Regulation of people and markets has to be tightened. It is important however that the baby of democratic capitalism is not thrown out with the dirty bathwater with which it has been recently scrubbed. The cure must not be worse than the disease. Economic and political history shows that individualism and markets are necessary prerequisites for economic progress. The contemporary crisis shows that these are not sufficient. The state has to be in the mix. The issue is to strike the right balance. It is not to redefine the tenets of liberalism or capitalism.
The writer is chairman, Shell group of companies in India. Views expressed are personal.
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