How did we misinterpret Mr. Keynes?
Keynes was a forgotten name during the 1970’s, 1980’s or in 1990’s. Privatization and deregulations was the wind. In UK, Thatcher started privatization and privatization was rampant in transport, telecom, National Health Service. Perhaps I am bit skeptical of the Iron lady (recently I have watched the ‘The Six Thatchers’ episode of Sherlock), as government’s total spending in real sense did increase during her days. India started to throw away License Raj and Nehru’s rural economy led development strategies were [...]