India Lifts Iron Ore Pellet Export Tax: Yes, India’s Economy Still Needs Deregulating

, Economics

India Lifts Iron Ore Pellet Export Tax: Yes, India’s Economy Still Needs Deregulating

One of the less appealing things that the British left behind in India was the early 20th century idea that a planned economy was better than a free market one. This, allied with the monstrous bureaucracy that has existed for centuries led to the Licence Raj. We can see the genesis in the vaguely socialist thoughts of the Fabians and the like in early 20th century England. People like the Webbs, HG Wells, Shaw and so on. The belief was that a planned economy, with sensible people doing the planning of course, would be more efficient than the chaos and duplicative waste of a free market economy. Such ideas hugely influenced Nehru and many of those who went on to design the economy of the newly independent India.

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