Sunday, Sep 25, 2022
Outlook.com
opinion

Count Lustig's Avatars

Eiffel Tower sellers will always be around. We need checks and wits.

Count Lustig's Avatars
Illustration by Sorit
Count Lustig's Avatars
outlookindia.com
-0001-11-30T00:00:00+05:53

What is the source of this financial crisis? Barring a few ideologues on the right, everyone agrees that financial markets need governmental control, and a factor behind the current mayhem was the failure of controls under the Bush administration.

As India begins to industrialise, these are problems we will have to contend with. In crafting our controls, it is important to recognise that this is not an easy task if we do not want to make the mistake we made under the 'licence raj', when the propensity was to bring all entrepreneurial activities to a halt in order to stop the bad ones. Also, and this is not widely understood, financial crimes are a moving target—guarding against them calls for continuous regulatory innovation.

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