By Anjum Altaf
Is there an alternative to taking sides on the Anna Hazare controversy? Could one step back and gainfully employ an historical and institutional perspective to understand it better? Would it help to argue that the mismatch in speeds at which economic and political institutions have rooted themselves in Indian society is contributing to a disorienting disconnect between modern ends and pre-modern means?
The supply and demand of goods and services is mediated through the economic market and Indians have been dragged into it whether they liked it or not; they had no choice. The theory of perfect and imperfect economic markets is well known. In brief, markets can exhibit friction, they can fail, and they can exclude large segments of the population without effective demand. In all such cases, the state has to step in thereby creating the interface between economics and politics. (more…)