Swaminomics

We are approaching the 20th anniversary of the fall of communism. This comprehensively refuted the communist claim to represent the people. Yet the claim continues, sometimes dazzling a new generation of youngsters with no inkling of why the Berlin Wall fell on November 9, 1989. In democratic capitalism, said Karl Marx, the rich became richer More >

For most Indian politicians — and socialists — the word ‘school voucher’ is a red rag. They think education must be delivered by government schools, not private schools. So, the Right to Education (RTE) Act has no provision for school vouchers, which would empower parents to choose any private or public school for their children, More >

The G-20 wants an early warning system to thwart future crises, and so has decreed periodic survey and review of major economies. The International Monetary Fund (IMF) will have a key role in this surveillance, since it already has highly-qualified staff and sophisticated forecasting models. Yet, the IMF’s track record in predicting crises is lousy. More >

This week, Ford Motors announced that India would be a global manufacturing hub for its new small car, the Figo. This underlines a remarkable new development. India has overtaken China as a car exporter this year, exporting 201,138 cars in January-July against China’s 164,800. What’s more, India exports this period went up 18%, while China’s More >

Even as US military commanders seek a troop increase in Afghanistan to check a resurgent Taliban, US voter support is fast eroding. A CNN poll in September showed that 58% of Americans oppose the war while only 39% support it. Among Democrats, only 23% support the war, and the number keeps falling. President Obama initially More >

An economy is best judged not in fair weather but foul. India has successfully weathered the great financial crisis of September 2008. Indian GDP has grown around 6% in every quarter of the most difficult 12 months in recent history. Most countries suffered an outright fall in at least one quarter. The global recession started More >

Ever since Queen Elizabeth II asked in July why nobody had predicted the Great Recession, sundry economists have given an avalanche of weak explanations. Phooey. Actually, Queen Elizabeth herself exemplifies the problem. Contrary to her complaint, dozens of economists and journalists warned repeatedly that the world suffered from unsustainable asset bubbles, global imbalances, and high More >

Dear Ratan Tata, I cheered when Tata Motors acquired Jaguar and Land Rover (JLR), two global luxury brands. But that acquisition has poisoned your balance sheet, and threatens your whole future. JLR dragged Tata Motors into a net loss of Rs 329 crore in the April-June quarter, following a whopping Rs 2,505 crore loss the More >

I became a journalist in 1965, when two successive droughts killed thousands and forced India to beg for US food aid. India’s share of global food aid was so large then that a best-selling book claimed that India was unviable and should be left to starve, conserving food aid for viable countries. How distant those More >

For decades, the Congress and BJP have jointly nurtured the myth that Britain teamed up with Jinnah to impose partition on India, to institutionalise divide-and-rule even after leaving. No, says Jaswant Singh in his new book, partition was largely due to Sardar Patel and Nehru, who insisted on a centralised India and vetoed the loose More >

Swine flu has killed over 20 Indians so far, and may soon claim hundreds, even thousands. That is a tragedy. Even so, swine flu remains a very minor cause of death, far behind other diseases that kill millions. The panic generated by the media is unwarranted, and is worsening health outcomes. In 2001-03, the Registrar More >

The world economy is recovering, and the price of oil too. It has crossed $70/barrel, and could return to $150/barrel, if the recovery continues. Can India do anything new to meet this energy challenge? Yes, it can change its exploration policy to harness a new energy source — shale gas. No Indian has paid attention More >

Religion and business rarely mix well. This shows up in the encyclical of Pope Benedict XVI. The encyclical generally supports globalization, but criticises Western companies that outsource business to developing countries. This criticism has an unfortunate ethnic slant. The Pope echoes the wish of a white labour aristocracy in the West to snatch jobs and More >