Eating is an agricultural act - Wendell Berry

Wednesday, September 17, 2008

socialism redux

the nehruvian economic theory drew inspiration from USSR's socialistic approach to economic development.
but there are certain 'twists'.
1. an economic advisory written by the leading industrialists of 1940s, the 'bombay plan' advising a socialist approach.
2. the first industry minister - SP Mukherjee - was the main architect of india's industrial policy.
SP Mukherjee later founded the party which became the BJP, the Jan Sangh. (incidentally a landmark intersection in mumbai near the museum, regal cinema and near the gateway of india is named after him).

ok. so where am i getting to. it is connected to what's burning down the markets.
since 1991, one of the things that the indian government is doing is disinvestment, i.e., selling their share of their companies.

state ownership - the core of socialism - has always been touted as critical screw-up.

so i ask, what is happening now with AIG and what just happened with Fannie Mae and Freddie Mac?

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