This may be the only time ever that reading the KZread comment section restores my sanity a bit.

@sadanandapatel6123

4 жыл бұрын

and you also know why Indians don't like intellectuals. No wonder why my India will always be a third world country. All the intellectual individuals are leaving India and finding a country which respects their ideas that's why other countries are developing especially USA. Because most Indians immigrants live in USA.

Such a loss for India he didnt continue his 2nd tenure as the governor of Reserve Bank of India

@sanjayvaidya4925

4 жыл бұрын

So all the scams and loot during his tenure didnt happen? Chutya do some research before exposing your ignorance. If hes such a huge loss to India why is he still here giving gyan instead of raking it in elsewhere?

@dumolollen7676

4 жыл бұрын

@@sanjayvaidya4925 do you know about how economy works , we had been feeling the pinch of inflation before he had become the Governor of RBI after he strict policy towards the inflation we were able to reduce our inflation rates n besides it's wasn't his fault with the regards to corruption you are talking about it. It was more of political nature n by the time the new government had come to our country in 2014 the economy scenario had changed inflation rates had fallen down , crude oil price fell down , the investment in economy had started to come back only because of a single party having the largest majority in the parliament you dum ass if don't how to do research don't comment n beside tum hai chutiya

@cinematicblues

4 жыл бұрын

What does scams have to do with an RBI governor's tasks?

@TheWarLord_

4 жыл бұрын

Big loss, the losers here needs puppets, that's why the Indian economy is in doldrums now!

@combineaso2272

4 жыл бұрын

He is one of the finest Governer of RBI.. LOVE U RAGHURAJAN SIR.

I did read through all the comments. I think most of them miss the mark on what he is trying to explain. He intends to identify the "limitations" with the current systems of markets and democracy (form/system of government). In addition, the main point he communicates is that markets and states/governments (typically democratic) are not only interdependent on each other but also codependent on communities---an aspect that has been largely ignored. Some of the comments here suggests that the markets have abused communities, as this is the very nature of markets. This view addresses the dependence between the three components in isolation. Recall that all the three pillars are dependent on each other. The crux of his work in the book is to maintain a balance between the three pillars, specifically by strengthening the weakest pillar---the community. He provides several ways in which this is possible. The earlier we start, the better.

@MultiSmartass1

4 жыл бұрын

Markets rely on consumers not communities. It is solely a transactional affair. There is no dependence on communities as such when it comes to capitalism just on individuals.

@MultiSmartass1

4 жыл бұрын

Also democracy has nothing to do with capitalism or markets, you can have dictatorships and markets (Chile in the 70s and 80s is an example) and even communist states and markets (China) to some extent. Democracy isn't necessary for markets to exist and thrive

@yviruss1

4 жыл бұрын

@@MultiSmartass1 Perhaps you mean a "direct" dependence? A more nuanced view: consumers comprise of humans; similarly, communities comprise of humans too. Any effect on any human propagates to the communities, sometimes directly and sometimes indirectly.

@machine.g

4 жыл бұрын

Good analysis I think. He also explained how markets and governments ended up strengthening communities during second industrial revolution by providing high school education thus opening up economic opportunities. So it's very superficial to say markets necessarily abuse communities.

@MultiSmartass1

4 жыл бұрын

@@yviruss1 Democracy doesnt really keep markets in check.Governments do that. Also democracy isn't form of government. The US for example is a republic not a democracy.

Not just Rahguram Rajan, Rob Johnson also seemed really smart and concise. Excellent and substantial interview.

My friends and I are immigrants. All of them successful. Educated in our home country with additional education in the USA. We got education which is in demand by industry AND MOVED WHERE JOBS WERE OFFERED. We moved away when the industry changed or collapsed as in Detroit. We paid a price in having to relocate our families. Our children are spread all over hunting for opportunities. This model works well economically but not necessarily on a family level. Capitalism works but has no compassion. If you want to cushion Capitalism you need enlightened Government. Good luck with that.

"It is hard to have a true democracy without free market" - Prof. Raghuraman. (Free of hereditary advantages, religious bias, free of corruption due to lobbying and purchasing of politicians, etc)

Platitudes of established politicians (and their cozy cohort) will not draw us together.

We are a high tech society living on an outdated infrastructure.

One of the smartest people I have ever seen and heard on the subject. Love and respect from Canada and Pakistan.

@knightf8648

4 жыл бұрын

You can either be a Canadian or Pakistani. You can't be both.

@asadfami7623

4 жыл бұрын

Shubham mishra - why? Why can't you be citizen of two countries?

@truetool

4 жыл бұрын

@@asadfami7623 This is a genuine question - do Canada and Pakistan permit dual citizenship? Also, thanks for not being blinded by ultra-nationalistic hatred that many in both India & Pakistan seem to suffer from.

