Ownership in Indian Economy
The market is slowly coming into being in India. The law is flawed. We need to get the â€œfâ€ and the â€œedâ€ out of â€œflawedâ€ to get some good law. What that means is we need to get the courts to move. Many trades donâ€™t occur because contracts cannot be enforced by a court system which has a reported backlog of about 300-odd years. Finally, we need to make people owners so that they can properly care for their charge and this they will do only if they have an incentive to perform their duty, which they will do if credible commitments can be made about public flogging.
I was amused when he recommended public flogging as the way to mend public officials. I am sure it was not his intent but a by-product of the sense of humor I am sure he picked from the sunny-sunny California.Â