Capitalism basic tenet says the state should follow laissez-faire policies i.e. should allow private initiatives unhindered without regulations. This in turn would allow ‘invisible’ hand of market of self-regulation which would through competition generate greater good. Since its propounding by Adam Smith in 18th century, this policy has attracted derision and criticism primarily from moral thinkers and plebian poor. First serious challenge mounted by advent … Continue reading Crony Capitalism and Public Sector Banks of India