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Affluent Christian Investor | September 20, 2017

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Second Largest Nation in the World Scraps Socialism

Photo by Sam Panthaky/Getty Images

Photo by Sam Panthaky/Getty Images

India is the world’s second largest country, and by some measures, its third largest economy (having recently passed Japan in GDP adjusted for purchasing power). Its new Prime Minister, sworn in last week, is promising revolutionary roll-backs in the size of government. India was famous for being a pioneer in the socialism of the non-aligned world during the cold war, but the model was a failure. And they didn’t really invent it anyway; it was a holdover from the British Imperial Raj system.

The English-speaking world (UK, Ireland, Canada, Australia, New Zealand, Israel) is moving towards free markets. But not South Africa and the United States, at least not yet. But if we think it was tough to compete with India when they were socialist, just think what it will be like to try to compete with them as they move closer to capitalism.

“Mr Modi, who had pledged to deliver “minimum government, maximum governance” if elected, has also signaled his intention to attempt serious reform of India’s bloated and inefficient bureaucracy, with the de facto merger of many ministries.

“In a statement issued less than 24 hours before the swearing in, the office of the prime minister-elect announced what it called a “rationalisation” of government ministries to improve co-ordination, efficiency and speed of decision-making.

“While the statement gave no precise details, it said ministers will be appointed to head “clusters of ministries” that have long had complementary areas of responsibility.

“The statement said Mr Modi eventually hopes to institute a system of “smart governance where the top layers of government will be downsized and there would be expansion at the grass roots level”.”

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Jerry Bowyer is a Forbes contributor, contributing editor of AffluentInvestor.com, and Senior Fellow in Business Economics at The Center for Cultural Leadership.

Jerry has compiled an impressive record as a leading thinker in finance and economics. He worked as an auditor and a tax consultant with Arthur Anderson, as Vice President of the Beechwood Company which is the family office associated with Federated Investors, and has consulted in various privatization efforts for Allegheny County, Pennsylvania. He founded the influential economic think tank, the Allegheny Institute, and has lectured extensively at universities, businesses and civic groups.

Jerry has been a member of three investment committees, among which is Benchmark Financial, Pittsburgh’s largest financial services firm. Jerry had been a regular commentator on Fox Business News and Fox News. He was formerly a CNBC Contributor, has guest-hosted “The Kudlow Report”, and has written for CNBC.com, National Review Online, and The Wall Street Journal, as well as many other publications. He is the author of The Bush Boom and more recently The Free Market Capitalist’s Survival Guide, published by HarperCollins. Jerry is the President of Bowyer Research.

Jerry consulted extensively with the Bush White House on matters pertaining to the recent economic crisis. He has been quoted in the New York Times, The Wall Street Journal, Forbes Magazine, The International Herald Tribune and various local newspapers. He has been a contributing editor of National Review Online, The New York Sun and Townhall Magazine. Jerry has hosted daily radio and TV programs and was one of the founding members of WQED’s On-Q Friday Roundtable. He has guest-hosted the Bill Bennett radio program as well as radio programs in Chicago, Dallas and Los Angeles.

Jerry is the former host of WorldView, a nationally syndicated Sunday-morning political talk show created on the model of Meet The Press. On WorldView, Jerry interviewed distinguished guests including the Vice President, Treasury Secretary, HUD Secretary, former Secretary of Sate Condoleezza Rice, former Presidential Advisor Carl Rove, former Attorney General Edwin Meese and publisher Steve Forbes.

Jerry has taught social ethics at Ottawa Theological Hall, public policy at Saint Vincent’s College, and guest lectured at Carnegie Mellon’s graduate Heinz School of Public Policy. In 1997 Jerry gave the commencement address at his alma mater, Robert Morris University. He was the youngest speaker in the history of the school, and the school received more requests for transcripts of Jerry’s speech than at any other time in its 120-year history.

Jerry lives in Pennsylvania with his wife, Susan, and the youngest five of their seven children.

 

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