Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Free market model has failed: Kaushik Basu -Puja Mehra    </title>
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-The Hindu


 &quot;World Bank too has changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity&quot;


There is now a consensus the world over that the free market economic model does not work, said..."/>
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 &quot;World Bank too has changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity&quot;


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                            <div align="justify">-The Hindu</div><p align="justify"> <em>&quot;World Bank too has changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity&quot;</em></p><p align="justify">There is now a consensus the world over that the free market economic model does not work, said World Bank chief economist and former Chief Economic Adviser to the government of India Kaushik Basu on Sunday.</p><p align="justify">Dr. Basu was speaking at a function organised here by the &lsquo;Ideas for India'.</p><p align="justify">Just as complete state control fails, leaving all decisions to markets results in grave inequalities and so it doesn't work even politically, argued Dr. Basu. &quot;The things that were ideologically rooted on the extreme right and extreme left, those fringes have now fallen off.&quot;</p><p align="justify">Now, &quot;sharing of the pie&quot; with the bottom 40 per cent of people is gaining traction even with the International Monetary Fund and economists such as Thomas Piketty, Dr. Basu said.</p><p align="justify">Reflecting the new consensus, Dr. Basu said the World Bank formally changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity.</p><p align="justify">Dr. Basu's statement assumes significance as the Economic Survey states that the Narendra Modi government plans to bring in a &quot;pure market economy&quot; through legislations and new processes where the role of the state would be limited to intervening in case market forces fail.</p><p align="justify">The need for policy intervention is getting recognised globally, said Dr. Basu, since a large part of the inequality in the world is being inherited at birth and getting dynastically transmitted from generation to generation. &quot;Since there can be no distinction on the lines of hard-working babies and lazy babies, the issue of inequality at birth has come to the policy makers' table.&quot;<br />Education paradox</p><p align="justify">As a case in point, he cited the problem of India's education paradox: &quot;India's small elite are able to receive world-class education but the masses get very poor quality education... Literacy levels were till 10 years ago below some sub-Saharan countries.&quot;</p><p align="justify">Dr. Basu also said that the World Bank was planning to create an &lsquo;Ease of Living Life' rating of countries that would be on the lines of the &lsquo;Ease of Doing Business' in which India ranks poorly. The rating being planned will rank countries on the costs incurred by ordinary people in interface with the bureaucracy.</p>                                                           
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    <br><a href="http://m.thehindu.com/business/Economy/free-market-model-has-failed-kaushik-basu/article6713739.ece/" class="re" target="_blank">The Hindu, 22 December, 2014, http://m.thehindu.com/business/Economy/free-market-model-has-failed-kaushik-basu/article6713739.ece/</a><div class="clear"></div>
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    <h1 class="cat-box-title">Free market model has failed: Kaushik Basu -Puja Mehra</h1>
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                            <div align="justify">-The Hindu</div><p align="justify"> <em>&quot;World Bank too has changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity&quot;</em></p><p align="justify">There is now a consensus the world over that the free market economic model does not work, said World Bank chief economist and former Chief Economic Adviser to the government of India Kaushik Basu on Sunday.</p><p align="justify">Dr. Basu was speaking at a function organised here by the &lsquo;Ideas for India'.</p><p align="justify">Just as complete state control fails, leaving all decisions to markets results in grave inequalities and so it doesn't work even politically, argued Dr. Basu. &quot;The things that were ideologically rooted on the extreme right and extreme left, those fringes have now fallen off.&quot;</p><p align="justify">Now, &quot;sharing of the pie&quot; with the bottom 40 per cent of people is gaining traction even with the International Monetary Fund and economists such as Thomas Piketty, Dr. Basu said.</p><p align="justify">Reflecting the new consensus, Dr. Basu said the World Bank formally changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity.</p><p align="justify">Dr. Basu's statement assumes significance as the Economic Survey states that the Narendra Modi government plans to bring in a &quot;pure market economy&quot; through legislations and new processes where the role of the state would be limited to intervening in case market forces fail.</p><p align="justify">The need for policy intervention is getting recognised globally, said Dr. Basu, since a large part of the inequality in the world is being inherited at birth and getting dynastically transmitted from generation to generation. &quot;Since there can be no distinction on the lines of hard-working babies and lazy babies, the issue of inequality at birth has come to the policy makers' table.&quot;<br />Education paradox</p><p align="justify">As a case in point, he cited the problem of India's education paradox: &quot;India's small elite are able to receive world-class education but the masses get very poor quality education... Literacy levels were till 10 years ago below some sub-Saharan countries.&quot;</p><p align="justify">Dr. Basu also said that the World Bank was planning to create an &lsquo;Ease of Living Life' rating of countries that would be on the lines of the &lsquo;Ease of Doing Business' in which India ranks poorly. The rating being planned will rank countries on the costs incurred by ordinary people in interface with the bureaucracy.</p>                                                           
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    <br><a href="http://m.thehindu.com/business/Economy/free-market-model-has-failed-kaushik-basu/article6713739.ece/" class="re" target="_blank">The Hindu, 22 December, 2014, http://m.thehindu.com/business/Economy/free-market-model-has-failed-kaushik-basu/article6713739.ece/</a><div class="clear"></div>
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-The Hindu


