Tuesday, February 21, 2012

India & Consequences Of Freer-Than-Free Market Capitalism

India's famed business-process outsourcing industry has expanded beyond call centers and software development to medicine, law, tax preparation, animation, and even music-video production. And, several IT giants have turned the tables on offshoring: No longer are jobs only "Bangalored." Today, Indian companies employ thousands of Americans on U.S. soil.

Thus, 800-900 million Indians live in conditions that most developed-world citizens would consider destitution.

The challenges for this vast, voiceless majority are multidimensional and stark. Discrimination by caste, religion, and gender remains pervasive. Low literacy blocks meaningful social mobility. India's rate of child malnutrition is greater than in any other country in the world. In many communities, the sick and the elderly are left to die for lack of means to support them, and bonded slavery is not unheard of.

The next ten years may hold a lesson for developed countries, as well. With the world's largest democracy in the embrace of a freer-than-free market capitalism, India may prove a bellwether for liberal societies everywhere.


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