Quotulatiousness

April 9, 2018

The Triangle Shirtwaist Fire – Horror in Manhattan – Extra History

Filed under: History, USA — Tags: , , , , , — Nicholas @ 04:00

Extra Credits
Published on 7 Apr 2018

A throwaway cigarette landed on a pile of cloth. 146 workers died from the resulting fire. But this tragedy motivated citizens and politicians to take a stand from workers’ rights, creating a far safer world that we still live in over a century later.

April 5, 2018

QotD: ESR’s “Iron Laws of Political Economics”

Filed under: Economics, Government, Politics, Quotations — Tags: , , , , , — Nicholas @ 01:00

Mancur Olson, in his book The Logic Of Collective Action, highlighted the central problem of politics in a democracy. The benefits of political market-rigging can be concentrated to benefit particular special interest groups, while the costs (in higher taxes, slower economic growth, and many other second-order effects) are diffused through the entire population.

The result is a scramble in which individual interest groups perpetually seek to corner more and more rent from the system, while the incremental costs of this behavior rise slowly enough that it is difficult to sustain broad political opposition to the overall system of political privilege and rent-seeking.

When you add to Olson’s model the fact that the professional political class is itself a special interest group which collects concentrated benefits from encouraging rent-seeking behavior in others, it becomes clear why, as Olson pointed out, “good government” is a public good subject to exactly the same underproduction problems as other public goods. Furthermore, as democracies evolve, government activity that might produce “good government” tends to be crowded out by coalitions of rent-seekers and their tribunes.

This general model has consequences. Here are some of them:

There is no form of market failure, however egregious, which is not eventually made worse by the political interventions intended to fix it.

Political demand for income transfers, entitlements and subsidies always rises faster than the economy can generate increased wealth to supply them from.

Although some taxes genuinely begin by being levied for the benefit of the taxed, all taxes end up being levied for the benefit of the political class.

The equilibrium state of a regulatory agency is to have been captured by the entities it is supposed to regulate.

The probability that the actual effects of a political agency or program will bear any relationship to the intentions under which it was designed falls exponentially with the amount of time since it was founded.

The only important class distinction in any advanced democracy is between those who are net producers of tax revenues and those who are net consumers of them.

Corruption is not the exceptional condition of politics, it is the normal one.

Eric S. Raymond, “Some Iron Laws of Political Economics”, Armed and Dangerous, 2009-05-27.

March 15, 2018

DicKtionary – H is for Homicide – Francisco Macias Nguema

Filed under: Africa, History — Tags: , , , , , — Nicholas @ 04:00

TimeGhost
Published on 14 Mar 2018

H is for homicide, the taking of lives
Bloodthirsty people with pistols or knives
Or government leaders than strangled their nations
And Macias Nguema killed whole populations.

Join us on Patreon: https://www.patreon.com/TimeGhostHistory

Written and Hosted by: Indy Neidell
Based on a concept by Astrid Deinhard and Indy Neidell
Produced by: Spartacus Olsson
Executive Producers: Bodo Rittenauer, Astrid Deinhard, Indy Neidell, Spartacus Olsson
Camera by: Ryan Tebo
Edited by: Bastian Beißwenger

A TimeGhost format produced by OnLion Entertainment GmbH

March 2, 2018

QotD: Cronyism

… I would argue that we don’t have truly free trade or, increasingly, a free economy in the United States. The Progressives always look at the rising income inequality and maintain that it’s the inevitable result of capitalism. That’s hogwash, of course, and Proggies believe it because they’re dolts. But the problem in this country isn’t free trade — we have precious little of it — or unrestricted capitalism, since we have precious little of that as well. The issue behind rising income inequality isn’t capitalism, it’s cronyism. Income isn’t being redirected to the 1% because capitalism has failed, it’s happening because we abandoned capitalism in favor of the regulatory crony state and its de facto collusion between big business/banking interests and a government that directs capital to favored political clients, who become “too big to fail”. It doesn’t matter, for instance, whether the president is a Democrat or Republican, because we know the Treasury Secretary will be a former — and future — Goldman Sachs executive.