 &quot;World Bank too has changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity&quot;


There is now a consensus the world over that the free market economic model does not work, said..." />
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    <h1 class="cat-box-title">Free market model has failed: Kaushik Basu -Puja Mehra</h1>
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                            <div align="justify">-The Hindu</div><p align="justify"> <em>&quot;World Bank too has changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity&quot;</em></p><p align="justify">There is now a consensus the world over that the free market economic model does not work, said World Bank chief economist and former Chief Economic Adviser to the government of India Kaushik Basu on Sunday.</p><p align="justify">Dr. Basu was speaking at a function organised here by the &lsquo;Ideas for India'.</p><p align="justify">Just as complete state control fails, leaving all decisions to markets results in grave inequalities and so it doesn't work even politically, argued Dr. Basu. &quot;The things that were ideologically rooted on the extreme right and extreme left, those fringes have now fallen off.&quot;</p><p align="justify">Now, &quot;sharing of the pie&quot; with the bottom 40 per cent of people is gaining traction even with the International Monetary Fund and economists such as Thomas Piketty, Dr. Basu said.</p><p align="justify">Reflecting the new consensus, Dr. Basu said the World Bank formally changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity.</p><p align="justify">Dr. Basu's statement assumes significance as the Economic Survey states that the Narendra Modi government plans to bring in a &quot;pure market economy&quot; through legislations and new processes where the role of the state would be limited to intervening in case market forces fail.</p><p align="justify">The need for policy intervention is getting recognised globally, said Dr. Basu, since a large part of the inequality in the world is being inherited at birth and getting dynastically transmitted from generation to generation. &quot;Since there can be no distinction on the lines of hard-working babies and lazy babies, the issue of inequality at birth has come to the policy makers' table.&quot;<br />Education paradox</p><p align="justify">As a case in point, he cited the problem of India's education paradox: &quot;India's small elite are able to receive world-class education but the masses get very poor quality education... Literacy levels were till 10 years ago below some sub-Saharan countries.&quot;</p><p align="justify">Dr. Basu also said that the World Bank was planning to create an &lsquo;Ease of Living Life' rating of countries that would be on the lines of the &lsquo;Ease of Doing Business' in which India ranks poorly. The rating being planned will rank countries on the costs incurred by ordinary people in interface with the bureaucracy.</p>                                                           
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    <br><a href="http://m.thehindu.com/business/Economy/free-market-model-has-failed-kaushik-basu/article6713739.ece/" class="re" target="_blank">The Hindu, 22 December, 2014, http://m.thehindu.com/business/Economy/free-market-model-has-failed-kaushik-basu/article6713739.ece/</a><div class="clear"></div>
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Free market model has failed: Kaushik Basu -Puja Mehra

Published on Dec 23, 2014   Modified on Dec 23, 2014

-The Hindu "World Bank too has changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity" There is now a consensus the world over that the free market economic model does not work, said World Bank chief economist and former Chief Economic Adviser to the government of India Kaushik Basu on Sunday. Dr. Basu was speaking at a function organised here by the ‘Ideas for India'. Just as complete state control fails, leaving all decisions to markets results in grave inequalities and so it doesn't work even politically, argued Dr. Basu. "The things that were ideologically rooted on the extreme right and extreme left, those fringes have now fallen off." Now, "sharing of the pie" with the bottom 40 per cent of people is gaining traction even with the International Monetary Fund and economists such as Thomas Piketty, Dr. Basu said. Reflecting the new consensus, Dr. Basu said the World Bank formally changed its goal to fighting no longer for just eradication of poverty but also for shared prosperity. Dr. Basu's statement assumes significance as the Economic Survey states that the Narendra Modi government plans to bring in a "pure market economy" through legislations and new processes where the role of the state would be limited to intervening in case market forces fail. The need for policy intervention is getting recognised globally, said Dr. Basu, since a large part of the inequality in the world is being inherited at birth and getting dynastically transmitted from generation to generation. "Since there can be no distinction on the lines of hard-working babies and lazy babies, the issue of inequality at birth has come to the policy makers' table." Education paradox As a case in point, he cited the problem of India's education paradox: "India's small elite are able to receive world-class education but the masses get very poor quality education... Literacy levels were till 10 years ago below some sub-Saharan countries." Dr. Basu also said that the World Bank was planning to create an ‘Ease of Living Life' rating of countries that would be on the lines of the ‘Ease of Doing Business' in which India ranks poorly. The rating being planned will rank countries on the costs incurred by ordinary people in interface with the bureaucracy.

The Hindu, 22 December, 2014, http://m.thehindu.com/business/Economy/free-market-model-has-failed-kaushik-basu/article6713739.ece/

Tagged with: Economic Development Economic Growth Economic Inequality Poverty Reduction world bank Social Welfare Inequality Bureaucracy

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