A capitalist's lament

Ruchir Sharma's book is illuminating and heart-warming in its optimism that despite its many flaws, capitalism remains our 'best hope for economic and social progress

What Went Wrong with Capitalism

Author: Ruchir Sharma

Publisher: Allen Lane

Pages: 384

Price: Rs 999

This book is about an early love of the author — capitalism — and why it lost its magical efficiency by feeding voraciously on “easy money” willingly generated by governments and central banks to safeguard growth. Contemporary observers would shrug and say what is new? All economic philosophies become unrecognisable during implementation.

That capitalism has failed is obvious. Forty per cent of young Americans favour European-style political controls and state intervention to dilute inequality — one of capitalism’s ugly manifestations. In the developing world, rampant crony capitalism creates similar