Crony capitalism? Really? | Business Line

Crony capitalism? Really? | Business Line

Online comments posted on March 19, 2014:

The intelligent analyses, sometimes, will defy commonsense approach to comprehend ideas. Once ‘crony’ and ‘clean’ capitalisms are satisfactorily defined and the churning theory is established beyond doubt, the author is able to market the defence of the present unnatural growth of capitalists in India, mostly attributable to concessions, favours, subsidies and waivers(yes, tax waivers) from an obliging government. What is being forgotten is the approaches of pre-1990 business houses like Tatas and to a certain extent Birlas who saw the accumulation of assets from a trusteeship angle. America was not in favour of producing ‘better mousetraps’ by dependence on starvation wages and selling them for profit meant only to benefit those who invested the initial ‘borrowed’ capital. The present developed countries during their developing decades and even today go by a clear understanding of corporate social responsibility and pay reasonably high ‘living wages’ for the workforce.
M G Warrier

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