S. Gurumurthy - Life After Marx and Market (Special lecture by S.Gurumurthy on "Life after Marx and Markets" at book launch function M.R.Venkatesh's "Global Imbalances and the Impending Dollar Crisis", published by Institute of Economic Education. Date Unknown. The following text has been prepared listening to youtube video at following link : https://www.youtube.com/watch?v=eNtlHmJZgO8 . Please be know that I have made maximum effort to type exactly what Sri Gurumurthy had spoken.But,as it happens, there will be some errors. So, if any errors change the meaning of what Sri Gurumurthy had actually intended to convey, it is entirely my mistake. But all the credits goes to Sri Gurumurthy only, as you know already :) . In my view, this is one of those rare lectures which will change the future of India, if given a proper attention. If you hear it keenly and understand what he conveys, with a critical mind, a lot of PARADIGM shift will occur in your view of India. You will find the inadequacy of available guidelines to understand Indian way of living and doing business. If one takes his inputs into serious research and if any politician in power makes proper policies based on the researched data, perhaps ruling India will become more clearer and easier. If academicians and teachers follow the guidelines Sri Gurumurthy provides and prepare their books , then the students of India can have a real re al education which is directly applicable applicab le to the everyday life of India. My motive behind making text of this speech is partly due to my defective mind which could not remember the essence behind each sentence of this speech. Whatever I grasp at one sentence always overlaid by another sentence. I thought of ‘reading’ this speech after listening it so as to grasp and think leisurely and keenly about each sentence,relations between each of the sentences and ideas behind these sentences.. And hence the text form of this speech in front of you. I hope this text form will give you chance to go through the speech thoroughly and discuss pros & cons of it. Thank you - Naveen Reddy. K)
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So, in the present situation the topic has been suggested to me, it is not my choice, was “LIFE AFTER MARX AND MARKET”. It rhymes well but it is difficult to speak on it.You see, if you look back, till the day communism collapsed no one knew it was collapsing. In fact volumes have been written, may be some ten thousand books have been written on this subject as to why communism collapsed.How a world standing on two poles became unipolar, one pole just disappeared. And in fact my friend Arun Shourie once told me and he was an empathizer of communism when I used to have discussions with him at one point in time.He used to tell me, “ Guru, It had all the potentialities of collapse, but I never thought it would collapse”. I asked him,” How did you think it would not collapse when you saw the potentiality for collapse” and I asked him, “What is the potential you saw in it”. He said, “ You look at the Berlin wall. The Berlin wall is built to see that nobody from the east crosses to the west. And it was not built by the west. It was built by the east to keep their own population in their own country. This showed the potentiality that it was waiting to collapse”. And the history of communism is not only an enlightening history, as a philosophy it is not only a very exciting philosophy, it had a huge history behind it....... intellectual history,philosophic history,political history, cultural history,economic history,religious history.... but all peculiar to only Europe and Christendom. It had no experience of the outside world. Why communism could never understand the world is...... it has seen the world only through the glass of christendom. Marx’s friends and enemies, his teachers and adversaries were found only in Christendom. In fact, there are three dates which are very important to understand Marxism. One is Hegel who was some kind of a Dronacharya for Marx. From Hegel, Marx took the philosophical, analytical model for his communist thesis. Marx himself was almost a contemporary.Because Hegel lived between 1770 and 1831 and Marx lived from 1818 and 1883.But Hegel was the man who in essence, we can say with some kind of clarity today, he was the one who confused the entire Europe.And his interpretation produced theist as well as atheist. So,you can understand how confusing he was to interpret. His philosophy was capable of interpretation only in the worldly sense, it was capable of interpretation completely in the other-worldly sense. So, his followers or his students got divided into two groups. There was a left group and there was a right group.Even before Communism came into being, left group and right had developed. So Marx was a product of that club which was the left thinking club at that time.So, much before Marx, leftist thought had come come into being and what is the origin of this thought? You may be surprised to know....... without a philosophy, without a thought, without a leader, without an economical model............ in the year 1534 a communist revolution took place in the world in the city of Munster in westphalia in Germany. Many of you may have been aware or may not have been aware, I am not sure, about anabaptist. The anabaptist... you know in the entire course of European history, there was one thought that was driving the whole intellectual,academic,political,philosophic, religious thinking in the west. And this thinking was driving the world, you will not believe, till about the middle of last century. And it is driving the world even today in the mind of many.... many.... i.e the end of the world is imminent. And when the end of the world occurs, before that christ will come back and rule this world. And we have to prepare the world for the return of christ. And this one single obsessive thought has driven the history of entire Europe. So...... the Anabaptist who were the protestant Christians........ very rigid,very