Indeed, what we call “free trade” nowadays isn’t the Theory of Comparative Advantage in action. It’s corporations being allowed to ship jobs to low wage countries overseas to offset the cost of regulatory burdens in the US that restrict competition from new entrants to the market. That works great for large corporations. Not only do they get to offset the regulatory costs by overseas production, but slower job growth in the US flattens domestic wages, too, and sends millions out of the labor force altogether. For working people, the biggest financial rewards from the current “free trade” regime seem mainly reaped by large business and banking interests. Again, people know if their own lives are better or worse than they used to be, and if the promises of elites have been born out by their own experience.

Dale Franks, “Vote Properly, You Virulent Racist!”, Questions and Observations, 2016-06-28.

November 4, 2017

Desperate Mayors Compete for Amazon HQ2

Filed under: Business, Economics, Government, Humour, USA — Tags: , , , — Nicholas @ 04:00

ReasonTV
Published on 3 Nov 2017

Local politicians clash as they try to lure Amazon’s new headquarters to their towns.
——–
Cities across the country want Amazon HQ2 and the 50,000 jobs promised to come with it. Some municipalities are offering big incentives. When New Jersey puts $7 billion in tax credits on the table, how can small-town mayors compete? By really screwing taxpayers.

Written and performed by Austin Bragg and Andrew Heaton. Produced and edited by Bragg.

October 22, 2017

QotD: Lobbying

Filed under: Government, Politics, Quotations — Tags: , — Nicholas @ 01:00

Lobbying works, and here’s why. No senior public official could want to retire on a state pension, however large, when he can have more millions by playing the game well. Look at the “before” and “after” accounts of almost any prominent politician. He goes into office very charming, and comes out very rich. It is a far more lucrative trade than anything in business or finance — even in such specialized forms as bank robbery. Better, by modern methods of mutual back-scratching, for there is much less legal risk.

David Warren, “Latest from the death cult”, Essays in Idleness, 2015-12-01.

October 10, 2017

India’s bold experiment … is an economic failure

Filed under: Economics, Government, India — Tags: , , — Nicholas @ 05:00

Back in December, I linked to an article by Shikha Dalmia, discussing the rhetoric and (likely) reality of India’s currency experiment. Now, Lawrence White rounds up the damage done:

The debate over demonetization was revived this month (September 2017) after the Reserve Bank of India finally announced the count of returned currency. It announced that 99 percent of the discontinued notes, Rs 15.28 trillion out of Rs 15.44 trillion, had been returned. As Vivek Kaul has noted, “The conventional explanation for this is that most people who had black money found other people, who did not have black money, to deposit their savings into the banking system for them.”

The trivial size of unreturned currency, of course, obliterates BDK’s [Bhagwati, Dehejia, and Krishna’s] projection of a government seigniorage windfall.

What about BDK’s other projected source of revenue, the 50% tax on acknowledged black deposits? Whereas in BDK’s scenario, black currency holders would make Rs2 trillion in voluntary-disclosure deposits, which would yield Rs 1 trillion in revenue, the actual collections under the scheme were reported in April at Rs 23 billion, or 2.3% of the BDK-imagined sum. Such paltry revenues mean that demonetization, from the fiscal perspective, was all pain and no gain.

The accumulating evidence on economic growth, meanwhile, has become damning. Between July and September 2016, India’s GDP grew 7.53 percent. Between January and March 2017 it grew 5.72 percent. Former head of the Reserve Bank of India Raghuram Rajan, now returned to the University of Chicago, links the drop to demonetization: “Let us not mince words about it — GDP has suffered. The estimates I have seen range from 1 to 2 percentage points, and that’s a lot of money — over Rs2 lakh crore [i.e. trillion] and maybe approaching Rs2.5 lakh crore.” Kaul adds that GDP does not well capture the size of the informal cash sector, where the losses from demonetization were greatest.

In response to the RBI report and GDP data, and to their credit, BDK have substantially retreated from claims of success to what can be regarded as the claim that there is still a chance to break even.

October 5, 2017

QotD: Legalizing drugs

Filed under: Law, Liberty, Quotations — Tags: , , , , — Nicholas @ 01:00

It is not the business of the State to tell adults what to do with themselves, or how they interact with other consenting adults. Where drugs are concerned, any disadvantages in leaving people alone are greatly outweighed by the costs of the War on Drugs, which has reduced large parts of the world to violent chaos, and corrupted every law enforcement agency involved in fighting it, and been made an excuse for the destruction of due process rights in England and America.

