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V V: Correcting the fault lines of capitalism
In the long run,” John Maynard Keynes had famously said, “we are all dead.” Keynes may not have been quite dead, but he had lived a ghostly half-life in the corridors of central banks and within the academia for decades. Now with the failures of unbridled capitalism on a global scale, he is back in fashion, along with Marx. John Cassidy, the finance correspondent for the New Yorker has come with How Markets Fail: The Logic of Economic Calamities (Allen Lane/Penguin £25), which draws heavily on Keynes to recount the story of America’s housing boom and the failures of regulators and self-deception of bankers that led to the present financial crisis. The book is a sequel to Cassidy’s earlier book DotCon that dealt with the stupidities of the stock market bubble in the late 1990s, but both deal with one central idea: the belief that society is best served when individuals are left free to pursue their self-interest was “Utopian economics” and led to disaster because of “the crooked timber of humanity”, and the uncertainty that is inherent in any human enterprise.

'Adidas doesn't want to run before learning to walk'
Adidas, which launched its premium lifestyle product – Originals — in India two years ago, is still in the process of educating customers about the different story that the collections, represented by the Trefoil logo, has to tell vis-à-vis its regular "performance’ brands. Timo Pape, adidas’ Director Sport Style, Asia Pacific, spoke to Suvi Dogra about the German sports wear company’s strategy to increase the share of Originals to one-fifth of its business in India. Excerpts:

News of the day

SpiceJet among top 10 budget airlines in Asia: survey
SpiceJet has been recognised amongst the top ten budget airlines in Asia, based on the results of “Best in Travel Poll 2009”, an online survey on budget airlines conducted by Smart Travel Asia magazine, which is a online travel magazine for Asia read by over 10,00,000 visitors annually.
International Business

Govt mulling stake sale in four PSU firms

The government is considering to divest stake in four PSUs -- NMDC, KIOCL, MOIL and RINL -- administered by the steel ministry, as part of a broader plan to mobilise resources to meet their funding needs. - Govt to introduce e-passports - Govt raises borrowing to Rs 2.99 lakh cr for H1FY10 - The wages of prohibition - Centre to amend mining law to address iron ore issues - Project in WB delayed due to lack of adequate funds: Minister - Govt studying fiscal incentives for industries in SC/ST areas "Internal discussion took place with the finance secretary yesterday with regard to disinvestment. Names of three PSUs (NMDC, KIOCL and MOIL) apart from other entities figured during the meeting," Steel Secretary P K Rastogi told PTI, adding that no decision has been taken yet on selling of government equity. Separately, in a written reply in Lok Sabha today, Minister of State for Steel A Sai Prathap said the ministry has received proposals to divest its equity in steel firm Rashtriya Ispat Nigam (RINL), besides Manganese Ore (India) (MOIL). National Minerals Development Corporation (NMDC), the largest iron ore producer, is a "Navratna" company. If the government considers divesting up to 10 per cent equity in the company, it will be able to raise over Rs 10,000 crore. The government has targeted raising Rs 1,100 crore from stake sale in PSUs, but said it would retain control of the units. RINL is the largest state-run steel maker after SAIL. It is a "Mini-Ratna" entity and have applied for the Navratna status giving it more financial leeway. The government is already considering a strategic partnership between NMDC and Kudremukh Iron Ore Company (KIOCL), which a sick entity now.


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