frigid, very committed,absolutely religious,very simple....... they decided that they saw a lot of wrong things going on in Christianity.......the Christians were not discipline, they were not religious, they were not following the traditions..... that is why Christ is not returning. And so they decided to seize power and they seized power in 1534 believing that the return of christ is imminent but it is not occurring only because...... “we are not good, we are not good enough to call him back receiving him back” . And they seized power and burnt all books other than Bible, enforced communal common ownership of property including women and polygamy, because they feel anything about which you feel possessive delays the return of Christ. You need a world in which there is no possessive instinct at all..... everything should be common, everything should be available to everybody. Nothing should be special to anyone including his wife. And one year they ruled. And they ruled in this manner. There are any number of authorities to show that all that the communist philosophy, communist structure, communist organization derived was very largely in the revolutionary part of communism from Anabaptist who predated communism at least by three centuries and more. So you can understand that the tensions and turmoils which were let loose in the European history which they say, in fact I was looking at the.. browsing through the internet about the kind of deaths that had taken place in the last two millenia, more than hundred crore people had been killed and a very large number of deaths is why 99% of the killings has taken place because of the ideas, ideologies and philosophies which are emanated and got into power and position and influence from Europe. So it was a society society of such unbearable tension, inner pain that produce this philosophy. And don't think it produced only that philosophy. That philosophy was a reaction to another philosophy. And that was the capitalism. That is how this ideological evolution taken place simultaneously... one as the reaction to the other... and my friend Professor Varadarajan used to say that Communism and Capitalism are not opposites but two sides of the same coin.In fact, this he told me twenty years back when I was becoming tresspasser in Economics. I began understanding the substance of what he was saying by analyzing what is the underlying philosophy of both. The underlying philosophy of Communism and capitalism was one and the same. Both look at the world only as a material phenomena. And both rejected the idea of god and divinity. And both concluded that human beings are just a bundle of wants and desires.And the only question is how to fulfill it. Capitalism would say, in fact somebody put it so beautifully.... I think Noam Chomsky, he said that at that time the Chernobil blast took place in Russia. Chomsky said the only difference between Capitalism and Communism is..... Communism will have Chernobil at any cost, capitalism will have it only if it leads to Profit. thats all the difference. If there is profit there is Capitalism. Even if there is no profit there is communism. Thats the difference. Otherwise in their assessments of human beings, their history, their philosophy,their inter relationship, their sensitivites and sensibilities.... there is absolutely no difference between the two. The only thing is capitalism knew how to live with differences and allow people who die.... who have different views to die a peaceful death. It is a gas chamber. But communism will kill them.Thats the difference. Now one has collapsed. And there is no doubt it has collapsed though.... you see nothing collapses completely.You go and see all the Babylonian civilizations.. there are still structures standing. So CPM will be there, CPI will be there.. that does not mean the structure survive. So the collapse has taken place, even they do not going to say that the world is going to rise up a communist power, the proletarian unity.. all this is gone, even the kind of capitalism
they opposed is not there. The capitalism of today has nothing to do with the capitalism Adam Smith probably conceived or which Marx opposed. Because there has been such a tectonic changes which have taken place in the character and reach and power of capitalism which has aroused the most basic element, base element in the man. Thats why it is difficult to say the same capitalism as way it has retained such an amount of asuric spirit in the society.. that it has taken such deep roots.. today it is difficult to say it is same kind of communism which Karl Marx was opposing or same kind of capitalism many economists have conceived. So the moment communism has collapsed 1989-90 there was euphoria in the west. Because they din’t know why it is collapsed. But they want to appropriate the victory for the collapse. So people began writing books. And the books were written not as to acknowledge or to take credit for one of the forces which had won against the other. It was on a very high philosophic ground. And again Hegel was brought into it. Hegel said the most perfect society is one where human beings feel that there is no further need for search for perfection. And that is the highest and the most ideal state of a society. So, Francis Fukuyama one of the most acknowledged intellectuals of our times wrote a book, “End of history - lost man” and claimed that in Hegelian sense..... the perfect society is at hand only if the world is struggling to move forward and there will be competing forces, there will be people to quarrel, there there will be fights and conflicts. is it there is not going to be any such situation and the whole world will be free of conflicts in fact he went to the extent of saying the history departments may have to be closed down because there will be no history of conflict at all. And you may be surprised to know this became the bible for globalization that the entire world will hereafter live without any kind of trouble, any kind of mutual bickering, quarrel... we have reached an ideal state. And what