@asadfami7623

4 жыл бұрын

@@truetool - yes. Pakistan and Canada both allow dual citizenship. And thank you for your comment. I love India, Indian food and especially Indian writers. We may have our differences but no need to allow hate to overcome all other possibilities and emotions.

@knightf8648

4 жыл бұрын

@@truetool had it not been for ultra nationalists, post balakot reactions could have been different. We would be condemning pakistan with no avail just like 26/11,when impotents were in power. Look at their inability to do anything regarding Kashmir. This is the fear.

His main point seems to be that the rich can get a good education while the poor often cannot. This is true. But if you're talking about the failures of capitalism this is not the biggest fish to fry. What about the lack of democracy in the workplace? What about the capitalists taking advantage of lower wages in Asia and leaving their American workers in the lurch? What about capitalist-owed automation replacing workers? What about the growing financial sector being a parasite on the economy? What about the tendency of capitalism to cause increased wealth and income inequality? The free market is a system where you vote with dollars and not everyone has the same amount of dollars. Especially in capitalism. If you think education is such a problem, dig a little deeper and ask why is it such a problem? Well, because one party always tries to reduce funding for public education. Which party is that? The one that is supported by rich and big corporations. Big _capitalist_ corporations. If capitalism and the free market want better-educated people, why isn't it happening?

@ReggieMeisler

4 жыл бұрын

Exactly. Education being a problem implies that human labor is a market and if it's a market, that means supply and demand rule, meaning that education is a zero-sum game with diminishing returns. It's so easy to understand this, but it seems that conservatives see the glorious pyramid of human hierarchy and just turn their brain off.

@robertkim3331

4 жыл бұрын

What your saying is not true You have to explain how poor asian kids get into Harvard despite being held to a higher standard You also have to explain why high school education in the US is worse then compared to countries like Nigeria who don't even use half the resources America does in education The answer to why people do well in school is not money or teachers it comes from your mom or dad and the expectations and values they put on you When you talk about sweat shops in China what your saying is not true Do you know how many Chinese have been lifted out of poverty cause of those jobs The middle class in China has been booming that is why there economy has done so well Btw its not the corporations or even businesses fault that students who major in physical education or social degrees don't get jobs that is not even what the market is even asking for

@ReggieMeisler

4 жыл бұрын

@@robertkim3331 Conservative arguments like you are making focus on the miracle of people who are super merited in our system and have just the right opportunities at the right time. The left doesn't care if Mark Zuckerberg exists and maybe was born in Africa. We don't care if it's "possible for some kid to make it". We want to make sure that every kid has some base level human existence regardless of what they do, because humans have inherent worth.

@SolidAir54321

4 жыл бұрын

@@robertkim3331 "When you talk about sweat shops in China what your saying is not true Do you know how many Chinese have been lifted out of poverty cause of those jobs The middle class in China has been booming that is why there economy has done so well" I'm not sure who you are replying to. I said nothing about sweat shops in China. I think it's good that poor and middle class of China are doing better. But that doesn't negate the fact that among Americans, the few rich elite have made out fabulously well by taking advantage of cheap labor overseas while workers in the U.S. suffered the costs. This globalization didn't happen because Americans weren't educated enough and Chinese labor was. It happened only because Chinese labor was cheaper and the capitalists could make a bigger profit.

@SolidAir54321

4 жыл бұрын

​@popseed2 And another thing to note perhaps related to what you said, there is no overall plan in capitalism. Individual companies are free to do whatever they want. In the U.S., capitalism hates central planning and sees it as an affront to freedom. (Though central planning _within_ a company is essential. Go figure.) This may be how China will eventually come out on top. They can have a plan.

His opening premise and framing about capitalism and democracy in the U.S. is evidence in substantial gaps in his understanding of history and contemporary data.

Professor RAJAN has always given a very very vivid way of doing things (or say developing economies) and with very strong evidences and facts. His views are largely accepted by intellectuals and even those who disagree, love to argue with him in a very conservative manner (discussions). Thanks for all the hardwork you do in researchs. 🙌🏻🙌🏻

@srikumarmondal3294

8 ай бұрын

🤣🤣 Really 😝

"If we have system that works let's figure out why it is failing us." 🤯

@admiralgeneralaladeen4589

4 жыл бұрын

Well, clearly that system is not working then

@spewter

4 жыл бұрын

We all know that it's completely Aladeen!

Just one word : BRILLIANT (Both Raghuram & Rob ) 👍👌💐

No one understands the need for education better than the 1 percent and the upper middle class. They ALWAYS do their best to keep working class people out of education. The problem that never seems to be addressed is what to do about those who don't want or, for whatever reason, can't do school in the way it is taught. We assume competition is a necessary element of education and that testing should be conducted in an assembly line approach; one batch of students each year. Never mind the idea that the sole purpose of education seems to be to train people to serve the economy.

