The Rationale of Free Markets
To have any meaningful understanding of a socio-economic system, one needs to first gain an insight into two things – one, what purpose it is meant to serve, and two, for whom it is supposed to serve that purpose.
Where is the Casino Industry Headed?
Asia-Pacific is the future of global casino gaming, according to the Global Gaming Outlook report by PricewaterhouseCoopers (PwC). This region is poised to surpass the US as the region with the largest casino industry in the world this year.
Foreign Direct Investments in the Indian Economy
In the pre-liberalization era, Foreign Direct Investments (FDIs) into India were plagued by several restrictions. This included ceilings on foreign equity, restrictions on the use of brand names, restrictions on the expansion of investments into consumer goods and several others. To add to the miseries was the Industrial Licensing System. In 1991, many of these impositions were either abandoned or significantly eased, paving the way for FDIs to boost India’s economic growth.
India to Slide from Position of Second Fastest Growing Economy
The Asian Tiger seems to be getting into the crouching position again. It seems to be moving further and further away from the Dragon. While her neighbour China continues to rule the roost, India has moved down from its prestigious position as the world’s second fastest growing economy. According to the International Monetary Fund (IMF), India’s growth in 2012 will be reported at 4.5%. This is disappointing, since we were all out to cheer for the country surpassing its larger neighbour in terms of economic growth.
Baccarat Without the Juice: An Article by WGM
Here’s an article on Baccarat by Andrew Scott, published in WGM – World Gaming Magazine (http://www.worldgamingmag.com/) – a prestigious magazine for people who love gaming.
Governments and Contradictory Objectives
My previous blog – Why Governments Fail – addressed some questions. Governments do not fail because of inept politicians or a dearth of the number of laws being passed.
There is talk of improving the public sector by removing political interference and granting autonomy i.e. run government companies as private companies. This is a contradiction. If the public sector is to function as the private sector and provide a return on investment, then why have it at all?
Why Governments Fail?
When one is in office one has no idea how damnable things can feel to the ordinary rank and profile of the public – Sir Winston Churchill
Government isn’t the solution; government is the problem – Old slogan of the Libertarian Party of the USA
Feeling good about the government is like looking on the bright side of any catastrophe. When you quit looking on the bright side, the catastrophe is still there – P.J. O’Rourke
Why do governments perform poorly? Why do government actions have consequences which are the opposite of the intended objectives? Why are government forays into business abysmal failures? Why is the government record pathetic in controlling crime and terrorism? Why when the government administers justice, the horrendous delays negate the concept of justice? Why are government budgets perpetually in deficit and countries eternally in debt? Why are governments constantly looking for increased revenues and forever increasing taxes? Why are government actions hallmarks of ineptitude and inefficiency? Why is corruption endemic?….Why?
Why India and Nepal Rank Low in Economic Freedom Index
On the face of it, economic freedom is a simple concept. However, it encompasses every aspect of an individual’s life. Economic freedom defines the standard of living and has a significant influence on the quality of life.
A Review of Mancur Olson’s Power and Prosperity
Renowned social scientist and economist Mancur Olson is best known for his treatise called The Logic of Collective Action. But, it is another work of his that also deserves attention. In Power and Prosperity, Olson deals with the oft repeated question – why does an economic divide persist between countries?
The History and Modern Forms of Baccarat
Which is the game whose dealings end up influencing the annual turnovers of major casinos across the globe? Which game is the favourite of the ‘high rollers’ or the casino’s crème de la crème? It is the game that was once a penchant for the French royalty and has been shown in most of the Bond movies. Yes, ladies and gentlemen, it is Baccarat.
Rakesh Wadhwa. Ever since, I was a school boy, I knew India was on the wrong path. Socialism was just not what we needed to get ahead. Government controlled our travel; government controlled our ability to buy and sell; and government controlled our freedom to move our money. My life has focused on the inherent rights people have. When I was in college, I never understood, what the governments meant by their "socialistic attitude". If people are free to buy, sell and move their capital themselves without any restrictions by state, then the welfare of people is inevitable & hence the countries they live in will become wealthy. The government has no right whatsoever, to point a finger at me or my business. I am not a revolutionary. I just want to light up my cigarette and not get nagged about it. I believe in non-interfering attitude to attain more. 
The Bastiat Award is a journalism award, given annually by the International Policy Network, London. Bastiat Prize entries are judged on intellectual content, the persuasiveness of the language used and the type of publication in which they appear. Rakesh Wadhwa won the 3rd prize (a cash award of $1,000 and a candlestick), in 2006.
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