is an ideal state. And he defined the ideal state to mean that the traditions of liberal democracy which the west had built has finally won against the rest and it is for the rest to follow the west as the best. This is the simple theorem he expounded. And all of us the rest of the world will have to condemn ourselves on the experience of one fifteenth of the world and say that we have lived a bad life... hereafter yours is the best we will accept and there is no alternative to it. This was the arrogance with which the ideology for globalization was expounded in the ‘End of History - Lost men’ by Francis Fukuyamo. WTO, different global regimes, washington consensus.......... MRVS traced a lot of it in his book. And the soul of the world becomes the high tower of capitalism... that is America. Whatever America said or did was fit enough to be followed by the rest of the world and this was the extent which the power of modern capitalism rose. Democracy, modern capitalism, market economics... they are all three dimensions of the same phenomenon that is based on individualism.... individualism that has gone to the extent of completely destroying families, communities..... and you know what is happening in the west today.. all that high philosophy of individualism which has been assiduously built as an alternative structure for world to rest on,..... that has completely destroyed the family life. No one was willing to look into it because what the rest was saying was right, doing was right and we have to do something likewise in order to survive in the world. This is what was being constantly fed to the rest of the world. With the result.... no one was willing to critically examine that the west is collapsing faster than communism was seen to do. Yes, Communism was seen to be in difficulties in the 80’s. In fact there was a debate in America When Ronald Reagan was the president. There was a debate in America as to whether America should go to the aid of Russia and say, “see communism cannot survive without our help”. This
would be a benevolent approach.... at the same time we can prove our point that we are the victors.Because if the fellow who has been fighting with us, he came to us with begging bowl we put some money and that is an acknowledgement enough. But ruthless at they are and rightly so, because they are both are ruthless and we can expect one to be compassionate. They said “nothing doing,Let them collapse, let them die,die at our feet”.This was the debate that was going on in America. You know what was the mechanism they devised for this.. if you are already in difficulties and if you are competing with me and you cant compete with me, you dont have the financial power to compete with me, I will make you spend more and so they conceived the idea of star wars. They did not spend one rupee on star wars.But they said we will commit one trillion dollars for star wars. One trillion dollar!!!........ where will Russia go? So Russia has to mount it’s own counter to star wars. And the result? What the Russians could not do they attempted to do and a collapse which would have taken place three decades from now, took place within a decade. So you can understand how global powers target each other because both are acquisitive power, strong powers, ruthless powers and the fundamental difference between the two is.... one says there has to be individualism but collectivised under the state where the state will disappear and ultimately all individuals will live happily like our Krita Yuga. Communism began with Kali yuga and tried to end up in Krita Yuga... a stateless society where everybody is happy, no policemen are needed, no prime minister is needed.The world doesn’t need a government. This is extent which the theoretical expositions of communism took the world to and make the world believe. But we knew from our experience that we have moved away from Kruta yuga into kali yuga and you have to understand that this world is a tough world.so we made our people practical. If our people are in difficulties, they know they have to be in difficulties, they have to tackle these difficulties. But communism did the reverse - “You need not to be in difficulty....see the world we are projecting to you”. See the consequence of it. The amount of death and destruction this ideology caused by blinding the world to believe it, that it is taking them to a utopia on this earth. With that chapter over and victors claiming we have won. What is the victory that was claimed? The victory was that the liberal democracy and market capitalism have won the war against autocracy and economic dictatorship... political autocracy and economic dictatorship have been defeated by liberal democracy and market capitalism.This is the most important part of globalization.That is the theoretical and philosophical basis of globalization which we are all talking, our media is talking, our economists are talking, our finance minister is talking or any finance minister is talking..... without understanding what is being talked. When we are talking about capitalizm we are not talking about foreign investment.When we are talking about globalization we are not talking about exports or foreign trade. We are talking about something far more serious and profound.and unless you understand the criticality of the situation you will not able to appreciate the risk and dangers inherent in this argument. And when they said that it is end of history and rest of the world will have to follow the west, the entire world was looking at America as the final destination and it was the beginning and it was the initiator and it was the decider and it was the concluder of any meeting. And almost every nation which was not in the market capitalist orientation had lost it’s confidence, including India.There was a time where I used to move with top industrial families in this country, I used to talk about what they were feeling intensely and the finance ministry officials of the government of India used to advise the families.. large families, large industrial groups...” it is better for you to sell your
