![]() ![]() ![]() Since the bureaucrats had no incentive to generate profit, we did abysmally poor and the leadership lacked the courage to defund those since that would have resulted in layoffs which would have hampered their chances of re-election. The author thinks that because of the colonial rule and casteism, there was a really unhealthy mistrust of the other countries and business class because of which we closed our economy and we stuck to the ideals of self-sufficiency and funding public enterprises at the cost of private ones. While the other East Asian countries opened up their economies and gained a lot, our governments continued to stifle businesses with more regulations and unbelievably high taxation. ![]() He describes how Nehru's socialism turned into statism. The final part talks about the period since Narasimha Rao's economic revolution and finally some hope because of our success in Knowledge economy. The second about the period until 1991 when rather than moving ahead based on the poor prior results, the subsequent governments furthered those policies. It's divided into three parts: the first part mainly talks about Nehru's mixed economy model and its failures. The book tries to give a brief history of economic policies since our independence. ![]()
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