Nehru – influenced by the Webbs and other Fabians of course – decided that the way to develop a peasant economy into a rich country was to have strong and centralised control of that economy. This was, of course, purblind and rancid idiocy.
Strong and centralised control is something that only a rich country can afford because only a rich economy can weather the costs – the inefficiencies, the politically directed nonsenses – that such control insists upon.
Of course, rich countries shouldn’t make themselves poorer in this manner either but an already poor place can’t afford to have them – because if it does then people die.
India’s poor because of that attempt at socialist development. Something we can prove by the manner in which development sped up when even some portion of the socialism was dropped. Sure, the Webbs set up the LSE, the place I started to learn my economics but they were responsible for far greater evils than my views as well.
Tim Worstall, “A Sad Lesson About India’s History”, Continental Telegraph, 2020-05-01.
March 8, 2025
QotD: India’s post-independence economic mistake
Filed under: Economics, Government, History, India, Quotations — Tags: CentralPlanning, Poverty, Socialism, Technocracy — Nicholas @ 01:00
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