Tuesday, May 01, 2007
I am not a student of Economics, though studied Micro and Macro aspects of it as a compulsory part during undergraduation where dreary professors succeeded in chasing way whoever displayed even a remote interest in the subject. But, that gentle reader, may I assure you has not diminished your's truly's fascination for the subject.
Prime Minister Manmohan Singh inaugurating the new campus of the Institute for Studies in Industrial Development (ISID) today referred to a report in media that
The Hindu
Puzzled colleagues at work tossed the word back and forth faced with the task of translating into hindi the speech by the Prime Minister delivered in English. What is crony? What is crony capitalism?
"Are yaar ye PM bhi pata nahi kya kya bol dete he"
As they debated I googled a quick search and this is what came up
Wikipedia
You could find a detailed explanation by Greg Mankiw at
Crony Capitalism
Prime Minister Manmohan Singh inaugurating the new campus of the Institute for Studies in Industrial Development (ISID) today referred to a report in media that
Most of the billionaires among India's top business leaders operate in "oligopolistic" market and in sectors where the government had conferred special privileges on a few, Singh said "this sounds like crony (monopolistic) capitalism".
"Are we encouraging crony capitalism? Is this a necessary but transient phase in the development of modern capitalism? Are we doing enough to protect consumers and small businesses from the consequences of crony capitalism," Singh asked.
The Hindu
Puzzled colleagues at work tossed the word back and forth faced with the task of translating into hindi the speech by the Prime Minister delivered in English. What is crony? What is crony capitalism?
"Are yaar ye PM bhi pata nahi kya kya bol dete he"
As they debated I googled a quick search and this is what came up
Wikipedia
You could find a detailed explanation by Greg Mankiw at
posted by The Friendly Ghost at 10:40 AM | 
1 Comments:
the PM of India has lately been making rather too many open ended statements!!
If he calls it crony capitalism he might need to have a re-look at his own class..who created the conditions suitable for crony capitalism????
n mebbe he shuld look at crony politics too...to which, atleast for a family, he has been a devotee ever since the PM post!
Disgusted to see the degeneration of a person who i thought wuld become known as the man who set 1 billion people free!!
now he shall be known just as the best finance minister and the weakest prime minister that we ever had!!
Congrajulations...now u know who the commentator is :)