Spellbound Star. 🌟🍷🌟🍷🍷... Sharad Pandey

Great talk. In my opinion, no state policy or government intervention can ultimately make up for having good parents that try their best to set you up for success in life.

@SIMKINETICS

2 жыл бұрын

Yes! In my 73 years of observing my fellow humans, I've noticed how important parenting skills are to the legacy of children. People who are ill-prepared for success raise children who generally follow suit. I noticed this from an early age, and vowed to be a better parent than my parents; this resulted in my children being more successful than I was, though I was fairly successful. They're better educated and more disciplined than I was. I've been rich, and I've been poor, so have lived in both types of communities. Seeing how people live & raise children in such different communities has only reinforced my observations about the need to transcend.

The thing is, the market economy legitimizes assets (skills, resources) that some communities don't inherently have. The key would be to understand how can the differences in social, economical and cultural capitals be seen as an asset rather than a source of marginalization from the market economy?

@benjaminhenderson7059

4 жыл бұрын

How exactly are skills and resources illigitimate when considered from a different perspective? The market economy completely ignores the spectrum of human needs outside of how it can generate money. If anything is illigitimate it is market economics. Thats why it can never predict the crashes in itself.

One thing is clear, someone so aligned with the "system that has served us so well" does not have answers that will benefit the 99%. He may have genuine motives, but his opening statements that he wants to keep the system, while moments later saying the same system has failed, show that he isn't facing the real issues nor how the system has shifted compared to the 50's and 60's. (I'm not pitching to return to there...)

@ayandas874

4 жыл бұрын

He was responsible for a period of huge economic growth in India as a reserve bank governor. So he has results behind him and not just talk.

@FrancoB411

4 жыл бұрын

By that logic, when your car breaks down, you'd throw it away and buy a new one site unseen rather than just changing the broken part right? Your premise flies in the face of facts: Whether you are looking at life opportunities: en.wikipedia.org/wiki/Where-to-be-born_Index Or just human development: en.wikipedia.org/wiki/List_of_countries_by_Human_Development_Index The highest ranking countries by the vast majority of available measures are capitalist free markets. There is no historical precedence under any other kind of system in human history for this kind of human flourishing. Based on the known alternatives, trying to fix a system that's been shown to work might not be such a crazy idea.

@redrockcrf4663

4 жыл бұрын

@@ayandas874 : Not saying he is a bad guy. But this is about change and he saying the system has "worked so well" for everyone. Well it wouldn't need change then, would it. And that is my main point, in the corporate world you don't bring in someone just like the previous guy if you want change - the need is for an actual change-agent, and someone who thinks are generally alright cannot be a change agent. Perhaps he is better off helping in other roles, that's all.

@redrockcrf4663

4 жыл бұрын

@King Wiwuz IV : We find someone who has a vision for change, recognising the system hasn't been that great for many people, and recognising how power and wealth are concentrating in the hands of very few. I'm not saying at all that he is a bad dude or doesn't have good ideas, just he is wedded to the system too muich based on his opening remarks

@yviruss1

4 жыл бұрын

@@FrancoB411 It is you who actually nailed it in the head, which is quite contrary to a similar comment earlier in this sub-thread.

Very interesting conversation 👍🏼

A brilliant mind!

He is one of the best as an economist. I have heard about him.

@gorgeous797

4 жыл бұрын

Heard ? He was our RBI governor ...

For me he's really the great economist

@abhia1311

4 жыл бұрын

It may come as a suprise. He isn't even an economist

@frankiedonnemarbaniang6492

4 жыл бұрын

@@abhia1311 sorry my had but I assume him to be a great economist not from his pursuing in his line of study but his view on knowledge n his field of work he's much more than any economist I've ever heard n listen to that's he has once been chosen as a economic advisor

@abhia1311

4 жыл бұрын

@@frankiedonnemarbaniang6492 apart from the fact that his governorship of reserve Bank of India caused great harm to small scale industries with his sky high interest rates, his tenure saw record high NPA loans for the banks. he didn't do anything to save the economy except be a eye candy for all high society ladies who wrote columns in English magazines for upper rich class people.. His only achievement is predicting the 2008 collapse which plenty of others did too.. including comedians like Jimmy Dore who said housing loan market is gonna collapse. Plain commonsense... Look at what he is saying right now in this video. To say obvious fact that "collapse in economy causes social unrest and you need high quality education in modern era to get jobs" , he uses lengthy devious perpendicular pronouns, circular sentences and what have you, to say the obvious conclusion. Sorry. For me he is that one intellectual yet idiot of Nassim Taleb, who gives talks, but did nothing to improve economy when he actually had the power as governor of reserve Bank in India.

@truetool

4 жыл бұрын

@@abhia1311 Stop lying. What caused irrepairable harm to small scale industries was Modi's demonetisation and his disastrous implementation of the GST. It was Rajan who initiated a stricter regime for the recognition of the NPAs, which helped avoid a full blown financial crisis. It was during his tenure that inflation really stabilised and the economy had a modicum of stability. Now that he is gone and we have an idiot as FM and a stooge as the RBI Governor, it's no surprise that the economy is in a free fall. Sadly, bhakts are so deluded they won't see it coming until everything is ruined.

