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.

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