Sean Gabb, quoted in “Wayne John Sturgeon talks to Sean Gabb of the Libertarian Alliance”, Sean Gabb, 2013-08-26.

August 28, 2017

“Convicting Arpaio of contempt of court was like busting Al Capone on tax evasion”

Filed under: Politics, USA — Tags: , , , , — Nicholas @ 03:00

Jon Gabriel on Il Donalduce‘s pardon of the world-class authoritarian scumbag and all-around thug, ex-Sheriff of Maricopa County, Joe Arpaio:

President Trump asked the crowd last week at his Phoenix rally, “Was Sheriff Joe convicted for doing his job?” Had the hall been filled with an accurate cross-section of Arpaio’s former constituents, the answer would have been a resounding “no.”

Nevertheless, Trump pardoned the ex-sheriff on Friday, though he had not yet been sentenced and had shown zero remorse for his crime.

America’s self-proclaimed “toughest sheriff” was convicted of criminal contempt of court last month after refusing to obey court orders. This most recent legal battle involved numerous federal attempts to get Arpaio to stop racially profiling residents of Maricopa County.

Not only did Arpaio refuse, he bragged about it. “Nobody is higher than me,” he said. “I am the elected sheriff by the people. I don’t serve any governor or the president.”

Many conservatives outside of Arizona celebrated his headline-grabbing antics, but they don’t know the real story. I’m a conservative Maricopa County resident who has lived under Arpaio throughout his decades-long reign. Arpaio was never a conservative; he just played one on TV.

I saw his love of racial profiling firsthand, especially on my daily commutes through the tiny Hispanic community of Guadalupe, Ariz. When conducting these “sweeps,” helicopters buzzed houses, an 18-wheeler marked “Mobile Command Center” was planted in the center of town, and countless sheriff’s deputies stood on the roadsides, peering into the cars rolling by. Being Caucasian, I was always waved through. The drivers ahead and behind me weren’t so lucky.

Washington’s laxity in border enforcement led many right-of-center Americans to appreciate more robust enforcement, even when it regularly included authoritarian scenes like the one in Guadalupe. But even if you turn a blind eye to the human cost of such race-based enforcement, Arpaio’s other misdeeds are legion.

August 4, 2017

Short memories and willing self-deception over Venezuela

Filed under: Americas, Economics, Media, Politics — Tags: , , , , , — Nicholas @ 03:00

In the Los Angeles Times, James Kirchick took the pundits to task for their adulation of Venezuela’s government as it plunged deliberately into a humanitarian disaster:

Shaded relief map of Venezuela, 1993 (via Wikimedia)

On Sunday, Venezuelan President Nicolas Maduro claimed victory in a referendum designed to rewrite the country’s constitution and confer on him dictatorial powers. The sham vote, boycotted by the opposition, was but the latest stage in the “Bolivarian Revolution” launched by Maduro’s predecessor, the late Hugo Chavez. First elected in 1998 on a wave of popular goodwill, Chavez’s legacy is one of utter devastation.

Thanks to Chavismo’s vast social welfare schemes (initially buoyed by high oil prices), cronyism and corruption, a country that once boasted massive budget surpluses is today the world’s most indebted. Contraction in per capita GDP is so severe that “Venezuela’s economic catastrophe dwarfs any in the history of the U.S., Western Europe or the rest of Latin America” according to Ricardo Hausmann, former chief economist of the Inter-American Development Bank. Transparency International lists Venezuela as the only country in the Americas among the world’s 10 most corrupt.

Socialist economic policies — price controls, factory nationalizations, government takeovers of food distribution and the like — have real human costs. Eighty percent of Venezuelan bakeries don’t have flour. Eleven percent of children under 5 are malnourished, infant mortality has increased by 30% and maternal mortality is up 66%. The Maduro regime has met protests against its misrule with violence. More than 100 people have died in anti-government demonstrations and thousands have been arrested. Loyal police officers are rewarded with rolls of toilet paper.

The list of Western leftists who once sang the Venezuelan government’s praises is long, and Naomi Klein figures near the top.

In 2004, she signed a petition headlined, “We would vote for Hugo Chavez.” Three years later, she lauded Venezuela as a place where “citizens had renewed their faith in the power of democracy to improve their lives.” In her 2007 book, The Shock Doctrine, she portrayed capitalism as a sort of global conspiracy that instigates financial crises and exploits poor countries in the wake of natural disasters. But Klein declared that Venezuela had been rendered immune to the “shocks” administered by free market fundamentalists thanks to Chavez’s “21st Century Socialism,” which had created “a zone of relative economic calm and predictability.”

