How India's Demonetization Experiment Is Going

In an attempt to cut down on corruption, Indian Prime Minister Narendra Modi broadcast a surprise announcement in November 2016 that the Rs500 ($7.40) and Rs1,000 currency notes would no longer be recognized legally as currency.

Aiming to devalue the notes most often used by criminals and terrorist groups, the move had its supporters. It also created some chaos across India as regular people sought to cash in the "nest egg" funds that were kept at home.

The distance between those two things is what makes the experiment worth a closer look. A policy blunt enough to work quickly is usually blunt enough to land on everyone else too, and the early weeks of demonetization were a live demonstration of it. Bold intent and messy execution can absolutely coexist, and rarely have I seen a clearer example of both happening at once.