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I have not been to India, but I live in Israel. It used to have a inefficient, bureaucratic, and stifled economy that could actually be called somewhat socialist (many worker-owned cooperative enterprises) before it privatized many things. Now it has an inefficient, bureaucratic, and stifled economy with private capitalists making all the money. Big difference! Socialism is worker control of the means of production. There can be state-socialist economies, and there can be stateless ones. However, not all state intervention in the economy is socialist. Austrian economics (which matterhorn did not identify in his small para) and so you cannot say it will not work since you obviously never tried it, and you never gave a reason for it to not work. The problem is that Austrian economics literally does not have a proposal other than "completely destroy all government programs, convert your currency to a gold standard, and the Free Market will solve everything." Every single economic problem is then blamed on state intervention in the economy, starting at central banks controlling interest rates on capital and extending all the way down to unemployment insurance and bread subsidies. Thus, just as a completely state-socialist economy is a Bad Idea, so is a completely stateless-capitalist economy. I have many measures in mind for people to try, and they are mostly not actually Keynesian. I think Keynesianism mostly patches the problems without solving them, and I predicted moral hazard when governments started bailing out their banks. |
He didn't say: Prop up the banks, to big-to-fail, save Wall Street and screw main street. Apart from that he advized paying off debt when the economy is doing well. We haven't seen that for the last 40 years or so.