Thomas DiLorenzo,

The Problem With Socialism


India’s Failed Socialist Experiment

India was once one of the  wealthiest countries on earth. Its  textile industry was the envy of  the world; it had sophisticated  financial markets, many talented  entrepreneurs, millions of acres of  fertile farmland, and plenty of  extravagant wealth. . . .  Unfortunately, in rebellion against  the traditions of its “capitalist-  imperialist” masters … it adopted  a homegrown version of Soviet-  style central economic planning.  Under Prime Minister Nehru …  India adopted a series of “Five-  Year Plans” modeled after the  notoriously failed Soviet Five-  Year Plans. … It was no more  successful in India than it was in  the Soviet Union as India, after  independence, became  synonymous with “poverty.” In  the 1980s, Indian Prime Minister  Rajiv Gandhi essentially gave up  on socialism and cut taxes and  deregulated and privatized  industries. The result was that  India’s economy finally became  revitalized and started to  create wider prosperity.

Read full article

You May Also Like:

Hillsdale College History Prof. Burton Folsom: What The Invention of the Airplane Teaches About Free Markets

Capitalism: The Engine Of Human Progress Gary Wolfram, A Capitalist Manifesto

The Birth of Liberal Fascism Jonah Goldberg, Liberal Fascism: The Secret History of the American Left

The Gold Standard: How Britain Made Itself — And The World — Rich Nathan Lewis, Gold: The Once and Future Money

The Gold Standard: How Britain Made Itself — And The World — Rich Nathan Lewis, Gold: The Once and Future Money

The Industrial Revolution: How the West Eclipsed Asia Niall Ferguson, Civilization: The West and the Rest

Colonial Markets Helped To Undermine Slavery Walter Williams, Race and Economics: How Much Can Be Blamed on Discrimination? 

When “Globalization” Really Began William Bernstein, A Splendid Exchange: How Trade Shaped the World

Scandinavian Unexceptionalism Nima Sanandaji, Scandinavian Unexceptonalism: Culture, Markets and the Failure of Third-way Socialism

Free Trade: The Path to Peace

For More go to the In Search of History Archive Page >>>

Search



Bookshelf



Some titles recent, all recommended -

Special Video Feature



Voices From The 2017 International Students For Liberty Conference

In Search Of History

Hillsdale College History Prof. Burton Folsom: What The Invention of the Airplane Teaches About Free Markets

The behind-the-scenes story of the airplane demonstrates how private enterprise is needed for innovation and economic growth— and that government subsidies usually fail.

Shadow Stats Snapshot


ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    BLS: 4.7%
    Shadow Stats: 22.7%
  • Inflation:
    January Year-to-Year: 2.50% (CPI-U*)
    Shadow Stats: 10.3%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]