The Idea of Blender and Confession=Fiction of Social Justice

In an interview to Utv Prof Sen says something which is terribly wrong and fundamentally unsound. We have seen in India in the last fifteen or twenty year’s that the 80s and 90s economic reforms have greatly helped Indian economy. One needs to have open mind to recognize these facts before jumping to criticize.

Prof Sen says:

• “……..capitalism is a very confusing term, to some it means complete reliance on the market and for others it means the society which we have today in America, Europe, Japan, South Korea, etc. but they are quite the same because while Europe has the national health service, America does not have that but has public pensions, medical and other kind of insurance. I think the success of the capitalist economies has been based upon these mixed services and people forget that.”

What is that mammal of “mixed services” or “mixed system” did he ever pen it, what is that all about?

• “So asking the question that we need new capitalism, does not seem to properly identify what was happening earlier. Secondly, we do not know whether we should call it new capitalism as the state has a bigger role to play in many bigger areas, that it would like to extend and not just in the United States but also in India. We also need to have educational arrangement provided by the government without stifling the private initiative. So do we call it a new capitalism or new something , I think it is silly to worry about that and one of my heroes Adam Smith, who is considered to be a great guru of unrestricted capitalism, never used the term capitalism and I think theory of the invisible hand that is attributed to him, I think he hardly ever used it…, There were three uses in his entire life of that and two of them are negative and one case is I think a reference to Lady Macbeth and the bloody hands so he didn’t think that the market did all that good…
• ..find what kind of institution or the mix we would want..”

Very soon we are going to celebrate our 62 Independence Day Prof Sen still argues “find what kind of institution or the mix we would want” in way all that is not that bad but I ponder what was our leaders contribution to this country, what kind of institutions we wanted actually, and what they did?