Monday, May 08, 2006

# Posted 10:41 PM by Ariel David Adesnik  

BELOVED IN INDIA: Swaraaj Chauhan remembers John Kenneth Galbraith.
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“Beloved,” I’m sure by those who are, practically forever, engraved in the horrendous-economically-backward Indian public sector—a bureaucratic Keynesian quagmire of the first-order. While Galbraith was not responsible for the backward economic thinking implemented in India, I’m sure his Keynesian romanticizing, while ambassador to India, did not help matters; his close relationship with Nehru gave him ample opportunities for Keynesian apologetics.

I suppose not everyone can come from the Smith-Ricardo-Friedman ilk; it’s a damn shame too.
S. Singh's emotional outburst to my article was published two years ago when trusting people believed that the panacea lay in blindly following the American model of capitalism.

Now with that free for all capitalist system on oxygen and gasping for breath, it would seem that Prof John Kenneth Galbraith and India's prime minister Jawaharlal Nehru were great visionaries of the 1950s and 1960s.

They could see the folly of letting the madness of the free market forces dictate the countries, the governments and the public.

In the end it is the poor public that suffers from totally free markets, with virtually ineffective regulators, and when the truth is revealed.

Now we are witnessing the economic meltdown and the collapsing of irresponsible, greedy and corrupt financial, insurance and banking giants.

They are still being pampered and bailed out by an equally corrupt and irresponsible political and economic leadership and the governments around the world.

While billions of people groan under the adventurism and greed of these big companies, the governments are more concerned about protecting them than the public.

One wonders what the apologists and the cheer leaders like S. Singh have to say now.

My original post here...

And my other posts here...
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