Chavez’s untimely death from cancer in 2013 saw an outpouring of grief from the global left. The caudillo “demonstrated that it is possible to resist the neo-liberal dogma that holds sway over much of humanity,” wrote British journalist Owen Jones. “I mourn a great hero to the majority of his people,” said Oliver Stone, who would go on to replace Chavez with Vladimir Putin as the object of his twisted affection.

July 2, 2017

QotD: Not (yet) ready for democracy

Filed under: Government, History, Middle East, Quotations — Tags: , , , — Nicholas @ 01:00

The absolutely vital elements of a successful democratic component of government (note – component of a system, not the entire system): is that there be a literate population; a free and enquiring press; a well developed and just rule of law; and a tradition of give and take being acceptable to the society.

Tribal societies have none of these things. That is why democracies have consistently failed in African countries where tribalism is still the most important element. (In fact politics in some of these places is still largely a competition between which tribal groups served in the imperial militaries, versus which served in the imperial civil services. With very bloody competition between the two.) The fact that illiteracy is rampant; free presses almost non-existent; and the rule of law where judges are not beholden to tribal interests, or simply threats, doesn’t exist: makes democracy impossible to sustain.

Muslim culture has none of these things. A system where a woman’s evidence in court is one third of a man’s – and dhimmitude is recognized even if slavery officially isn’t – is unlikely to have these things. And for literacy, free press, or rule of law, see Africa, but doubled.

It is also possible to suggest that without a clear understanding of the logic of natural laws, you can’t have a democracy. The fact that Muslim scholarship specifically rejects natural law on the basis that Allah can cause anything, so there are no ‘natural laws’, means you cannot have these things. The reason the Muslim world lost its scientific supremacy of the 11th and 12th centuries relates specifically to their decision to turn their back on empirical evidence. Without that basic understanding, I do not believe democracy is possible. (In fact that basic approach helps explain why democracy is actually anathema to good Muslims, and why Boko Haram literally means ‘Western education is evil’!)

So the concept that an ‘Arab Spring’ could work in the Middle East is a sad indictment on the Western media and ‘intelligentsia’s’ failed understanding about how democracy works.

In fact the entire deluded Western project of attempting to impose ‘republics’ on tribal societies as part of post-colonialism, is an indictment on the western fantasy that republics are workable, let alone good things.

Let’s face it, no western republic, even in the most educated, literate, and rule of law abiding parts of the Anglosphere, has survived a first century without a collapse and or bloody civil war. The most ‘successful’ Western republics have included the American (see above), French (see above), Weimar (heard of the popularly elected Adolf Hitler?), Italian (50 governments in 50 years), Greek (how’s that brilliant financial planning going?) and Polish (are they on their 3rd, 4th, or 5th?). Those are the good ones. 90% of all republics ever founded in Europe, South America, Asia, Africa, or the Middle East, have collapsed into dictatorship, civil war, mass murder, or ethnic cleansing, within 20 years of being set up.

And that’s what we thought would work in the Middle East?

Nigel Davies, “The ‘Arab Spring’, 1848, and the 30 Years War/s…”, rethinking history, 2015-09-19.

March 25, 2017

How to become public enemy number 1 in Quebec

Filed under: Cancon, Media — Tags: , , , , — Nicholas @ 05:00

Andrew Potter, writing for Maclean’s did much more than just ruffle a few feathers in his March 20th article titled “How a snowstorm exposed Quebec’s real problem: social malaise“:

Major public crises tend to have one of two effects on a society. In the best cases, they serve to reveal the strength of the latent bonds of trust and social solidarity that lie dormant as we hurry about the city in our private bubbles — a reminder of the strength of our institutions and our selves, in the face of infrastructure. Such was the case in New York after 9/11, and across much of the northeast during the great blackout of 2003.

But sometimes the opposite occurs. The slightest bit of stress works its way into the underlying cracks of the body politic, a crisis turns those cracks to fractures, and the very idea of civil society starts to look like a cheapo paint job from a chiseling body shop. Exhibit A: The mass breakdown in the social order that saw 300 cars stranded overnight in the middle of a major Montreal highway during a snowstorm last week.

