Boogeyman? Is the outcome of the World Bank's insistence on "structural adjustments" somehow in debate now?

I was in Delhi when this started and they began laying out the tamper-proof cable back in the early 2000s. At that time, railway food had been privatised, perhaps you recall. It wasn't better. The problem was not the privatisation or lack thereof, it was the complete lack of accountability.

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Gangway0829 an hour ago | parent [-]

I'm not referring to the World Bank, but rather the idea that BJP's privatization push is somehow benefiting cronies. This is a widely reported accusation by the INC, but like most of their accusations, it seems to be a matter of slinging mud at the wall and seeing what sticks.

Part of accountability is the possibility for failure and the associated consequences. PSUs have no fear of failure, since they're fundamentally parasitic, living as they are on the tax receipts of the beleaguered middle class. Private industry either increases efficiency to the point of profit, or goes under, simple as. Show me the incentive, and I'll show you the results!

Of course, if there is complete government capture by industry, then there is no more risk of failure, and you have privatized PSUs. But let's say this, from 1947-1991, India traded the British for the IAS. Hardly much of an improvement. The only way to reduce their power is to transfer it to the private sector, outside of areas where the utility of the activity is all externality (e.g. defense, scientific research). We have to move in this direction or risk returning to the License Raj era. Perhaps this will create more problems, but at least our children won't curse us for leaving them with our parents' problems.

	▲	sirtaj an hour ago \| parent \| next [-]
		We're going to go back to the original point you made that you don't understand why privatisation is going so slowly. And I will reiterate that there are good and bad reasons. The bad reasons are visible, like Adani winning every coal tender in every BJP state, or the contractors (privatised) who make shit roads so they can then get paid to repair them. The good reasons are the ones I stated and you've touched on - you don't just give away the family jewels, you make sure that the recipient is strongly incentivised to do a better job. Just "oh they need to make money so it will be better" is too nebulous to mean anything. What is the incentive for a railway caterer to do a better job if he won't get pulled up for substandard food? Saw the same thing playing out in public transport in a few different countries, incidentally. London railways are a particularly hilarious example of what happens when you privatise without proper accountability.
	▲	sirtaj 14 minutes ago \| parent \| prev [-]
		Speaking of the IAS, my grandfather went smoothly from being an honest and principled ICS officer to being an IAS one. A contractor had his mother murdered because he wouldn't take a bribe for an illegal transport licence. That had nothing to do with socialism or capitalism, and neither ism will magically fix a society where that barely raises an eyebrow.