manufacturing units today otherwise you will have to sell it as scrap tomorrow”.” It is much better you sell them and become traders which is our prime avocation three hundred years back..... we were great traders, let us go into trading, let americans do the manufacturing”. This was being talked in the south block and north block. So you can understand the depths to which our confidence or any country’s confidence had fallen in those days.Wireless internet communication, American economic going at 8% and everybody wanting to go to America.. not only in India, in Russia, in Germany, in France, in China. This was the world un-folding. Was Fukuyama right? has it became the final victory of the west over the rest? Everything turned-on one day. That was 9th of September, 2001, when the Islamic terrorists hit....not any other thing but the world trade centre which was the symbol of capitalism. They never knew economics. They don't understand what is capitalism or communism. They only understand Islam and Quran, nothing else. What is it that made them target? What is the symbol of capitalism? model of capitalism? They dint target an economic ideology. They din’t target a materialistic philosophy. they targeted the universalism of the west. The Western idea was always to influence the powers, including the tallest power in the world..... that there is something in India which we have missed out. And we also missed out because we were only carbon-copying their ideas and their text books, their language, their idiom and their way of looking at India... and whatever was bad in their eye in India was also bad in our eyes. If this is the assessment on which we were judging India.So,you have to concede to the foreigners, foreign scholars, foreign philosophers, foreign historians, foreign economists,foreign politicians... has to why they have missed out India? How did they miss out India? See when capitalism was on the rise and when the Western nations had completely overtaken the asian nations..asian nations means... you must at that point judge only India and China.. most populous nations, great powers, great civilizations and we have the software to run the world.Had these nations has fallen apart? Falling down... in the scale of the world. And so Max Weber, he wrote that you know the modern capitalism which is developing is a product of Christianity, protestant christian ethic.... Hinduism and Buddhism which believe in Karma and rebirth will be destroyed in that capitalist mode of economy... they have no way of even copying it... You don't have even the DNA which will enable you copy, this model can’t survive, you don't even survive.. this was his conclusion in the year 1920. And I don't mind some weber in Germany writing a book and concluding which is not even translated into English till sometime 1954, i think. But it became the bible for our own social reformers, our own economists, our own developmental thinkers, our own politicians, our own media, our own intellectuals.That the belief in karma and rebirth and caste system of India has done India in and unless India disowns all these.. that is unless India disowns itself..... there is no way India could develop and match and become something worth calling itself in the world.This was the economic theory that was been bombarded in the Indian educational institutions,media.. day in and day out. The problem of India is not the economy, the problem of India is the society of India. The problem of the india is the culture of india, problem of india is the tradition of india... the problem of india is India. This was how India was been convinced and by our own people. If the west join, it’s strategic for them.. may be even real for them, it is in their interest. But for 50 years this nation’s confidence was destroyed by our own leadership,our own people, our own intellectuals, our own economists,our own policy makers. That we survived through all this and for what reason now we are being accepted in the world and seen not only as a rising economic
power but also as a political power, a cultural power, a soft power... call any idiom in the language of the west... you are being seen seen as a positive manifestation of that. And the world is begging to see India because India’s rise is making them feel. And unless there is something very innate, something very intrinsic, something which is matching with the soul of India in it’s very exterior, India has not been raising. And volumes are being written about our raise today. I would personally trace this raise to one event. Like one non-economic event, trans economic event which had nothing to do with the principles of economics or globalization or dollar or anything, it completely destroyed the confidence of America.... namely the 9/11 attack on America, there is one non-economic event which completely transformed the confidence levels of India and that is the Pokhran atomic blast.You trace the rise of India, the zero date will be that.The world has decided to destroy India on that day. The world has decided to destroy India and on that there was absolutely no doubt, the finance ministry officials were livid at that decision. In fact the finance secretary in those days decided to resign. He is now the planning commission vice-chairman. He said, “ This government has destroyed India”. Every country worth the name pounced on India, even an impotent Japan which doesn’t have a rifle even to shoot us.They are spending 60 billion dollars as military expense, they don't have a single soldier. Because they pay that cheque to America for them to protect them, so you can understand the state of that country as a power.. you may have a eleven trillion dollars bank savings but doesn’t mean anything unless you have an army,unless you have power... unless you have power in the sense sense in which the rogues on the street will be afraid of you. So, whole world pounced on India. The whole world was looking how this crisis India will tackle.This is where the whole world