16 January, 2021

Bull's Eye

The crisis is not economic. Therefore, fiscal policies to protect globalisation won't suffice. The crisis is moral.

Bull's Eye
From Enron to Satyam stretches a long line of corrupt businessmen who defrauded the world. Even legitimate big business consists mainly of bankers and big executives who were criminally negligent as they made millions jobless while fattening themselves on big pay and perks. Together they created a mega-crisis of capitalism. Big governments and big politicians spent the hard-pressed public’s money to bail out big business. Collectively, the politicians and businessmen brought about the global economic meltdown and the world’s biggest economic crisis in the last 100 years. So, what is the solution?

For a start, let us recognise that the crisis is not economic. Therefore, fiscal policies to protect globalisation won’t suffice. The crisis is moral. Current capitalism failed because it was subverted by human greed. Big business and big politics teamed up to acquire absolute power. And absolute power, as Lord Acton observed, corrupts absolutely. How then might human greed be contained? Only a messiah or prophet or saint can alter human...



To read this piece, and more such stories in India's most exciting and exacting magazine, plus get access to our 25-year archives goldmine, please subscribe.

More from Rajinder Puri

Latest Magazine

January 25, 2021

other articles from the issue

articles from the previous issue

Other magazine section