Capitalism and the market economy are often criticised for exacerbating inequalities and creating elites. Ironically enough, socialist or state-dominated economies also create elites and inequalities while professing equality for all. Capitalism’s excesses tend to be more easily corrected because the state can step in to do the correction. But if the state is in charge, who engineers the course correction?
Consider the Indian context. Among the biggest impediments to efficiency, growth and employment in the economy are the following three: A bloated public sector enterprises sector; stringent labour laws and a higher education system which doesn’t educate enough people and, those
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