@abhia1311

4 жыл бұрын

@@truetool fuck off with your fake theories. Demo and Nirmala are final nut and bolt in coffin. Bad policy started off much earlier which was not corrected but aggrievated. Now before you label others.. just take time to listen to this so called economist turned finance guy, to say the obvious truths of life he talks round in circles. Charlatan

He is actually right free education for all and equal right for all human

@srikumarmondal3294

8 ай бұрын

Through free market mechanism 😂😂

skills at legendary level ... 100%

In a recent job advertisement, a prominent Indian company in contract with Indian Railways (which is largest employer in world) asked candidates to apply for 3 positions like store manager etc. The condition was that the person should be from a particular caste and male with "good" family background.

@hareeshscifi13

4 жыл бұрын

Can you send me the source? Or name of the company. I am curious.

@Sagar-wn1po

4 жыл бұрын

@@hareeshscifi13 i saw it myself. Here is online report on it. www.google.com/amp/s/www.indiatoday.in/amp/india/story/private-contractor-caste-ad-indian-railways-1616659-2019-11-07

@JV-tw6lt

Жыл бұрын

Can you provide some evidence for your claim?? Otherwise delete your comment. You could be a Pakistani terrorist trained to post anti India shyt on social media.

Its advised to be in the market and work with the communities...not worry about the state though

A person's birthright is not the results of chance, it is the results of CAUSALITY. You exist as you are as a direct result of the countless choices your ancestors made, therefore you justly deserve your birthright. That being your innate talents, your personal achievements and your family inheritance. A poor person in India could have been born here in the United States, had their parents moved here before they had a child. Take that back as many generations as you like. It still holds true. Recipients of affirmative are not entitled to the benefits they receive. The outcomes do not reflect the decisions made by their ancestors.

Great talk... truth spoken!

@notknown234

4 жыл бұрын

yeah he speaks the truth but after investigation by government , it was found this ashole was making the worst policies one of which was having loan interest rates set at around 11-12% which was outrageous but because of his position he was never questioned and all while accepting bribes , in the end he was pushed to the corner by a real economist, he was lucky to be just asked to resign and not be questioned because of his reputation and not to cause any waves

Platitudes are all this guy has.

The loss of unions has been catastrophic. No other single factor has affected the economy and the 99% more than the loss of collective bargaining.

@InterstellarRanger

4 жыл бұрын

All that unions are a zero sum equation in the end no one wins.. That horse has been dead long time ago.

@YashKansalx

4 жыл бұрын

leafonabreeze so true

@ellinmara5997

3 жыл бұрын

@@InterstellarRanger I have to vehemently disagree. Maybe if the unions are organized badly, yes, but I am extremely glad that we have unions in my country. I only wish they were even stronger. I benefit from them every single day.

This guy is talented and so awesome.

@srikumarmondal3294

8 ай бұрын

Aww little fan boy 🤣🤣

The flaw wth both conservatism and markets is that markets are seen as infallible. Market failure does not indicate failure of the market, but of individual, state or community. But the beleif in market infallibility is implicated with inevitability. Markets are seen to have “worked” because market society is juxtaposed with totalitarianism, not exactly a high bar to surpass. And what would be egregious enough invalidate markets? What about gross systematic pricing failure directing productive resources into short term consumption that fosters long-term reliance on energy that is finite and whose waste emissions are terminal for civilization and brings extinction to most organisms on the planet? Markets haven’t worked, they are leading to mass extinction and guaranteed catastrophic harm and suffering to the majority of the species, for the short term consumption of a privileged cohort of a single generation. In my back-of-the-envelope calculation on the relative success of an institutional arrangement, causing the ‘end of the world’ is a clear indicator of unbridled failure.

Take architecture - in the past, a few will become architects in its true potential while many will spent years drafting. But now, we have technologies that speed up this process - yet, our educational and industry still treat our workers like a machine. In some sense - we need our institutions and industries to adopt newer models that take into account the new realities where technology can speed up the processes. In this regards, we need to re-think education - i would for instance focus on mental health, or some spirituality, plus teach individuals about coding, technologies, finances, and provide them with a sense of belonging, both on a local level and more universe levels. Imo, The issue is not capitalism but the root institutions need significant updating to address new realities. The good news is that we have blockchain, and already well designed curriculums that can be scales for different regions/cultures. Though, i am uncertain if we have a consensus.

Brilliant interview. Excellent exchange of ideas....

I think the problem is that the answer to economic ills in the past few decades is to increasingly privatize everything. We need a mixed economy so that we do not depend on the "hidden hand" of the market all the time. People may be consumers and capitalists; sure, but people also are social creatures that deserve a minimum well-being. Unfortunately, we are heading into a future that is increasingly dystopian in nature whereby wealth determines anything and everything.

