Is your country developed/have potential to be developed in next 50 years?

[Shajida Khan]

I don't understand. India is not that bad, despite was a socialist country, but business was still allowed, isn't? And some people get extremely rich from it.

Unlike communist country where there's zero private business like those in USSR, Mao's China and North Korea.

India was and is a mixed economy. It was just that we never had a wild wild west kind of capitalism that USA had. We started with a big population and very small economy. We never let boom in market driven economy. Our government initially was more worried about equality and less about growing. Unfortunately its naive to think that the country will become prosperous and/or equal. Doesn't work that way. Country became poor and unequal. Being prosperous and unequal seems like a more practical step in the direction of becoming prosperous and equal.

 

[Menthol]

India was and is a mixed economy. It was just that we never had a wild wild west kind of capitalism that USA had. We started with a big population and very small economy. We never let boom in market driven economy. Our government initially was more worried about equality and less about growing. Unfortunately its naive to think that the country will become prosperous and/or equal. Doesn't work that way. Country became poor and unequal. Being prosperous and unequal seems like a more practical step in the direction of becoming prosperous and equal.

I guess by reading your comment I already have an image of India economy pre-1990.

I guess it's like Indonesia as well as China today. Private sector is allowed to prosper, but most of important economy sector owned by the government. Like bank, mining, telecommunication, electricity, water, etc.

I don't see any reason why India economy during socialist era lack behind.

 

[Shajida Khan]

I guess by reading your comment I already have an image of India economy pre-1990.

I guess it's like Indonesia as well as China today. Private sector is allowed to prosper, but most of important economy sector owned by the government. Like bank, mining, telecommunication, electricity, water, etc.

I don't see any reason why India economy during socialist era lack behind.

It wasn't just important sectors it was practically everything. Before 1990 :-

1. It was impossible to get a license to produce practically anything. This included basic items like television, phones, automobile, clothes, medicines etc.
2. You can produce only in the quantities specified by the government.
3. Prices were also fixed by the government.
4. Models were also fixed by the government.

What you are telling is how the things are today. Banks, Mining, Telecommunication, Electricity, Water are controlled mostly by the government rest is open for all.

 

[Chinese-Dragon]

Very true in and India, China it's all about that, just show off, it's not about enjoying the culture like you said it's just about going to another country and buying expensive things and then come back and brag about to everyone.

Showing off is negative behavior, some do that but most don't.

In any case, China has among the highest savings rates on the planet. Which hardly correlates with spending in order to show off.