The fiasco is being portrayed as a political scandal, marked by administrative laziness, weak leadership, and a failure of communication. And while the episode certainly contains plenty of that, what is far more worrisome is the way it reveals the essential malaise eating away at the foundations of Quebec society.

Compared to the rest of the country, Quebec is an almost pathologically alienated and low-trust society, deficient in many of the most basic forms of social capital that other Canadians take for granted. This is at odds with the standard narrative; a big part of Quebec’s self-image — and one of the frequently-cited excuses for why the province ought to separate — is that it is a more communitarian place than the rest of Canada, more committed to the common good and the pursuit of collectivist goals.

But you don’t have to live in a place like Montreal very long to experience the tension between that self-image and the facts on the ground. The absence of solidarity manifests itself in so many different ways that it becomes part of the background hiss of the city.

To start with one glaring example, the police here don’t wear proper uniforms. Since 2014, municipal police across the province have worn pink, yellow, and red clownish camo pants as a protest against provincial pension reforms. They have also plastered their cruisers with stickers demanding “libre nego” — ”free negotiations” — and in many cases the stickers actually cover up the police service logo. The EMS workers have now joined in; nothing says you’re in good hands like being driven to the hospital in an ambulance covered in stickers that read “On Strike.” While this might speak to the limited virtues of collective bargaining, the broader impact on social cohesion and trust in institutions remains corrosive.

We’re talking here about a place where some restaurants offer you two bills: one for if you’re paying cash, and another if you’re paying by a more traceable mechanism. And it’s not just restaurants and the various housing contractors or garage owners who insist on cash — it’s also the family doctor, or the ultrasound clinic.

The backlash to Potter’s article hasn’t yet diminished … he’s had to resign from his position with McGill University as Director of the McGill Institute for the Study of Canada (although he still holds a professorship there), and Maclean’s has made some modifications to the original text of the article in response to the outcry. In the Montreal Gazette, Don Macpherson says the anger isn’t at what Potter wrote, exactly:

Potter’s piece, though not entirely unfounded, is poorly informed and argued, and betrays the authoritative ignorance of an overconfident observer who only recently moved to this place. It is so indefensible that not even he would try to defend any of it less than 24 hours later. (May I never write anything for which I apologize the next day.)

But the vehemence of the reaction to it, and the indifference to Martineau’s similar column, show that Potter’s real crime is not what he wrote; it’s who wrote it, the language in which he wrote it, and for whom he wrote it.

That is, Potter is an anglophone, who wrote in English, for a publication from outside Quebec (whose editors were therefore unable to do their duty to protect their writer from himself by questioning such assertions as the one that restaurants here routinely offer their clients second bills for payment in cash, tax-free).

[…]

Potter is not family, even though he speaks French well enough to have taught at the Université de Montréal. And he would not be, even if he had been born and raised and educated here, and had spent his entire life here.

For to belong to the English-speaking community in Quebec is to be excluded, or to choose to exclude oneself, from the French-speaking one, the true Québécois nation.

And every now and then, it’s useful for everybody to be reminded of that.

February 26, 2017

British History’s Biggest Fibs with Lucy Worsley Episode 3: The Jewel in the Crown

Filed under: Britain, History, India — Tags: , , , , , , — Nicholas @ 02:00

Published on 10 Feb 2017

In the final episode, Lucy debunks the fibs that surround the ‘jewel in the crown’ of the British Empire – India. Travelling to Kolkata, she investigates how the Raj was created following a British government coup in 1858. After snatching control from the discredited East India Company, the new regime presented itself as a new kind of caring, sharing imperialism with Queen Victoria as its maternal Empress.

Tyranny, greed and exploitation were to be things of the past. From the ‘black hole of Calcutta’ to the Indian ‘mutiny’, from East India Company governance to crown rule, and from Queen Victoria to Empress of India, Lucy reveals how this chapter of British history is another carefully edited narrative that’s full of fibs.

February 5, 2017

Being critical of Quebec can be a career-threatening move…

Filed under: Cancon, Media, Politics — Tags: , , , , — Nicholas @ 05:00

…which is why this Washington Post piece by J.J. McCullough is so unexpected:

As Canadian politicians and journalists scramble for tidy, ideologically pleasing narratives in the wake of this week’s senseless slaughter at a Quebec City mosque, one disturbing fact has gone conspicuously unmentioned: A disproportionate share of the country’s massacres occur in the province of Quebec.

