Shortages and Nehruvian socialism go hand in hand. Just take scooters, for instance. You could not just take scooters some years ago, actually, thanks to the quota permit license control raj. You had to wait for years before you could lay your hands on one. You could jump the queue if you paid with “hard currency” or paid a premium (black money) to someone who had the foresight to book one years in advance with a view to capture some of the rent that arises out of shortages.
The situation today would have been unthinkable then. Now dealers of two-wheelers practically drag you off the street, give you a cold drink, and by the time you have finished it, they have arranged financing and you roll out the door on your new bike clutching your free gift of a toaster oven. Then your choice was severely limited to four or five models; now a reasonable estimate must be a hundred different makes and models of two-wheelers.
Continue reading “Imagine No Reservations”
That’s an AP photo with the caption: Indian Prime Minister Manmohan Singh and guests at the start of construction of the canal: “I’m more than happy.”
I think that globalization could as well be called “Americanization.” Too many components that go to make up the modern globalized world are labeled “Invented in America,” from the Internet to the shipping container. Chances are that you have not heard of Malcolm McLean. Yet, his innovation has profoundly shaped the globalized world we live in. A trucker by profession, his insight was that the truck trailer is a container that would reduce the cost of shipping. That was more than 50 years ago.