US consumerism drove the demand for chinese products and their thirst for technology pushed the indian economy further.

Simplistically thinking, it would be a bad idea to accumulate debt and stir-up the economy but if you think a little deeply, the technological progress in the world is owing to this theory only.

For example if it weren't for the American Consumers and business' thirst for computers, the personal computer would not have been developed and perfected so rapidly.

The idea is that if consumers/users have access to debt they would perhaps demand more, thus turning the wheel of progress much faster then what normal demand would.

I think the American's is an ingeneous model. No wonder so many countries, sucessfully or unsucessfully, tried and are still trying to immitate it. I think the American damage control is yet to come.