Raghuram Rajan and India’s cursed equilibrium

.....“The poor and the under-privileged need the politician to help them get jobs and public services. The crooked politician needs the businessman to provide the funds that allow him to supply patronage to the poor and fight elections. The corrupt businessman needs the crooked politician to get public resources and contracts cheaply. And the politician needs the votes of the poor and underprivileged. Every constituency is tied in a cycle of dependence, which ensures that the status quo prevails.”.........

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