Advertisement
Tuesday, Oct 26, 2021
Outlook.com

Subversives In Pin Stripes

Argues that the creative potential of capitalism has not been realised because of big bad incumbents — in India we love to call them 'vested interests' —and the even bigger and 'badder' government.

Subversives In Pin Stripes
AP
Subversives In Pin Stripes
outlookindia.com
-0001-11-30T00:00:00+05:53
The first line of the book leaves no ambiguity about the ideological inclinations of the authors: "Capitalism, or more precisely, the free market system, is the most effective way to organise production and distribution that human beings have found".

The authors argue that the creative potential of capitalism has not been realised because of big bad incumbents—in India we love to call them "vested interests"—and the even bigger and "badder" government. It would be unfair to say the authors are simplistic for they sincerely believe a "truly free and competitive market occupies a very delicate middle ground between the absence of rules and the presence of suffocating rules". This has rendered capitalism in its best form very unstable. The authors say the biggest danger to capitalism is not from fire-spewing union leaders but from executives in pin-striped suits who extol the virtues of free markets publicly but do everything in their power to extinguish competitive markets. Whether it is the indigent cane stool maker from Bangladesh or the Stanford-educated would-be entrepreneur, what both need desperately is free access to finance. And voila! Both enter the brave new world of free enterprise capitalism to which they have been denied access by entrenched business barons.

The few references to India in the book are illuminating. It is pointed out that the growing disparity between the booming west and south and the relatively stagnant central and northeast parts of the country is, to some extent, a consequence of the manner in which land was distributed and property rights granted in British India.

Without trivialising their deep insights into history, after reading the book, one felt that if indeed capitalism had to be saved from the clutches of villainous capitalists, one only wished that India could be saved from (you guessed it) Indians.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Bombay High Court Adjourns Aryan Khan's Bail Application Till Tomorrow

Bombay High Court Adjourns Aryan Khan's Bail Application Till Tomorrow

Former Attorney General of India (AGI) Mukul Rohatgi appeared for Shah Rukh Khan’s son Aryan Khan, along with his existing legal counsel comprising Satish Manishinde and Amit Desai.

Explainer | Why A Lawyer Is Seeking FIR Against NCB's Wankhede For 'Extortion' In Aryan Khan Drugs Case

Explainer | Why A Lawyer Is Seeking FIR Against NCB's Wankhede For 'Extortion' In Aryan Khan Drugs Case

On Monday, a lawyer approached the Mumbai police with a complaint seeking registration of an FIR against Sameer Wankhede and five others for extortion in the drugs-on-cruise case.

IPL Controversy: CVC Capital Under BCCI Scanner

IPL Controversy: CVC Capital Under BCCI Scanner

The BCCI on Monday named RPSG Ventures Limited and Irelia Company Pte Ltd. (CVC Capital Partners) as owners of the new IPL teams from 2022.

'TMC & AAP On A Mission To Split Congress Votes And Help BJP In Goa': State Congress Chief

'TMC & AAP On A Mission To Split Congress Votes And Help BJP In Goa': State Congress Chief

Goa Congress president Girish Chodankar strongly asserted that the voters cannot be wooed with false promises and money as people are deeply rooted in the Congress.

Advertisement