I cannot understand how people can support an anti-market stance even after they observe how much more richer we are since liberalization in the early 90s. For close to 50 years most people of the country were poor. Now there are fewer poor people, sure there are inequalities, those are observed in all transitioning countries. The only reason the poor of India seem very poor is because there are more richer people now, while in the past there were probably a handful rich ones. I do not deny that the ground realities are still such that there are millions of poor people in India. People seem to think that blocking private enterprise will make more money available to the poor. What they do not see is that private industry and competition have increased per capita income in spite of the population being over a billion and that several people have successfully transitioned out of poverty or lower class to at least middle class.
Friday, July 04, 2008
It takes various iterations....
.. to force alien concepts upon reluctant minds. I am understanding the real meaning of this statement that Pete makes all the time. The past few weeks in India, I have managed to increase my Blood Pressure every time I engage in any kind of conversation with anyone on any topic or issue that is even remotely connected to Economics. I have managed to get a sore throat, a head ache and a general sinking feeling. I am willing to argue my points of view with intelligent people who hold valid criticisms and questions about the efficacy of markets. In such instances all I need to do is point out that governments also suffer from the same problems and they accept my point and we have an enjoyable discussion, each holding out own position, while disagreeing with the other's. The problem is with those that are sure they and the government are always right. The problem is that academics (barring a few) are also very heavily left leaning and hence discussions are always about market failure.