Siddharth Singh writes:
- “The traditional concept of socialism is based on state control of the means of production and intervention in pricing and production decisions in product markets. It was this version of socialism that so exercised economists such as Friedrich August Hayek, Ludwig von Mises and other critics of socialism.
never went down the Soviet road, and, as a result, avoided the worst excesses of that system. Instead of total state control, India had state-owned enterprises coupled with pervasive controls over various markets. Even this watered down version of socialism killed growth in India and led to a balance of payments crisis in 1991.” India