REFLECTIONS ON BENEVOLENT CAPITALISM

About three-four years back Bill Gates, the Microsoft legend paid a visit to India, apparently to interact with the cream of our society. In the course of his visit, he along with the then head, now the Chief Mentor of Infosys, N.R.Narayana Murthy and the media baron, Dr.Prannoy Roy had an interaction with a few invitees- media men, science and IT students and a few industrialists- engaged in an energetic vibrant discussion which was telecast in Dr. Roy’s channel NDTV 24X7. With much interest, myself then a knowledge-thirsty TV watcher listened to their interaction on Science and IT related matters in an atmosphere of cordiality and seriousness.

George Walker Bush was safely entrenched in the saddle in USA. A hawk in the true sense of the term and his GOP (Grand Old Party)- the Republican Party fully committed to the free market economic policies. The avowed advocate of Laissez Faire Capitalism - Alan Greenspan was at the helm of Federal Reserve for a period of 18 years at a stretch. His economic policy was widely appreciated across USA except a minority from the Democratic Party of America, and economists like Nobel laureates Paul Krugman, Joseph Stiglitz, ardent advocates of a government regulated economy. They were eloquent in their opposition to the free-market economic policies followed by Mr.Bush and the then Federal Reserve Chairman- Alan Greenspan. Actually the Americans witnessed and gloated over the “economic prosperity” which later turned out to be a big bubble and bound to burst at any point of time. Those who amassed millions and billions especially the fat cats in the field of investment banking kept mum and Bush and his  henchmen- adamant and arrogant which was a trait in their characters were not willing to listen to those who appealed for a reversal in the economic policies.

While USA was sitting at the top of the world, with the label of Super Power, unaware of the great economic disaster that was waiting in the wings, Bill Gates, World’s richest man  paid a visit to India to explain the immense progress to the Indians. The NDTV  programme was one such occasion.

I remember Mr. Narayana Murthy’s answer to one of the queries posed to him by a participant: ‘I am an unabashed admirer of America’ which must have pleased Microsoft baron Bill Gates the most.

Mr. Murthy who is a renowned, benevolent capitalist like his American friend Mr.Gates ( benevolent capitalism was actually coined by Mr.Gates) who also swears by benevolent capitalism- I respect the good deeds both of them extend to the down-trodden in the lowest strata of the society.

While stressing and lauding a globalized knowledge-driven society, I am afraid Mr.Murthy has seen only the tip-of-the iceberg. If an IT baron who is obsessed with the world of science and technology even though he is a man with a benevolent heart fails to see the large farming community- they are in a sense the backbone of the country being left in the lurch it is quite unfortunate. At least have a soft-corner in your heart, I know your limitations though.

George Bush gone, Alan Greenspan gone, Barack Obama in, Ben Bernanke in, economic recession slowly fading out for good- a spark of hope is visible in the horizon- anyhow your “unabashed admiration of USA” is difficult to wipe out, I know. Your article in the national daily The Hindu (“Securing India’s Science future”, dated November 13, 2009))  which I was fortunate to go through made me think aloud and the thoughts related to that article prompted me to pen this piece.

Kudos to you for that enlightening article and hope you would take into account my criticism in true spirit.