Seems Raghuram Rajan could be Yang Gang. UBI and other of Yang policies would directly put resources into communities' hands so they can come together to create new solutions and develop based on their wants and needs.

That had always been the case.

Add to that lousy University education as well. Universities in India are no good until unless the student himself is willing to make necessary pushes and take the pain of self learning.

Isn't this the same school that Milton Friedman taught at??

@KenBowd

4 жыл бұрын

Funny you should say that. As I skimmed through the comments I thought of Friedman and the "Chicago Boys". The Chicago School of Economics managed to alienate South America against the USA as they tested economic theories on small nations, theories which are now failing at the global level. Details ignored, globalism is a return to monarchies but without the fanfares. The title caught my attention but was not related to the topic discussed, a lure to reprogram a mind. The title was the essay I sought: HEREDITARY - billions of dollars passed on to another generation to build on. MERITOCRACY - the only credentials required is wealth. Ken Bowd Canada

@anantsharma7955

3 жыл бұрын

@@KenBowd very insightful. Thank you. From India

Unequal Promise. Should be the next one

Quality free education for everyone around the world needs to be a basic right. We need global STEM education boards.

He’s in 19th century. Primary education is now KZread Kids. We no more need formal education as we grow. The Internet is changing consciousness and hence how we will get educated in present and future.

I know many families whose children had very different outcomes. I don't know anybody whose fate was changed by the quality of their education.

@rachnajhala1433

4 жыл бұрын

David Jacobson if your education leads to the Oxbridge and Ivy leagues in courses that funnel into the rarified Tech-Finance and associated industries you can expect an entry level salary and bonuses those outside this bubble can spend a working life time cobbling together. A DNA lottery at birth is among the few routes to social mobility available to those not born to wealth.

Primary education is the key!

@ShivamPatil-zg5ck

4 жыл бұрын

Not just primary education but whole education, what will you be if you have just primary education

@lalitharavindran

4 жыл бұрын

shivam more without a solid foundation, you cannot built anything on it. Also, the higher you go, the older you are, one learns by ourselves rather than be taught. I’ve recruited from elite colleges, with masters degrees and many have poor basics in terms of language, ability to analyze and express, observe and draw a studied analysis etc.

Agreed a great but flawed mind

“…we have tried a lot of the alternatives” 😂 Give me a break!

How does a $300 court fine punish a single mom working at family dollar vs a billionaire?

Hamare desh me hi aisa hota hai Jo jiyada janta hai usko pad se hata diya jata hai manmohansinhji ke bad ye pahle governor the Jo exonomics ke bare me jiyada jante the

He is the ex governor of the central bank of India. (RBI)

@MusiQ8dict

4 жыл бұрын

The government fucked RBI and our economy. He said against it and now andhbhakt chutiye call him anti national

Oh yes, capitalism is worse, that is why I am going to take resources from the productive and pass it through a bureaucratic fine sieve so that breadcrumbs can go to the poor. Also, democracy is an ethics I follow, and not non-extortion by mafia agents, whom I glorify in movies and real life. Also, I am definitely not corrupt, and I will never skim money from what I had no contribution into, and I will definitely not acknowledge the massive generational quality of life improvement caused by capitalism unlike any other system in existences. I am not corrupt, everybody else is. Leaving aside the sarcasm, Raghuram Rajan is partially responsible for a time of incredible growth in the Indian economy during his stint as Reserve Bank of India governor, and has been instrumental in decreasing poverty in India.

@dramese

4 жыл бұрын

AYAN DAS as you have mentioned, isn't he has been some way an architect of the system, so if say something is wrong it, we better listen 👂

Liked at the moment he said "if we have a system that works, let's figure out why it's failing and repair it."

He is just another Chicago's boy.

I have heard there is 50% Affirmative actions that makes merit ppl lifes hard in India. Does he support Merit or unequal opportunities.

@randomrandom316

4 жыл бұрын

He will talk about merit all over the world even in India but when it comes to this specific affirmative action (which has been over-reaching to the extent of becoming undemocratic in its essence), he will support the affirmative action. Just to let you know since you seem interested in this topic, in several states and exams/promotions(yes even promotions in public entities) the percentage of reservation is often far above 50% and in general no less than 60%.

@randomrandom316

4 жыл бұрын

@prahlad kumar rai Under perform in what aspect? Which is this mystical place where the affirmative action has not been in effect ? Google what merit is, you don't need to ask others. The affirmative actions were supposed to be for a ten year period and not supposed to exceed 50% in total but hasn't it far exceeded that limit in most states? Nowadays we have reservations and scholarships for people who have converted from Hinduism(mostly for Dalits) to Islam or Christianity. This is what affirmative action means in todays context if you still feel like defending it go ahead, I have nothing to say here.

