From “Local Memoirs of a Global Manager” by Gurcharan Das

“I have lost the towering confidence of my youth, when I believed that socialism could wipe away poverty. The problem of socialism is one of performance, not vision. If it worked, we would all be socialist. Ironically, the legacy of the collectivist bias in Indian thinking has been the perpetuation of poverty. We created an over regulated private sector and an inefficient public sector. We did not allow the economy to grow and produce the surplus that might have paid for direct poverty programs. We created an exploitative bureaucracy that fed on itself. Today, happily, we are righting the balance by liberalizing the economy, reducing state control, and restoring legitimacy of the market.”

G. Das is a University of Harvard graduate and former CEO of Vick-Procter and Gamble in India and Managing Director, Procter & Gamble Worldwide (Strategic Planning)

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