The 1990s witnessed the collapse of centrally planned economies and triumph of free market capitalism. Sir Karl Popper, who advocated open society with piecemeal rather than holistic reforms, was widely admired. However, the 2000s signal wide acceptance of a greater role for governments in economics: the bailout package in the US proves that. The bailout package also raises the question whether the US is going ordoliberal. While the Anglo-Saxons considered market to be a natural phenomenon, ordoliberals believed it to be a construct. The question is whether the market is a natural phenomenon, a construct or a hybrid.
?TS Ramanarayan Mumbai
Pace setters
India could grow at 7% this fiscal (?Slow speed zone?, Nov 17) but much depends on the pace at which investment and domestic demand grow in the years ahead.
?Vishal Goyal