Thursday, July 21, 2005

Swaminathan S. A. Aiyer
The Times of India
June5, 2005


Adam Smith would have smiled at the way outsourcing equates the private profit of MNCs with the public interest of a poor developing country. It is a succinct demonstration of his theory of the ‘invisible hand’ which, in competitive conditions converts private profit into social good.
Gurcharan Das
The Times of India
June5, 2005


India’s rising prosperity is due to the liberal global order….. Ironically, it was Marx who first predicted that the inexorable march of technology and capital would deserve all feudal, religious, and national barriers. Now that it is happening, it is the west that is complaining.
Vir Sanghvi
The Hindustan Times
July 25, 2004

Nandan Nilekani’s reasoning is simple. He believes, he says, that the market is a far more efficient way of allocating resources than, say, a centralized bureaucracy. But, he also adds, there will be times when the market will make certain individuals incredibly wealthy, not because they are the very best but because they happen to be in the right place at the right time…..

In such a situation, Nandan argues, anybody who makes so much money because of a quirk of the market system, has an obligation to give much of it back to society….In the US, for instance, nearly all the first generation entrepreneurs gave chunks of their fortunes to public causes….. It was only because they showed themselves willing to share their wealth with society that capitalism and the free market won the faith of the rest of the American people. Till then, all the first generation millionaires had risked being seen as robber barons.
The Economic times
June 9, 2005
Firstly, it must accept that trade, business, and the economy are not the be-all and end- all of life. Social and political aspirations are part of reality too. Secondly, a just system must be based on the ' self-evident principle'. The US Founding Fathers laid down, that all people are "endowed by their creator with certain inalienable rights" even if they are not equally rich or equally powerful. This principle is the heart of the democratic ideal to take civilization to a higher order.

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