Posts Tagged ‘Market’

The Economics and Politics of Corruption in India

August 26, 2011

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…)

Would You Wish to be a Chinese in China?

February 20, 2011

Many years ago there was a movie in which the stereotypical semi-pathetic, semi-comic character was assigned a stock phrase (takia kalaam) that he repeated with regularity – kaash maiN Hong Kong meN paida hota (I wish I were born in Hong Kong). Hong Kong was a success story and thus attractive to an impecunious South Asian dropout. It was also not part of China then; no right-minded person even in the sluggish South Asia of the times would have wished to be born in the China of those days.

How times have changed. Hong Kong has been reclaimed by China and China itself is a place that dazzles most visitors. The Chinese model of authoritarian politics and market economics has begun to draw admiring attention in many quarters. (more…)

Education: The Myth of the Market

December 18, 2010

By Anjum Altaf

 

Some years back I had written an article the main message of which was the following: The market is indeed a wonderful mechanism but it exists to serve humanity and not to enslave it. I wish to resurrect some of the arguments in the context of the recent discussion on the appropriate medium of instruction for early education in South Asia (On Being Stupid in English).

I found it ironical that a case was made for early education in English because in India untold millions are clamoring for English. In the post I had referred to an earlier article (Macaulay’s Stepchildren) to record that Lord Macaulay had used exactly the same argument in 1835 to support the use of English as the medium of instruction in India – in his view the superiority of English was evidenced by a strong desire for English-language education in the Indian population. (more…)

Good Muslims: A Material Theory of Culture?

March 11, 2010

By Anjum Altaf

I attended a talk by Professor Vali Nasr where he presented the central argument of his new book Forces of Fortune: The Rise of the New Muslim Middle Class and What it Will Mean for Our World. Professor Nasr is an influential voice as senior advisor to Richard Holbrooke, the special Representative of the US for Afghanistan and Pakistan, which makes it relevant to summarize his views and to identify some areas of agreement and disagreement.

Professor Nasr’s underlying hypothesis was quite straightforward: the middle class transformed the modern West and it can transform the Muslim world as well. The rise of trade, capitalism and merchant life is the most important trend at work and one that shapes the contours of culture and delimits the uses of religious belief. From this vantage point the prescription follows logically: if Islamic countries are integrated into the global economy, this trend would shape the cultural landscape of the Muslim world. (more…)