Shed socialism to grow: Greenspan to India
Agencies
Posted: Sunday, Sep 23, 2007 at 0000 hrs IST
Updated: Sunday, Sep 23, 2007 at 1338 hrs IST
New Delhi, September 23:: Criticising India's first Prime Minister Jawaharlal Nehru for shunning market competition, former US Federal Reserve chief Alan Greenspan has advised New Delhi to shed socialism for optimal economic growth.
Nehru, who ruled the nation for 16 years, perceived "market competition as economically destructive", Greenspan said in his latest book The Age of Turbulence: Adventures in a New World. India has continued with the socialism inherited from the UK even though it was discarded by Britain, he said.
Recalling the influence of bureaucracy and trade unions on the economy, he said, "India has great potential if it can end its embrace of the Fabian socialism that it inherited from Britain."
Cautioning that current politics appear to be leading India to a discouraging direction, Greenspan said Prime Minister Manmohan Singh, whose government is supported by the left parties, lacked authoritative clout that China's Deng Xiaoping had in carrying forward agriculture sector reforms.
Greenspan, a close associate of legendary right-wing political thinker Ayan Rand, said, "Beacuse of him (Nehru), socialism has retained a firm grip on Indian economic policy long after it was abandoned by Britain."
India, he suggested, may find it useful to follow the British, whose evolution seems to have melded the free-market notions of the enlightenment with the sensibilities of the Fabians.
Despite important reforms since 1990, "India remains heavily bureaucratic. Its economic growth rate in recent years is among the highest in the world, but that is off a very low base," he said adding that can undergo radical reform like China and become a "world-prominent" nation.
Comments
» Shed socialism to grow
Posted by AMAL ARUNESH.A on 2007-09-24 10:52:49.9239+05:30
Indias growth is powered by not only by IT AND ITES sectors but by manufacturing and service sectors and these sectors have long shed the image of fabian socialism. Only bureaucracy and politics are driven by the so called fabian socialism which are needed for bringing the rural areas and backward areas to the front.If Mr greenspan is really bothered about our economy then he should ask american business giants to invest in agriculture sectors to bring an end to both fabian scoialism and rural poverty.In fact the U.S is not ready to compromise their farmers and bring or cut down the subsidies which runs in billions of dollars and hence following the concept of Fabian Socialism.Mr greenspan, what goes around comes around
» Shed socialism to grow
Posted by AMAL ARUNESH.A on 2007-09-24 10:52:48.004437+05:30
Indias growth is powered by not only by IT AND ITES sectors but by manufacturing and service sectors and these sectors have long shed the image of fabian socialism. Only bureaucracy and politics are driven by the so called fabian socialism which are needed for bringing the rural areas and backward areas to the front.If Mr greenspan is really bothered about our economy then he should ask american business giants to invest in agriculture sectors to bring an end to both fabian scoialism and rural poverty.In fact the U.S is not ready to compromise their farmers and bring or cut down the subsidies which runs in billions of dollars and hence following the concept of Fabian Socialism.Mr greenspan, what goes around comes around
» Shed communism for growth
Posted by JagannathPandey on 2007-09-24 06:07:25.156983+05:30
Indians have known this for long-but we have huge population which always hopes to ride piggy back on knowledgeagle productive in the name of socialism and array of leaders who'll earn their living them by selling this pipe dream. We have also been witness to west interpreting this as a means to penetrate third world countries' market- selling at many times the unsaleable products while keeping their own market immune to third world country's access by subsidies. They sell third quality products unsaleable / banned in their own backyard at huge premium exploiting the ignorance and co-operation of traitors in political power in these third world countries. Therefore though rightist policies are suitable for India, only leftist policies are affordable due to mitigating circumstances
» Shed communism for growth
Posted by JagannathPandey on 2007-09-24 06:07:24.45444+05:30
Indians have known this for long-but we have huge population which always hopes to ride piggy back on knowledgeagle productive in the name of socialism and array of leaders who'll earn their living them by selling this pipe dream. We have also been witness to west interpreting this as a means to penetrate third world countries' market- selling at many times the unsaleable products while keeping their own market immune to third world country's access by subsidies. They sell third quality products unsaleable / banned in their own backyard at huge premium exploiting the ignorance and co-operation of traitors in political power in these third world countries. Therefore though rightist policies are suitable for India, only leftist policies are affordable due to mitigating circumstances
» Shed communism for growth
Posted by JagannathPandey on 2007-09-24 06:07:22.092666+05:30
Indians have known this for long-but we have huge population which always hopes to ride piggy back on knowledgeagle productive in the name of socialism and array of leaders who'll earn their living them by selling this pipe dream. We have also been witness to west interpreting this as a means to penetrate third world countries' market- selling at many times the unsaleable products while keeping their own market immune to third world country's access by subsidies. They sell third quality products unsaleable / banned in their own backyard at huge premium exploiting the ignorance and co-operation of traitors in political power in these third world countries. Therefore though rightist policies are suitable for India, only leftist policies are affordable due to mitigating circumstances
» Shed communism for growth
Posted by JagannathPandey on 2007-09-24 06:04:31.233477+05:30
Indians have known this for long-but we have huge population which always hopes to ride piggy back on knowledgeagle productive in the name of socialism and array of leaders who'll earn their living them by selling this pipe dream. We have also been witness to west interpreting this as a means to penetrate third world countries' market- selling at many times the unsaleable products while keeping their own market immune to third world country's access by subsidies. They sell third quality products unsaleable / banned in their own backyard at huge premium exploiting the ignorance and co-operation of traitors in political power in these third world countries. Therefore though rightist policies are suitable for India, only leftist policies are affordable due to mitigating circumstances
» Shed communism for growth
Posted by JagannathPandey on 2007-09-24 06:04:29.36277+05:30
Indians have known this for long-but we have huge population which always hopes to ride piggy back on knowledgeagle productive in the name of socialism and array of leaders who'll earn their living them by selling this pipe dream. We have also been witness to west interpreting this as a means to penetrate third world countries' market- selling at many times the unsaleable products while keeping their own market immune to third world country's access by subsidies. They sell third quality products unsaleable / banned in their own backyard at huge premium exploiting the ignorance and co-operation of traitors in political power in these third world countries. Therefore though rightist policies are suitable for India, only leftist policies are affordable due to mitigating circumstances
