Editorial                Apr 2016                   Vol 14 No.14

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By Dr. Suresha K.V, Prof. Earanna. S & Prof. Sekhara Gowd Mitta

 

 (View all appealed points in the global perspectives and apply as per local needs. Ideas expressed mentioned in this editorial are inclusive but not exhaustive.)   

 

Kind Attn:

Hon. Sri Narendra Modiji, Prime Minister of India.

Hon. Sri Arun Jaitley, Minister of Finance, Government of India.

Hon. Sri Raghuram G Rajan, Governor, Reserve Bank of India.

 

Dear Leaders,

Curb Crony Capitalism lest face the worst down fall

Inequality among the people across the globe, irrespective of nationalities, is an age old problem. From the ancient time till these ultra-modern days people all over the world are put themselves in different stratum based on socio economic systems.   The socialism and capitalism stemming out of these adjustments, are benign systems in their own way. Unfortunately, the people at the helm of the political power leverage upon these systems to create crony socialism and crony capitalism time and again. In many countries single orientation towards either socialism or capitalism could persist for hundreds of years.  Indeed they could emerge leaders of the world, but they have failed or under the verge of failure and there has been transition either total or partial.

In India, where democracy is deep rooted, the crony socialism could pervade for first five decades of post-independence era.  Later with the heralding of LPG era, the crony socialism went into oblivion and the crony capitalisms surfaced.  Within a span of two decades of the LPG era the crony capitalism in India could nurture few world top richest persons.  The metamorphosis of crony socialism to crony capitalism was indeed a welcome sign; however nobody knew that the new system will once again divide the society into haves and have-nots. Their lies the stranglehold of Indian polity economy and society by a bunch of unscrupulous politicians who neither have far-sightedness nor concern towards the present genre. Instead they are engineering the society for the attainment of their own goal of holding the mass under their control. 

Looking back to the previous system of crony socialism which was very well nourished by political administrators in India, it could satiate the whims and fancies of few political administrators in the guise of nationalization.  The process of orienting Indian system into the socialism was not well conceived and could not be even well implemented because of  obscure perceptions of political administrators. 

The diversified India could stagger the process of socialism orientation then and capitalism orientation now.  In a way, the chaos is traceable in the process of capitalism orientation and social orientation.  However the benefits emerging from this chaos are cornering with selected few people under both capitalism and socialism, thus emergence of crony capitalism and crony socialism.

In the light of the above, it may be suggested to the policy makers in strategizing the following movements.

1.      Embracing true capitalism: The true capitalism which predominantly pre supposes no Government intervention or least Government intervention shall be methodically introduced in India so that imbalances of distribution of income and wealth get normalized.

2.      Buoyancy in Support system to the needy: The transition from socialism to capitalism cannot be achieved over night while free enterprise system set on roll,

it shall be at slow pace.  In the meantime some sections of the society are likely to be marginalized by the budding economic interests.  In such sequences Government is expected to pitch in and continue with its social security measures.

3.      Reforms in Political system: Indian political system is rather peculiar, yet, free from serious criticisms such as cornering of political power in the hands of very few like that of other nations where there are two party system or one party system.  In India at any moment a third political party may emerge and upset the calculations of ruling parties and main opposition parties.  Rather unfortunately, the handful politicians in India are not into real politics let apart becoming statesmen. The real politics is a benign system which provides a level playing ground for all fair people to compete with each in their strive to tilt the powers of ruling for serving the community.  Rather unfortunately, seldom this type of politics is noticeable in the present day Indian context.  Elections are fought on the different lines say caste, community, language, economic power, family name.  In the meantime funding of elections is also rather uncontrolled.  There is a nexus between unscrupulous politician and business men, thus paving way for creation of crony capitalism.   In the light of these issues, it would be advisable on the part of the Government to mull over the idea of ensuring 100% voting in the elections so that true representatives will get elected.  In the meantime the Government may consider the introduction of option of on-line voting to those who afford to own or access the support system. 

4.  Encouragement to judicial activism including strengthening the Lokpal: Indian Judiciary is rightly doing its duty by upholding the constitution.  The law breakers are aptly identified and penalized. When vested interests are avenged through judicial activism, the political administrators resort to change the law itself to suit their needs.  At this juncture the public outcry in favor of judicial activism certainly makes politicians to hesitate in changing the law itself hurriedly.  In the meantime the Lokpal system is expected to work unbiased and law breakers shall not be on any count be allowed to slip away from the legal clutches. Necessary provisions must be inserted into the Lokpal system.

5.      Waging a war against black money: It is widely publicized in India that almost half of the nation’s economy is black.  Containing this one half of parallel economy is a daunting task indeed.  The Government shall strategize its multi-pronged attacks on black money.  The money stashed in tax heavens outside India shall be immediately brought back besides tracing and confiscating the black money circulating within the country.  The policy makers are well aware of means to contain the black money menace.  It is astonishing that they are all keeping mum possibly because of the fact that they are afraid of wrath of unscrupulous black marketers.  Tightening the legal clutches is the only solution.

6.      Emphasizing moral education: Our future generation needs to be moulded on moral lines for which purpose the seeds need to be sown at the nascent stage of primary and higher education.  The younger generation needs to be moulded with enough moral values.  The curriculum part shall be redesigned and the pedagogy shall reinvigorate by disciplining itself on moral lines and setting a good example for the younger generations. The new education system shall create cosmopolitan society where differences among people on whatsoever ground could not surface or even if it surfaces, they get marginalized by the magnanimity of universal citizenship character.

7.      Moral suasion of business class to fall in line with new economic order: India is known for peace, harmony and non-violence.  Instead of scaring the business people through punitive actions it could be better if they are persuaded  to fall in line with the legal system.  Ensuring transparency in all their dealings by business men certainly avoids creation of crony capitalism.

 

We request your kind selves to take action.

 

Thanking you.

With warm regards, 

Dr. Suresha K.V.,

Dean ( Academic) and Associate Professor of Commerce,

JSS College of Arts, Commerce &Science(Autonomous),

B N Road, Mysore, Karnataka State, India. 

Prof. Earanna. S,

Associate Professor,

S.S.R.G. Womens College,

Raichur, Karnataka State, India.  

Prof. Sekhara Gowd Mitta, 

Founder & Managing Editor, AIIJRMSST, Tumkur, Karnataka State, India.

& Assistant Professor, Dept of MBA (PGDMS), Kalpataru Institute of Technology, Tiptur, Karnataka State, India. 

and Acme Intellects Group