began to have a different feel of India. The non-resident Indians who always used to abuse India.. in fact one advertisement expert, she wrote an article in economic times.. Tara Sinha.. in the year 2000 or 2001 if I remember right.... where she said, ”As a global executive, I always used to travel throughout the world but being a person brought up in very traditional surroundings I never use to go to hotels, I always use to stay in the houses of my friends....and the way they use to abuse this country... it is a rotten country, it is a dirty country, it is a corrupt country, see the traffic”...twenty millions Indians abusing India day in and day out....and your 500 IFS officers to talk good about India if they want to, so you can understand the imbalance about how much opinion has been generated against this country and how a helpless government which only teaches IFS officers how to take drinks with the western countries, they can’t be the cultural ambassadors to defend India.. a country and a civilization,a culture, a tradition completely undefended in the world. The government issued an appeal to the non-residents, ‘ All, we are in trouble. Please help us’. They wanted five billion dollars. At that time our foreign exchange reserve was comfortable. But any run on the foreign exchange reserve... because we don’t know what the west could do. They could do anything to create a collapse.. they did in Russia, they did it in Yugoslavia, they did it in eastern economies... they could do it in India and they would have done it if India could have gone to convertibility, they would have finished India with that atomic blast. If India had taken a decision on convertibility and then gone for atomic blast... we would have been finished as a country. We had a policy safe guard of non-convertibility of the currency and so they could do a damn... they could not do anything... they could only bring money..they could not take it out. And when we wanted five billion dollars.... the non resident Indians gave us 6.2 billion dollars when no one would think of
investing even one dollar in India at that time. You know the west watches all of this. No one would have put one dollar in Indian economy at that time, the country risk was so high. Nobody wanted to invest one dollar. They invested sunk 6.2 billion dollars, that means each must have thought let my money go, but my pride has been aroused today. This was the turning point. And now we are looking at the market economy. Life after market.Most people can not understand how market functions in India. 98% of Indian businesses are family owned. We read it somewhere but we don't connect it to any other thing.Today I was addressing a seminar on corporate governance. How foolish we are as a society? some intelligent community like the chartered accountant community …. what is it discussing about?.... “what is corporate governance”... these are supposed to be amongst the most intelligent people in the country.. leave me out of this... because some of the best minds enter the chartered accountant profession.... even now they do it because it is the only place where we can go without reservation. So when they went in.... became such acceptably intelligent people... what is corporate governance? I dint have an opportunity to read it.. I did some research some two or three hours yesterday and found... the reason why this idea of corporate governance generated itself in western countries particularly in America and UK...no other western country.... is that the American companies have no owner, because all the shares in the company are owned by investment institutions.. there is nobody called a promoter.. there is no Tata.. except Ford, there is no other owner and so they find that the shareholders are not represented at all. It is the CEO who is the top man. And he can do anything. and he colludes with the few investment institutions, defrauds the company and there is no answer to it. A new situation has developed, where you have huge 500 billion dollar company which has no owner. They said some principles of governance is needed to supply the omission or supply the vacuum that has been caused by the disappearance of the owner. And so the corporate governance.... the structure was conceived in the last few years.It is not that it has happened 20 years back. We are now discussing it. We are now wanting to bring it in. But here we have a promoter,we have a owner. Here the problem is the conflict of interest between the owners and others. But nothing of that kind is being discussed. We are also discussing about corporate governance in the same sense in which America is discussing...as if we dont have owners. This is the extent to which our brains has been mortgaged completely. Small example I am giving you. And this is the work of a community. This is the work of lawyers, this is the work of media, this is the work of chartered accountants, this is the work of bureaucrats.. these are all supposed to be great thinkers, intelligent people.. but see the extent to which we have become, we have seized to be thinkers for ourselves.....we don't even know about ourselves.....we don't even hold a mirror before ourselves to see whether what kind of human beings we are....what kind of an animal we are...we don't even understand. So much of self forgetfulness has come into the system, in the thinking, in the structures, in the approaches to others... that a huge difference was made for the first time and today India is being seen..and what is the impact of India’s rise particularly to the concept of market? The market in the west and the market in India have nothing to do with each other. Even families are market there. Family obligations are outsourced. A woman can outsource the burden of getting a child to another woman today. Sperms are being sold. Bought. Nobody knows which children is born to whom. Gay rights, gay marriages are going on. And the
