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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.

India to test fly light combat helicopters by month-end

India will shortly test fly the indigenously designed and built Light Combat Helicopter (LCH), which will augment the IAF"s fleet of small and highly manoeuvrable rotary flying machines.

DoT to seek Cabinet nod for Rs 10,000-cr defence proj

The Department of Telecom (DoT) will approach Cabinet shortly seeking allocation of Rs 10,000 crore to prepare an optical fibre cable (OFC) network for defence forces in the next three years in lieu of release of spectrum for mobile services.