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July 06, 2005
Indian Economic History Lesson
The agenda for economic reforms in India today consists of turning the clock back to 1969. Economic policy of the 1969-1976 period consisted of enormous powers being usurped by the state. From 1969, Indira Gandhi turned left seeking political support, and India witnessed an unprecedented increase in control raj. Economic enterprise and private initiative were sharply restricted. Most of the policies of the period are still with us. Posted by Robert Lawson at 08:53 PM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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