Rakesh Mohan Reflects on Dismantling the License Permit Raj
Ideas of India
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The Impact of Bureaucratic Controls on a Shortage Economy
This chapter explores the historical intricacies of a controlled economy, emphasizing how stringent regulations resulted in significant shortages across multiple sectors. It examines the inefficiencies caused by bureaucratic controls and the reluctance of government committees in the mid-20th century to adopt market-based solutions despite acknowledging existing systemic problems.
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