“Some books are to be tasted, others to be swallowed, and some few to be chewed and digested”
While turning over my old papers today, I found a note I made on this book.
Mr Greenspan has written if I remember correctly on the 1st page of this book something which amazed me as if I found the key to economic progress.
Main requirement for an economy to grow is ‘Property rights’.
This is in direct opposition to Marx’s idea.
“As living requires physical property food, clothing, homes – people need the legal protection to own and dispose of such property without the threat of arbitrary confiscation by the State or mobs in the street”
Being an Indian I thought, how does this translate to the Indian context, what things we need to do in India:
Police and Judicial reforms – by more investment and better training in these sectors.