@Ak-yg7mi

4 жыл бұрын

70-80% in many states. This had reduced performance of Government controlled institutions and Public sector companies. In many exams people getting 85-90% denied the opportunity and people with 40-45% gets the Job. Then SJWs cry that why private companies r performing better

@Ak-yg7mi

4 жыл бұрын

prahlad kumar rai truth is bitter?? Reservation is nothing but vote bank politics. U may cry for reservation in politics to get diverse representation in Parliament, but when it comes to doctors, engineers, professors *you need best of available to get better results* /productivity /Quality

@Ak-yg7mi

4 жыл бұрын

Socialism and left oriented politics ruined and loterally bankrupted India till 1991. compare failure of capitalism with failures of Socialism

yeah they left us behind...until they wanted us to pay for the crash

He sounds a bit like Carl Sagan

This guy and Warren, they want to fix capitalism.

Corruption and bureaucracy has and will continue to keep India a developing country for centuries. Only when money becomes secondary to talent and intelligence will India start its path towards becoming a powerhouse like China and Japan did.

I just want to clarify here that this talk is about extent of meritocracy Market could lead, thus this is for America or Europe, not for Indians because India is still socialistic bureaucratic society and highly corrupt economy (most of money is flowing through corrupt hands and ordinary people can't penetrate it.) इसलिए हे भारतवासियों , झगड़ा बंद करो।

Gout infested fingers ? or arthritic Indian economy details being discussed

After the end of War of Empires part 2 gave rise to Revolution or call to end of the old world order that caused the War of Both Empires the World is divided between the Old Imperial powers vs the New Socialist School of the proletariat. In order to compete against the New kid on the block the Old Empire and Imperialist had no choice but to adopt more of the competitor's Socialist Model. The progress of so called Capitalism was actually Forced Competition from a Rival that initially Rise much faster. The Soviet Union's collapse is the result of failing to learn What works in the Capitalist system while the Capitalist system under threat learned What works in the Socialist system. Clinton famously says Time has arrived for the US to care of itself instead of sharing with the World. Its been America First since Clinton as Soviet Union disintegrates and US took over the New Russia. Today with China's rise the US Govt having been so dominant in the past forgot how to Compete anymore because as they have sold off all their Industrial capacity and might. Plus waging class wars incessantly so successfully for over 40 years destroying its labor unions what the US Govt has left is Instruments of violence and printing USD capability. The propaganda war worked against the Soviet Union because it was able to demonstrably gave everyone a better life. The Upward social mobility stopped and declined drastically because the Elites gave in to Indulgence and extravagance and let Wall Street takeover returning to the Old World Order of Oligarchy, Die Hard Imperialism, Racism and Militarism. There is no Vision of Future of Humanity and instead Only Capitalism cover where Only Money, Power and Influence matters. What Community? What Ethics? What principles? What fair play? Winner takes all as if the World is a Casino and the House always Wins.

Didn't Chelsea Clinton immediately leave Stanford University and get a job at NBC paying $600k a year?

This why we need to people to pay a 50 % estate tax.

@bunnystrasse

4 жыл бұрын

The asiatic Lion they will just decamp to another country

Yes! On some level he gets it but he talks about a caste system like that's what America's problem is. America's issue is white flight in 1990s resulting in a way to make suburban schools different from urban schools. The rise of charter and homeschooling changed what America's children learned overall. So getting into a good school is a marketing game from kindergarten to Harvard, much like the public schools to prison pipelines. It used to be anyone (or anyone middle class) could get a public school education and go to a relatively good college. They screwed this up in the 1990s and it's never been properly addressed or fixed.

If u r frm upper.middle class or rich class u can study in good school, if u study in good school u can study in good University or institute cuz u have money so u afford it, if u study in University n institute u get direct job opportunity, so u get that's how rich are getting richer n poor are forced to remain in the level they are in study in any school graduate in any college expecting to get job and then reality strikes and u realize jobs r only for financially better families not u 😂 capitalism and communism both are designed to fool the financially weak and to control them in order to keep themselves, the rich in power

2:25 what is capitalism

When are we gonna start seeing democracy work? work for peace, for the economy, to dealing efficiently with pandemics, against poverty, racism, etc. when is democracy gonna start delivering its promises? See what happened when sharia was implemented under prophet Muhammad and subsequent khalifates. Sharia is the only anmswer.

This man is way too intelligent for the average Indian to understand him.

Talks more like a politician. Virtue signalling is his core skill. He is what Thomas Sowell would called an 'intellectual' - a person whose ultimate output is ideas and they don't need to face the test of reality to prove any inherent merit. Full of platitudes, truisms, pleasant sounding nothings and superficiality - made for media, speaking gigs and selling books.

@ambeshpratik8032

4 жыл бұрын

The climate change denying Sowell is no better example of who Sowell describe as intellectual. Deny reality at the face of it because it doesn't work well with your idea.

