I apology my readers in this blog for late awaking!!! The work pressure sucked me all the time!!
Professor B.R Shenoy died on February 8th, 1978. This year marks 33rd death anniversary. But he still alive with all us whether you know him or not, whether you have ever read his writings or not! The topics on which he applied his mind is as large as the subject itself-political economics.
I wanted to pay my tribute to this marvelous economics teacher from whom I learned many meaningful ideas and what I considered is that learned ideas is going to unfold in life.
What he wrote (From Theoretical Vision: B.R Shenoy edited by R.K Amin and Parth J Shah, 2004) about economics of corruption (Lecture delivered at the H A College of Commerce, Ahmedabad February, 1975) is interesting to mention here:
- Both theory and experience have shown that corruption is among the inevitable by-product of the policy interventionism. Corruption necessarily grows as these polices progress. Indian is a classic illustration of the functional link between corruption and interventionism (p.128).
- The only hope of eradication of corruption on the current scale is a complete U-turn in our policies-abolition of ….control and exchange restrictions auctioning away to the highest bidders in the private sector the existing public sector undertakings, removal of the system of permits, licenses and quotas as professor Erhard did in Germany (p.132).
- The various reform schemes will only shift the parties receiving the corrupt payments. Corruption will continue. If, for instance, the issue of …licenses is entrusted to an independent board of men of the highest integrity, corrupt activity will move from the government departments concerned to the independent Board and its staff (p.132).
Let the new generation of youth awake to put their precious time to understand these and unite for making our life worthy living with more freedom.
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