So the idea is that the animal spirits of entrepreneurs are unleashed by such avenues of surplus generation, and this in turn contributes to buoyant economic growth. This is indeed what has powered the recent Indian economic boom.
But this is raw Wild West-style economic dynamism: unfettered by adherence to any rule of law that treats all citizens as equal, and reliant on close relations of capital with the state to ensure high levels of surplus extraction. Once this basic inter-relationship is understood, then it becomes obvious how easily and quickly it can shade into a more smelly system of crony capitalism. This is not aberrant behaviour but rather an essential part of the growth strategy.
The extreme dependence of large corporate capital on these relationships of power, and therefore the extent to which they are deeply implicated in the corruption that they otherwise openly deplore, is usually missed by observers. Most of the media and even the citizen's movements against corruption add to the obfuscation, by presenting the problem solely in terms of the corrupt behaviour of politicians and not making the link with corporate behaviour.
Cartoonist: Satish Acharya