trying to prevent Wal-Mart from entering their businessshould tell us a lot about what the separation of banking and commerce is really about.

When candidates flip-flop, their poll numbers suffer, but when countries flip-flop, entire economies suffer. This scenario is playing out in India after the government flip-flopped on its decision to allow retail giants such as Wal-Mart to own a majority 51% stake in joint operations with a local partner.

Wal-Mart is the lead plaintiff in a suit which will make it easier for others to file massive class-action suits against deep-pocketed targets and to inflict serious harm on the economy as a whole

Today with GDP growth slowing, the rupee softening and the stock market in a funk, it's time to reassess Prime Minister Manmohan Singh's record.

There is no longer any policy basis underlying the principle of separating banking and commerce.

In opposing Wal-Mart's application to acquire a bank-like institution in Utah, the banking industry is hurting its own prospects for growth and expansion.

So how is the lobbying scandal that"s obsessing the nation"s capital playing in Peoria? It"s barely on the radar screen.