Sir,
This is in reference to the article, “Reasons behind scams”, dated Sep 4, 2013.
The author says that India is in a stage of economic transition and scams shall continue till it becomes a mature capitalist economy. If we consider USA, this argument take a different turn. Surely, illegal scams are low in US but wealth is amassed by capitalists by using loopholes in law. The 2008 sub-prime crisis starting with the collapse of Lehman Brothers and other similar financial institutions and banks resulted in economic recession worldwide.
Reaching mature stage of capitalist economy is no guarantee for minimum corruption or zero exploitation.On the one hand, capitalist system inherently erodes morality of people from the upper to lower classes. On the other hand it allows liberal space to express dissent against it under freedom of speech, thus giving an illusion of democratic participation.
Yours etc…..
Tarif Sohail
MA Political Science
JNU, New Delhi
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