I was born in 1984. Since then, Quebec has experienced at least six high-profile episodes of attempted public mass murder.

[…]

Criticism of Quebec, meanwhile, is deeply taboo. In a 2006 essay, Globe and Mail columnist Jan Wong posited a theory that Quebec’s various lone nuts, many of whom were not of pure French-Canadian stock, were predictably alienated from a province that places such a high premium on cultural conformity. She was denounced by a unanimous vote in the Canadian Parliament and sank into a career-ruining depression. The current events magazine Maclean’s ran a cover story in 2010 arguing that Quebec, where old-fashioned mafia collusion between government contractors, unions and politicians is still common, was easily “the most corrupt province in Canada.” That, too, was denounced by a unanimous vote of Parliament.

Privately, English Canadians are far less defensive. They grumble about Quebec’s dark history of anti-Semitism, religious bigotry and pro-fascist sentiment, facts which are rarely included in otherwise self-flagellating official narratives of Canadian history. They complain about the exaggerated deference the province gets from Ottawa as a “distinct society” and “nation-within-a-nation,” and its various French-supremacist language and assimilation laws, which they blame for creating a place that’s inhospitable, arrogant and, yes, noticeably more racist than the Canadian norm. And now, they have good reason to observe that the province seems to produce an awful lot of lunatics prone to public massacres, who often explicitly justify their violence with arguments of dissatisfaction towards Quebec’s unique culture.

The mosque shooting has been quickly politicized by the Canadian left who have seized upon its useful victims to say the sort of things they were going to say anyway: Canada is both a wicked Islamophobic place that must check its various privileges and a multicultural utopia whose pride and empathy for its Muslim community knows no bounds. Rather than drag the entire country along for this tendentious ride, it might be more useful to narrow the focus.

H/T to Kathy Shaidle for the link.

December 2, 2016

India’s bold experiment in self-inflicted economic wounds

Filed under: Economics, Government, India — Tags: , , , — Nicholas @ 02:00

Shikha Dalmia explains why Indian Prime Minister Narendra Modi suddenly decided to kneecap his country’s money supply and cause massive economic disruption:

Modi was elected in a landslide on the slogan of “Minimum Government, Maximum Governance.” He promised to end babu raj — the rule of corrupt, petty bureaucrats who torment ordinary citizens for bribes — and radically transform India’s economy. But rather than tackling government corruption, he has declared war on private citizens holding black money in the name of making all Indians pay their fair share.

Tax scofflaw behavior is indeed a problem in India. But it is almost always a result of tax rates that are way higher than what people think their government is worth. The enlightened response would be to lower these rates and improve governance. Instead, Modi is taking his country down what Nobel-winning political economist F.A. Hayek called the road to serfdom, where every failed round of coercive government intervention simply becomes an excuse for even more draconian rounds — exactly what was happening in pre-liberalized India.

[…]

About 600 million poor and uneducated Indians don’t have bank accounts. Roughly 300 million don’t have official identification. It’s not easy to swap their soon-to-be worthless cash, which is a catastrophe given that they live hand to mouth. It is heartbreaking to see these people lined up in long queues outside post offices and banks, missing days and days of work, pleading for funds from the very bureaucrats from whose clutches Modi had promised to release them.

Modi hatched his scheme in complete secrecy, without consulting his own economic advisers or the Parliament, lest rich hoarders catch wind and ditch their cash holdings for gold and other assets. Hence, he could not order enough new money printed in advance. This is a massive problem given that about 90 percent of India’s economic transactions are in cash. People need to be able to get money from their banks to meet basic needs. But the government has imposed strict limits on how much of their own money people can withdraw from their own accounts.

[…]

This is not boldness, but sheer conceit based on the misguided notion that people have to be accountable to the government, rather than vice versa. Over time, it will undermine the already low confidence of Indians in their institutions. If Modi could unilaterally and so suddenly re-engineer the currency used by 1.1 billion people, what will he do next? This is a recipe for capital flight and economic retrenchment.

The fear and uncertainty that Modi’s move will breed will turn India’s economic clock back to the dark times of pre-liberalized India — not usher in the good times (aache din) that Modi had promised.

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