Growth accelerated with tentative reforms in 1980, and shot up to 9% after reforms deepened in the current decade. How much lower would infant mortality, illiteracy and poverty have been had India commenced reform a decade earlier, and enjoyed correspondingly faster growth and human development? An estimate shows that the delay in reforms led to an additional 14.5 million infant deaths, an additional 261 million illiterates, and an additional 109 million poor people. Indian socialism delivered a monumental tragedy, lacking both growth and social justice.
For the full text in the TOI, click here
Muralidhar Rao
Forward this Blog entry
Comments
What Venezuela, once the showpiece of Socialism, has reduced to
In a Salon piece titled “Hugo Chavez’s economic miracle,” David Sirota declared that the Venezuelan ruler, with his “full-throated advocacy of socialism,” had “racked up an economic record that . . . American president[s] could only dream of achieving.” The Guardian offered “Three cheers for Chavez.” Moviemaker Oliver Stone filmed a documentary gushing over “the positive changes that have happened economically in all of South America” because of Venezuela’s socialist government. And when Chavez died in 2013, Jimmy Carter extolled the strongman for “improving the lives of millions of his fellow countrymen.”
In the real world, however, socialism has transformed Venezuela into a Third World dystopia.
For the full text of the article in the Boston Globe, click here.
Need one say more. There are lessons in it for other countries too, and many of our state governments too.