Aug 23 2014
Pl. read 'Crony capitalism a big threat to countries like India, RBI chief Raghuram Rajan says' (complete text of his speech in Hindi) in
http://epaper.prabhatkhabar.com/325170/RANCHI-City/City#page/13/2
or Report below in English
http://timesofindia.indiatimes.com/business/india-business/Crony-capitalism-a-big-threat-to-countries-like-India-RBI-chief-Raghuram-Rajan-says/articleshow/40076743.cms
My comments:
In development matters it is the money which is talked about since this is what counts in every sphere of life-be it National, International or local. Even after Marx & Engels propounded their theories to justify the contribution of Labour what remained on the surface, in quantitave and visible range was the money in the form and name of Capital. Easily available for changing hands and exchange of commodity the call of Capital was heard loudly by all. So intellectuals esp those dealing with this business of money became important in due course and later became the guiding force of the State but these forces were colluding underhand with those who had a lot of money or who knew how to make money just by playing a few tricks here and there. This gave birth to crony capitalism. In a fully messed up system of governance in India this flourishes by leaps and bounds. Laws look the other way because people with money have the law in their pockets. From the very beginning of our sovereign democratic socialist republic we were guided always by somebody from the US -it could be Indian or NRI or a converted citizen of the US. Even if the prescriptions could be appropriate for the US or other developed countries it cannot be panacea for ills of all the countries or a part of it. Our so called democracy is not a democracy in the real sense as it has no democratic values. Any election for any institution gives an output, an elected representative even with 10-15% of total voting-winning candidate with 7-8% vote gets to a ruler's chair. Also Vote is a saleable material these days. In the lihght of this more stringent laws wrt voting is under consideration by the ruling class.
http://epaper.prabhatkhabar.com/325170/RANCHI-City/City#page/13/2
or Report below in English
http://timesofindia.indiatimes.com/business/india-business/Crony-capitalism-a-big-threat-to-countries-like-India-RBI-chief-Raghuram-Rajan-says/articleshow/40076743.cms
My comments:
In development matters it is the money which is talked about since this is what counts in every sphere of life-be it National, International or local. Even after Marx & Engels propounded their theories to justify the contribution of Labour what remained on the surface, in quantitave and visible range was the money in the form and name of Capital. Easily available for changing hands and exchange of commodity the call of Capital was heard loudly by all. So intellectuals esp those dealing with this business of money became important in due course and later became the guiding force of the State but these forces were colluding underhand with those who had a lot of money or who knew how to make money just by playing a few tricks here and there. This gave birth to crony capitalism. In a fully messed up system of governance in India this flourishes by leaps and bounds. Laws look the other way because people with money have the law in their pockets. From the very beginning of our sovereign democratic socialist republic we were guided always by somebody from the US -it could be Indian or NRI or a converted citizen of the US. Even if the prescriptions could be appropriate for the US or other developed countries it cannot be panacea for ills of all the countries or a part of it. Our so called democracy is not a democracy in the real sense as it has no democratic values. Any election for any institution gives an output, an elected representative even with 10-15% of total voting-winning candidate with 7-8% vote gets to a ruler's chair. Also Vote is a saleable material these days. In the lihght of this more stringent laws wrt voting is under consideration by the ruling class.
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