India as a new Republic chose mixed economy for development,have we failed? Now we are going for globalisation

Question

Let us go back to 1950 when young Republic if India chose mixed economy for its development and redeeming teeming millions from poverty. After 35 years have we derailed in our goal? Now our country is thrown open aghast to all outsiders in the garb of FDI. There has been exploitation by capitalists all over the world,there has not been initiatives in Proletariat countries,slumber of activities prevail. About 60% of people need Govt. controlled economy remaining 40% can go ahead with profit activities.If we do not realise it right now our country will be shattered beyon repair between two warring economic principles of the world.

Answer 1

Yes, I agree with you. There is a lot of work to be done to repair the economy.

Either you will need extreme upside in the economy or downside to straighten it out.

Answer 2

There’s been a lot of reverse history going on lately about the Great Depression. Neocons love to tell you the New Deal made it even worse. This is simply untrue. Some things did make it worse, such as the Smoot-Holley Act, but this was under Hoover and a very restrictive tariff. By 1937, American industrial output had reached pre-1929 levels. Then FDR cut spending and cut taxes (hmm….that sounds like something some people today want to do) sending the US economy crashing back down. Finally, the government had to embark on a gigantic spending and civil works project to get us out of the Depression. This was called World War II. This is why I have to laugh when neocons say “government spending prolongs recessions” and in the very next breadth claim it was WWII that got us out. LOL funny. Hannity rots the brain.