Why Indian economy slowed?
Dr. Bhim Rao Ambedkar had cautioned us in his speech on November 4, 1948, delivered in the Constituent Assembly that: “The form of the administration must be appropriate to and in the same sense as the form of the Constitution ... [It] is perfectly possible to pervert the Constitution, without changing its form by merely changing the form of the administration and to make it inconsistent and opposed to the spirit of the Constitution … Constitutional morality is not a natural sentiment. It has to be cultivated. We must realise that our people have yet to learn it.” More here.
"A laissez faire economy is characterized by the absence of non-market pressures such as taxes, subsidies, tariffs, though the very definition of a free market economy has been the subject of vociferous debate. In a free market/economy, individuals are free to contract, where the only regulations, in theory, would be to safeguard against coercion and theft. Certain economists have postulated that competition would thrive in a free market economy, perhaps even through a praxeological approach. However, given the different theoretical models of free-market economies and the opposing practical reality(ies); class differences, income inequities and the resultant dominating powers do allow for a powerful class to emerge and skew market conditions through monopolies and the abuse of dominant positions." More here.
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