“privatization and enhanced access to FDI” represent the nextbig frontiers for economic development in India.
S K Choubey, N. G. Pendse, and Narendra Shukla, Economic Reforms in India:Need, Effects and Suggestions (Sarup & Sons, 2005), 7.
Ramesh Chandra, Globalisation, Liberalisation, Privatisation, and IndianPolity: In 8 Volumes (Gyan Publishing House, 2004), 72.
Have the Winds Changed?In the wake of the current economic crisis, growing concern overthe failures of the free market has given rise to seriousdiscussion about government regulation of markets and privatecompanies. Bailout measures in the United States involvingcorporate behemoths AIG, General Motors, Ford, Chrysler,insolvent financial institutions, and other companies are saidto come with strings attached. That is, President Obama andCongress are calling for stricter regulation and control of WallStreet and private companies that receive bailout funds. Infact, as reported, the bailout is engendering rage across thenation over the government’s apparent move towards socialism.
On the international level, of course, all eyes are on Americaas the country deals with the aftermath of what has commonlybeen referred to as the inevitable fallout of casino capitalism.ConclusionCritics of capitalism are quick to cite the recent marketfailures as proof that free markets and privatization are theproblem. Nevertheless, the phenomenal emergence of nations likeTaiwan, India, and China attest to the validity of Snow’sassertions regarding the new global system and the extent to
Bailout rage: "Socialism in America...Welcome to the Third World!" LosAngeles Times. Article on-line. Available fromhttp://latimesblogs.latimes.com/laland/2008/09/bailout-rage-so.html
which it is privatized and not controlled by governments. Thatis, clearly casino capitalism has created the current globalcrisis and stricter regulation is needed to protect globalmarkets and the economy. But, in the end, free market capitalismand privatization drive global development and economicprogress.