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Americans Distrusting Capitalism!! | Lessons For India?? https://www.youtube.com/watch?v=mEIo91ZHrFU  | Deshbhakt Conversation With Ruchir Sharma   Aug 21, 2024 Ruchir Sharma - What Went Wrong With Capitalism - where he explores why even in the USA...people are getting increasingly disillusioned with how the economy & capitalism. Capitalism should not be pro-business, but pro competittion. https://youtu.be/mEIo91ZHrFU?t=741 Incumbents can manipulate the regulations. The new ones have a problem..  India has  seen a maximum amount of new billionaires in the last few years. 

What went wrong with capitalism?  https://indianexpress.com/article/books-and-literature/what-went-wrong-with-capitalism-ruchir-sharma-book-review-9408451/  Low interest rates became the solution to every problem. Governments found it cheap to borrow. Except for a brief period under Bill Clinton, no government retrenched spending. So debt became a problem. The political choices in the US are tax cut and increased spending (Republicans) or tax and increased spending (Democrats). The Keynesian intuition that government spending should be counter-cyclical was replaced by a philosophy of a ‘permanent stimulus’.Low interest rates became the solution to every problem. Governments found it cheap to borrow. Except for a brief period under Bill Clinton, no government retrenched spending. So debt became a problem. The political choices in the US are tax cut and increased spending (Republicans) or tax and increased spending (Democrats). The Keynesian intuition that government spending should be counter-cyclical was replaced by a philosophy of a ‘permanent stimulus’.

Cheap money created asset bubbles which fuelled deep inequality and capital concentration. Prices were distorted. Finance began to dominate the economy. Finance also distorted the moral compass: the best and brightest, instead of figuring out productivity-enhancing innovations, were now manipulating complex spreadsheets. Meanwhile, all these were being done in the name of the poor.

 https://richmedia.lse.ac.uk/publiclecturesandevents/20240703_1830_WhatWentWrongWithCapitalism.mp3  Sharma says progressive youth are partly right and that capitalism has morphed into “socialism for the very rich.” The broader issue, however, is socialised risk for the poor, the middle class and the rich; government is trying to guarantee that no one ever suffers economic pain by borrowing heavily to prevent recessions, extend recoveries, and generate endless growth. The result is rapidly rising debt and declining competition. 

Bombay High Court orders Maharashtra to establish social media handles to report Manual Scavenging    https://www.barandbench.com/news/bombay-high-court-orders-maharashtra-establish-social-media-handle-reporting-manual-scavenging 

The order was passed on a petition filed by Shramik Janata Sangh, represented by Senior Advocate Gayatri Singh. "The Department of Social Welfare will also create a dedicated email address for each of the District Level Committees and Vigilance Committees. It shall also create a Social Media handle where citizens and non-governmental organisations can report instances of manual scavenging, which the District Level Committee and Vigilance Committee can examine. This will aid the Social Welfare Department in its statutory duty to ensure that manual scavenging does not take place. This is an addition to the duties cast on the officers under the Act of 2013," the Court said in its order passed on August 20.

For full judgement https://images.assettype.com/barandbench/2024-08-22/jtbbwgbo/Shramik_Janata_Sangh_v_State_of_Maharashtra.pdf 

WA Cooment: But, this is the regular practice here to keep the sewage disposal lines flowing. Till a feasible alternative is worked out, the maximum that one can expect is better safety protections for the manual scavengers. Right today, there's apparently none. 

The Big Con There is an entrenched relationship between the consulting industry and the way business and government are managed today which must change.

Mariana Mazzucato and Rosie Collington show that our economies' reliance on companies such as McKinsey, Boston Consulting Group, Bain & Company, PwC, Deloitte, KPMG and EY stunts innovation, obfuscates corporate and political accountability and impedes our collective mission of halting climate breakdown.

The 'Big Con' describes the confidence trick the consulting industry performs in contracts with hollowed-out and risk-averse governments and shareholder value-maximizing firms. It grew from the 1980s and 1990s in the wake of reforms by both the neoliberal right and Third Way progressives, and it thrives on the ills of modern capitalism, from financialization and privatization to the climate crisis. It is possible because of the unique power that big consultancies wield through extensive contracts and networks - as advisors, legitimators and outsourcers - and the illusion that they are objective sources of expertise and capacity. To make matters worse, our best and brightest graduates are often redirected away from public service into consulting. In all these ways, the Big Con weakens our businesses, infantilizes our governments and warps our economies.