Before we go somewhere, it is important to know where we came from. Otherwise, we could simply retrace our steps or go in circles. It is in that light that the book, Joseph Lelyveld’s biography, Great Soul: Mahatama Gandhi and His Struggle with India serves as an impetus to understanding the economics of modern India. As India gradually sheds it’s socialist path, it is important to know why India ended up that way. An essay in Forbes by Kyle Smith blogs.forbes.com/kylesmith/2011/07/28/what-were-gandhis-views-on-capitalism/ discusses this book, and this review tries to explain why India ended up where it did. This review is not meant to glorify Gandhi, since the man, far from being a Mahatma (great soul) was full of personal foibles and was politically incompetent. This review is meant to provide a brief account of the collapse of capitalism in India, and Gandhi’s role in it. And it is meant to help investors understand what may seem to be maddening aspects of doing business in India.
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