Ok.. I think I now have a new hero. Umm.. the guy on the left of the picture. Raghuram Rajan is going after a powerful enemy: the nations crony capitalists. Six years ago he repeatedly pointed out that after Russia, India had the most billionaires per $1 trillion of gross domestic product. Most were not self-made entrepreneurs, but well-connected oligarchs who had exploited stealth privatizations and huge and inefficient government subsidy programs to build up massive fortunes. In his own words: By killing transparency and competition, crony capitalism is harmful to free enterprise, opportunity, and economic growth. And by substituting special interests for the public interest, it is harmful to democratic expression. One of the greatest dangers to the growth of developing countries is the middle-income trap, where crony capitalism creates oligarchies that slow down growth. To avoid this trap, and to strengthen the independent democracy our leaders won for us 67 years ago, we have to improve public services, especially those targeted at the poor.
Posted on: Thu, 14 Aug 2014 04:13:16 +0000
Trending Topics
Recently Viewed Topics
© 2015