All entries for Sunday 24 April 2005

April 24, 2005

Breach of Trust

The Telegraph, 24.04.2005

Dipankar Dasgupta has used an isolated incident to make sweeping generalizations about the market economy. First, a market economy creates a dynamic society in which companies compete to deliver better results. In a free market, a consumer can choose from a wide range of goods and services, and a supplier also endeavours to provide the best at the cheapest possible rates.

Problem may arise in a free market when the regulatory framework is not vigilant enough — there is nothing wrong with the concept per se. Even if we concede Dasgupta’s point about markets breeding corruption, a more relevant criticism could be that in India, it is more expensive to adhere to rules than to break them. Doing business in India is a costly affair, which forces firms to cheat their way out. The real solution lies in making compliance cheaper and evasion expensive.


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