RBI governor Raghuram Rajan deplored crony capitalism recently , as it harms free enterprise, efficiency and growth. He is, of course, right. But crony capitalism has played a huge role in the initial, economic take-off of practically all countries. The British Crown gave the East India Company a monopoly over trade with India. Abraham Lincoln, a successful, erstwhile railroad attorney , signed away one-tenth the land of the United States to some railroad companies to connect the east and west coasts of the nation by rail. ............
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