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Why My Father Hated India: An Indian's Point of View

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Yamaka

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Dear Yamaka,

You have left out the democratic socialism which was something midway between the two. This was adopted by India after independence for a long time. What are your views about it?

Dear Raju:

The Democratic Socialism of India was not serving Indians well. That's why both NDA and UPA Coalition Parties started the Reforms, starting in 1990.

This is the same as what Gorbachav learnt for Soviets... that we need to bring the initiatives of private citizens into decision making, and we should reward them for their entrepreneurship.

Innovation, new inventions, entrepreneurship and RISK taking are the hallmarks of any Economic System, and the Capitalism delivers it the best, IMO.

In fact, wholly owned large private companies are very rare: Bechtel is one large company wholly owned privately in the US... Most other companies are PUBLICLY owned by millions of shareholders (who may be ordinary savers via their Retirement or Pension Funds)..

Thus Capitalism has embraced a component of Socialism, which is Collective Ownership.

Not bad at all.

Cheers.
 
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