@pings007

4 жыл бұрын

@@shrisub881 are you the result of the italian egg in lutyens?

Luck is not merit.

I think part of the reason your community determines your outcome in life has to do with genetics than your actual environment. Most of our qualities are strongly genetically influenced, like intelligence and conscientiousness/laziness. It's a nice thought that everyone can become successful, and I believe it's still true in this country, provided you have the genetic qualities for it. But if not, there isn't a single 'system' out there that can help you. I feel this is something not many people want to talk about, because it's too hard to bear...

@sid6576

4 жыл бұрын

stfu go back to watching jordan peterson lectures

@rcc8506

4 жыл бұрын

Very much possible, although in today's world the very thought will be shunned as racist.

@YouBetterThink

4 жыл бұрын

@@sid6576 Oh sorry sid, I didn't mean to upset you. Be easy on yourself ok, it's not your fault your life is tough

@mountainman6172

4 жыл бұрын

Ladies & Gents, I believe we've found that pseudoscience professor in Phrenology. Never get bored of eugenics.

An intelligent man. And like many like him, undeserved by India.

“Unequal Promise” is more prevalent now than ever before! Capitalism is failing us here! Some profound thinking on “Free Markets”

We need resource based economy... check the venus project...

I don't understand; is this guy suggesting that there was greater social mobility in the past? Outside of a small blip during the forties and the fifties (post war, GI bill, etc), that never really seemed to be the case.

@DipayanPyne94

11 ай бұрын

Yes there was. Everything has changed since Reagan and Thatcher.

His knowledge is that of an operator not the operation.

@pankajuchiha9232

4 жыл бұрын

so who has knowledge of operation ?

He clearly explains how the "Brahminism System" conquer the system and then talking in terms of Equity. In India, our forefathers in the form of Constitution have enabled provisions but subsequent government not able to implement social justice in true form

@vkchaitanya2003

4 жыл бұрын

TARANG BHARTI what do you define social justice? We will need to define success to make sure we achieve the goal, and it should also be time bound

@tarangbharti07

4 жыл бұрын

@@vkchaitanya2003 where there will be less inequality in whatever form and people are confident that they can achieve anything. Happiness and Success not depend upon Birth Privileges and more apt Cultural Revolution for equality

''The promise of capitalism was equal opportunity to all.'' Capitalism held no such promise but snake oil merchants would like us to believe that.

Are you a Mad Hatter

Isn't "Hereditary Meritocracy" an oxymoron?

@VarunBandha

4 жыл бұрын

It appears that way but what it means is that there is meritocracy, only in limited section of society which is well of. Your birth determines if you can even compete, If you're born in poor family, you're not given a chance to compete. Even after that the competition is stiff.

@gethteddy

4 жыл бұрын

It should be, but it isn't at the moment

DENIAL : don’t.even.know.I.am.lying. There is no such thing as “free markets”.

Phone Call at 1600 horra

If have some issues,Why you not say anything or any step while you are in position ? People support you but nobody want to become a face of people and youth.

Given the extent of the damage that the Chicago school has done to, not only economics but the world at large, I find it hard to believe that this gentleman is identifying the problems with our current system correctly. What should we do? Well we know that conventional monetary policy is ineffective. We know that the centralisation of regulatory powers and monetary policy making in non democratic institutions has been a disaster; and we know that large profit seeking institutions cannot be trusted to efficiently distribute new capital into the real economy. So we need to decentralize the creation of capital and bring the central banks back under political control or replace them with a democratically accountable equivalent.

He is so intelligent...He is supporting Gandhi Clans?

meritocracy aka eugenics - visious circle :)

Hereditary Meritocracy is an oxymoron. Nepotism, e.g. hereditary, is antithetical to a true meritocracy.

@DipayanPyne94

11 ай бұрын

Yup.

Meritocracy is basically another form of aristocracy. It creates a trained, effective elite but does nothing for the masses. That's how it was designed and works.

Society requires democracy and democracy requires capitalism. Yeah Right! Talk to the Chinese. Lots of bunk here.

@Peesashit284

4 жыл бұрын

If you look at the Chinese economy it is largely capitalistic with strong Government influence. It IS CAPITALISTIC but just not how most people understand it.

@charlesbeaudry3263

4 жыл бұрын

@@Peesashit284. Agreed but it is wrong to say that China is not socialist. Even the Nazi's were socialists (i.e. National Socialism, get it?). Capitalism is only about private ownership of capital, not about the relationship between people and the state. We love capitalism because it is an efficient way to allocate risk capital and reduces the need for central planning. However all this breaks down when capitalism is left to itself because it always, always leads to oligopolies and then monopolies who then commandeer the tools of state for their own purposes, to the detriment of society at large. Meanwhile you always have a strong cotre of beneficiaries, particularly in media (just watch CNN, MSNBC, Fox, even PBS, and dont forget the print media WAPO nd NYT, etc) that benefit from the status quo and obviously think all is well until it comes crashing down and then scream that nobody could predict the crisis. It is all very sick. Only a Progressive Agenda can even start to solve the problems we face. Don't get me wrong, I hate armchair socialists and their ideologues. They are capable of great harm too but right now there is nobody and nothing on the right that can even talk to the problems we face.