market that has developed is based on these principles. A son has to compete with the father,a mother has to compete with the daughter.. there is nothing like a father being respected by the son or a teacher being respected by the.... a teacher has to compete to win the respect of the child. you know how difficult it is. We have been students. Can a teacher win the respect by competing with the student? Competition has taken roots in such severe fashion everywhere.Today the American government is.. why the entire western system is bearing the burden of transference of the responsibilities from all the intermediary institutions like the family, the community and all these informal institutions which govern, which in a way sustain and what professor Varadarajan called as the institutions of Dharma, they sustain the society and the entire responsibility which is managed by these dharmic institutions are the idea of dharma... have been transferred to the state in America through the market. In fact there was a dialogue in which once I said, India is perhaps the most privatized economy in the world. Because the largest public burden of the people in the west … countries in the west, namely the social security burden has been nationalized in western countries and it is privatized in India, thanks to the principles of the Dharma. Responsibility of taking care of the parents, the brothers, the sisters, the unemployed sons, daughters, extended families.. imagine these responsibilities are to fall upon the government? Can the government in India run for one day?... not speaking about the financial burden it has to face. The entire revenue of the government of India will not be sufficient to keep these peoples free of hunger by two square meals a day. So, the market here is a very different market. It is not based on Individualism. And so when we are talking about market after Marx.. what after market and Marx?... what is the market we are talking about? It is not the market in the western sense of the term. It is our sundhai. In fact if I remember once.. when I was discussion in the centre for policy studies.. they told me... i think it is in Mursheedabad where the Sundhai was meeting and there were not many trees. And so the British authorities.... at that time the east-India company authorities came and planted peepal tree there.. peepal tree plants. So the sundhai people who used to assemble there, they began assembling in another place. They said.. “why are you not assembling? we have planted the trees only for you people.and you are leaving even the little shade available here and going and doing your transactions somewhere else”. “Sir, our tradition is we can’t tell lies in front of the peepal tree”. No civilization can understand this today. I had made...some of my friends assisting.. I had made very extensive research of the community system in india and just revealing one thing and which we shall see the difference between the market here and market there communicated... with that I will close which market will win. Market will win.. but which market will win? There are two communities... strong communities in Coimbatore. And I was talking to a very leading industrialist belonging to one community. I asked him..... I saw his balance sheet... “You have nearly thousand crores of surplus cash in your balance sheet.. why don't you buy.. there are many companies are available here.. why don't you buy those companies?”... “Vannaanga, namma samudaayatthu kulla anaavasyimaa manasthaapa vandharunga”. “Sari sir unga community company vanga venda... aduttha community company vaanglaame?” “Illa sir rendu samudaayatthu kulla anaavasyamaa thagaraara ondruru sir”. sir”. Can you see the influence of the society on the market? In other countries the market forces will destroy these communities. They have destroyed. Here the community restraint is disciplining the market forces. No regulatory mechanism can provide for this, only the society which can do
it. The role of the society in sustaining the Indian economy.. has anyone studied the Indian system? I always used to repeat.. I have told in university of Los Angeles, to the IIT of Madras, to the IIM of Bangalore and I have told this to hundred audiences. For seven lakhs villages in India we have only 12,404 police stations. You see the depth of the social discipline in this country?. And you trivialise this country as a violent country, as a rotten country. No other country can live with such minimalist police force. We don't need police. What is the reason? The reason is what this lady who spoke here as the invited entrepreneur to speak. How when her child was reading, without knowing his subjects she was just sitting by his side to see that he is supported psychologically. You can’t find one mother in America like that. You can’t find one industrialist like the whom.. in fact I forgot to tell you I spoke to another leading industrialist belonging to another community, the other community and he gave me the same answer. This is not what educational institutions in India teaches. So the market that will survive is the market that was always with the human beings from the time the human being began talking about economics. But not the barbaric market that the west is trying to hack through the world. That market has to be destroyed. Even if it is not,it contains seeds of destruction. I dont want to go into the financial implications which MRVS brought out so beautifully in his book. Anyone who reads his book will come to the conclusion that even if the whole world wants and prays to the only god which they want us to believe in, this system will not be sustainable. A country which says you borrow money and spend.. don't worry about whether you return the money back or not,if that country is going to lead and decide policies and say how other countries should behave, you can understand.. for the tenth,eleventh year in succession America is only borrowing money and their total borrowings is over seven trillion dollars today. So the crisis is real. Crisis for market is real. The crisis for the western market is real but the peepal tree market will continue to exist. Thank you very much.
