New Delhi, July 7 -- India is at a crossroads. Both the political Left and Right agree that the economy needs substantial reform, but disagree on the direction. The progressive Left wants more socialism with more liberal democracy; the conservative Right wants more free-market capitalism and seems willing to tolerate curbs on liberty. The Middle seems muddled.
The 20th century was a test of competing economic ideologies-socialism versus capitalism; and competing forms of governance-liberal democracy versus authoritarianism. When the Soviet Union collapsed in 1991, victory was declared for the Washington Consensus of free market capitalism and liberal democracy.
India's reformers adopted the Washington formula in 1991. By and large, they...
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