Monday, June 29, 2009

How to rethink India's messy mix of capitalism and socialism?

Today's Asian Age carries an article by Paranjoy Guha Thakurta who draws our attention to two recent widely cited articles by Fareed Zakaria (The Capitalitst Manifesto) and Joseph Stiglitz (Wall Street's Toxic Message). Thakurta does not answer the question he has raised, and concludes thus:
Where does India figure in the debate? One has argued that in the name of a "mixed economy" that Jawaharlal Nehru wanted, the world’s largest democracy took the worst of capitalism and socialism and became a "mixed-up" economy. We in this country still have an opportunity to search for, and find, the best of both worlds. Or is one being too naive?

Thakurta's reference to Roger Bybee's critical piece on Zakaria indicates where his sympathies lie. Some of our contributors, who have shown an interest in the history of India's economic policy, and its future directions, may have something to say on Thakurta's article.
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