Crony capitalism or plain corruption?

George Santayana said: “Those who cannot remember the past are condemned to repeat it.” Having forgotten the license-permit-quota-raj that enveloped us from 1950 to 1980 and its ‘crony socialism,’ many intellectuals, mediapersons and politicians have now discovered ‘crony capitalism.’ The license raj consisted of stifling controls imposed on prices, production, capacity, investment, imports and exports, capital markets, banking and finance, land, labour. This provided ample opportunities for collusion between a corru

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