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The latest Messages 55
2021-08-07 17:30:03
Freedom and means to pursue ideas, innovation through entreprenuership with availability of resources(land, capital, labour) on competitive basis are the very basis of any sound economic system. All these conducive environment had first unleashed industrial revolution in Britain.
But the wealthy individuals spawned bythis era are now the biggest obstacles of the economy.Corruption at highest government level is its direct offspring. In recent years there are loads of such examples in public domain; god knows how many more are there still uncovered. Be it 2G, coalgate where precious natural resources were allocated at throw away prices in a reckless manner. In lieu of merit'; bribes, proximity to leaders decided the beneficiary with powerless common people being the casualties.
A case of alleged understanding between Reliance and the outgoing government had raged a further debate on crony capitalism. All these things were further corroborated when India ranked 9 in crony capitalism index, a survey done by Economic Times. And factor in, India is also one of the worst performer in Transparency International's
Corruption Perception Index. Not only India, many other nations such as our BRICS partners Russia and China are also host of crony capitalism. State hegemony in economic sphere in such large economies might be an explanation.
Many high incomedeveloped countries such as Singapore, Hongkong etc are no exception to this; in fact they are the forerunners. And how is this that the undesired outcome of capitalism would not effect its stunch propagators in both sides of the Atlantic i.e. US, UK, other west European nations.
So considering all these analysis it can be safely said that crony capitalism is a global phenomena but is it a global problem? The nexus between government and corporate individuals stifles competition in the economy thus crating insurmountable barriers for new entrants, Lack of competition and monopoly or oligopoly inevitably caused poor quality goods and services, price control in market, thus attacking the very vitals of free market. It also hinders development of better
management practice, technological development and innovation.
Accumulation of profits
in the hands of few individuals causes drainage of wealth from many to a few. The continuous transfer of wealth gradually but certainly impoverishes common man widening
economic inequality pushing many to the verge of poverty.
This deprivation of common
people reduces demand for goods. With surplus production causing deflation, the stage is
set for a global recession. The telling story of 1930s(TheGreat Depression) had been the most
dreadful economic experience of last century.
More examples can be found in Asian financial crisis.
So at the end of the day, common people are suffering. But they are at the centre stage of any democracy. If sovereign power lies in the their hands and the government is only their representative reflecting their will then this is a problem for democracy itself.Their nexus and collusion with our political representatives hijakes our political power.Now legislations are passed primarily to serve the interest of corporate giant with public interest being subservient to it.
The government's haste to bring in Genetically Modified Crop(GMO) without due consultation, safety assessment speaks a volume about it. With no legislative control common people are left with their own wounds. Corporate of election leaves our political parties with little option but to serve their own interest to ensure their economic lifeline. Quite often Parliamentarians using or to say abusing their Parliamentary Privileges to vote in their favor is a disturbing phenomena.undermining our supreme democraticinstitution. Not only Parliament, other democratic institutions such as SC(pressure or influencing judges in sahara- SEBI case), CAG(initial denial of Reliance for performance auditing in KG-D6 issue) are underminedby such unscrupulous individuals.
7.0K views14:30
2021-08-07 17:30:03
#Democracy
Question- Crony Capitalism – A Threat to Democracy
Answer- With the dawn of era or enlightenment, human civilisation underwent phenomenal radical changes in political, economic, social spheres. Many revolutions such as The Glorious Revolution, French Revolution an many other forces broke the sakles of despotism, feudalism, monopoly, class privilege etc.
New ideas such as equality, justice, fraternity, freedom, individualism etc. caught the imagination of the mass. But simultaneously with industrial revolution causing the rise of bourgeoisie and capitalism; the self serving, profit maximising greed tried to have political influence.
This industry-government nexus also called crony capitalism grossly undermined the evolving modern ideas of democracy and its attributes such as equality, liberty, freedom etc.
Its widespread presence and horrendous impact both in the past and present have raised many loud voices against it to safeguard democracy.
In simple term, crony capitalism means an economy where success depends on your proximity to political bosses. Wealthy corporate giants always desperate to protect to have their interest,try to have political influence to have legislations, regulations etc. meetingtheir own end. This opportunity comes to them through substantial electoral funding in a quid pro quo arrangement.
This favor is often returned through generous tax exemption, subsidy, no-bid contracts, suited legislations, bail out, tariff protection etc. Yet ironically these crony capitalists claim to be the champion of free market.
This might occur also because of excess state intervention in economy through regulation, licence, clearance etc.
Appointing regulators to monitor a particular market by giving extensive power to control industry, leaves the door wide open for lobbying, favor, nepotism etc. Such understanding for favoring a few business group blocks new entrants thus reducing competition and establishing monopoly and distortion of market.
The burden of huge number of licences and clearances inevitably makes the process long drawn, cumbersome and opaque. Middleman, contact(jugaad), bribe, kickbacks etc become effective tools to bypass all these headaches. The example of 'licence raj' would be and apt example here stifling the Indian economy just two decades ago.
With modern day globalised,integrated and giant economy, it's virtually impossible for state machinery to go into the nitty-gritty of every sphere. Thus excess state intervention always causes more harm than good.
This is a worldwide phenomena cutting across developed and developing nations; large or small; democracy or authoritarian regime.
5.6K views14:30
2021-08-04 16:30:09
Poverty also leads to denial of basic facilities like sanitation, nutritious food and clean drinking water.
This subsequently effects the mental and physical growth of the child which
consequently leads to worse educational indicators. It has been pointed out in a report that most of the shunted children have low mental stimulus abilities and prone to diseases. This is because the faceal matter often mixes with water and food which decreases the nutrition
absorption rate.
This is a grave situation foreducational enrolment as most of time is spent either in hospitals or home. The success of Mid day meal Scheme in increasing the gross enrolment holds testimony to the fact that how poverty and food hinders the institutional access of knowledge.
There has been growing tuition and coaching industry. As pointed out by different studies, RTE has been able to provide the access to education which lacks the quality Most of the government schools lack trained teaching facilities and infrastructure. However well offclass compensate this through supplementary methods like coaching etc. But most of the children belonging to economically backward sections have no access to tuitions and coaching centers due to lack of resources and whooping fees.
Further, it has been a old prognosis that children suffering from poverty also suffers from poverty of knowledge and they cannot develop the requisite skills with other counterpart. This leads to a behavioral difference from the teachers. Whether children work at home or outside, their effort to juxtapose work-related responsibilities with classroom routines makes their life at school topsy-turvy. Absence from school or inability to focus makes a direct
impact on performance. Once a child starts to lag behind others, he or she becomes arelevant object of stereotyping by classmates and teachers.
That renders a child alienated
from the social milieu and leads to higher dropout.All the factors developed above require a coordinated approach from the central and state government and also requires the sensitization of teachers and civil society organization about the basic needs of such children who suffers from poverty. There is a need to regulate the unorganized sector and develop a perspective about the long term benefits of education to economically backward sections. The teachers must be given proper training so as to create awareness and develop humanistic attitude towards such children. Poverty is a social sin which will always haunt the development ideology of the country but one can guaranteea phased success by providing better education to children so that they can grab the opportunity in the organized market whenever they are available.
7.2K views13:30
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