@Peesashit284

4 жыл бұрын

I never said China is not socialisitic(though communistic is the more accurate terms.) Look at the make up of Baidu. Heres a link finance.yahoo.com/quote/BIDU/holders. It is not a state owened enterprise. SINOPEC is jointly owned by state and public. Huwaiee is privately owned. Thats the point I was trying to make ownership of chinese companies is not purely capitalistic. It is sort of hybrid. India has somewhat similar in that. To your point about the consequences of capitalism I completely agree.

@chanagamvariravunni9292

4 жыл бұрын

@@Peesashit284 Any company that has more than 50 employees in China is required by law to have representatives of the CCP. Many top level executives of major companies are from the CCP. Dont sell nonsense here.

@Peesashit284

4 жыл бұрын

@@chanagamvariravunni9292 Really civilized tone you got their man.Sure they do have CCP reps in their companies, I never denied that, but that doesn't mean their entire company is run by the party. Can you provide evidence for your claims that CCP sends their officials as top-level executives to major companies? Define MANY. There is a LOT of companies in China so you better have evidence. (I am not Chinese.) Based on your name I can tell you're from India, if you're mad about the comparison I made between India and China, it was in the context of the ownership of some companies, not in the makeup of the economy or the social/political structure.

The China model is the way forward. Meritocratic in political sense,underpinned by democratic centralism and a "planned" economic model. Economic modes of production have historically evolved by force or otherwise. Feudalism superseded slave society as did capitalism from feudalism. The next step is,or what could be likened to socialism. Capitalism has ran its course. We have had 400 year's of it and people are still starving to death globally.

Knuckle knock disease

Nepotism and money operating in a way that they supersede Merit is the reason why even best of policies fail. This also includes caste and race politics, especially for India. For example, there are no government positions anymore for PhD holders in India and whatever is available goes to people who have contacts, references, and money to buy those positions. At this rate, a businessman who believes that education will help his child secure a good government position and contribute towards policy making and nation building is highly mistaken. Thats the end of Capitalism too. Because, Hey Tom, Dick and Harries of the world - Money ain't enough to build a great country.

@umadeysarkar

4 жыл бұрын

I agree with your point that nepotism and money often supersede merit in India though I can't quote any study which has systematically seen that vis-a-vis policy performance. However, if anything that data proves, caste reservation has got hardly anything to do with it. Yes we have reservations but it looks like upper caste's greater social capital helps them enter the hallowed Halls of bureaucracy and our ivory towers. I am doing my PhD and I have seen positions come out for all categories and surprisingly, only for the reserved candidates they always write 'not found suitable'. I would like you to check this article out :) indianexpress.com/article/education/reservation-candidates-are-under-represented-in-govts-upper-rungs-5540310/

Except the systems not working. It’s foundationally wrong. It’s only working for those who are privileged which doesn’t point to something that can be fixed on the outer periphery. He’s to much of a technocrat

How can a system predicated on profit and accumulation ever hold a promise that is rooted in egalitarianism and human rights? I appreciated the interview but the very ontological premise is flawed... Capitalism grew out of historical hoarding of agricultural produce, raw goods, and land in various communities predating nation states. As a system it has always kept producing a small percentage of haves at the expense of a lot of havenots, spawning myriad social inequalities for hundreds of years that keep persisting. I am not against rajan's call for states and markets to care more but it feels little like trying to figure out how to save capitalism while the rest of us are trying to figure out how to handle the coming storms without any misconceptions as to who states and markets ultimately give a crap about. Piling it a little high and deep there my brother...

Why has he even been interviewed here?

@xxcrysad3000xx

4 жыл бұрын

I'm not hearing anything objectionable. What's the disagreement?

@thivyaprasad1414

4 жыл бұрын

Cool with your insecurities bruh.

WE LOST RAJAN TO THE WEST... from another indian.

@ayonbiswas4186

4 жыл бұрын

Because of some power-hungry Indians!!

propaganda. there are more people than jobs, it doesn't matter how educated you are, but how educated you are compared to others. the market will always choose the top n% skilled workers it needs and let the rest starve, educating everyone isn't a solution.

Ironically... he left India.

What a word salad. Essential message is small. Way more comprehensive is Future of Capitalism by Paul Collier, which comes recommended by Bill Gates.

Watching this is a waste of time because the system is not failing,is how the system is supposed to work; NEOLIBERALISM

@DipayanPyne94

11 ай бұрын

Yup.