Relax, capitalism is not the problem

January 12, 2010 on 11:57 am | In Business Standard, Newspapers | No Comments

 The epic, Mahabharata, thinks that human beings are fundamentally flawed and their faults make the world ‘uneven’ (vishama). As a result they are vulnerable to nasty surprises. Duryodhana is the chief purveyor  of ‘uneveness’ in the epic, but the others also contribute to it in good measure—Yudhishthira cannot resist gambling, Karna suffers from status anxiety, Ashwatthama has a revengeful nature,  Dhritarashtra is prone to excessive love for his eldest son, and so on. These human defects drive the epic towards calamity. Like the Mahabharata’s characters, investment bankers on Wall Street, rating agencies, and even regulators suffer from similar failings, and it is these dangerous infirmities that brought the global capitalist system to its knees in 2008. Continue reading…

Future is Ours To Seek

January 1, 2010 on 12:23 pm | In Newspapers, Times of India | No Comments

             Two trends, one good and one bad, have defined India’s first decade of the 21st century. The good trend is that prosperity has begun to spread, largely as a result of high economic growth. The second trend is the simultaneous rise in corruption. The lazy minded will connect the two trends, but in fact they are quite independent. High growth has been fostered by economic reforms and corruption is due to the lack of the reform of state institutions.   Continue reading…

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