After watching the two videos about the Russian Oligarchs this situation seems very familiar. This article discusses the immense power that a select few businessmen have in India and refer to them informally as "bollygarchs." However, this article explains that their power is dwindling. The courntry is trying to battle their cronyism and they are beginning to see positive effects.
https://www.economist.com/news/leaders/21740739-nature-indian-capitalism-changing-long-may-it-last-humbling-indias-tycoons
4 comments:
I think this approach would be helpful in ending some corruption in the country but there needs to be further measures taken to decrease cronyism. Not surprisingly, the current government actually seems like the biggest supporter of cronyism.
I agree that it is good that the government is taking steps to get rid of the crony capitalism and other forms of corruption. However, it is hard to argue against the fact that some of these tycoons really helped jump start the economy. Like we saw in Russia, the oligarchs wee able to revitalize an entire economy, and take it from socialist to capitalism. Even though it was crony, it was at least a step in the right direction where consumers had options and could earn incomes. That shouldn't be discounted.
India is one of the hottest countries for entrepreneurship today. It is interesting to see how a boost in entrepreneurship is correlated with rises in corruption, like it was for Russia.
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