It was called a prosperity regime and was thought to be the best one in the world: Western Capitalism.
Whichever nation adopted it, showed unrelentingly high economic growth trajectory. Last century not only saw world wars but also the war between the forms of governance. Industrial revolution made us to think of a good system which would lead to a sustained growth in future. Among the competitors were Socialism or Capitalism,Democracy or Communism. Post world war II saw upcoming of Socialists with Soviet Union leading the Socialist flag. But with the demise of Soviet Union socialist era ended all of a sudden. From that time onwards it was capitalism pronounced by the western world which was thought to be the most compatible system with economic growth and undoubtedly yes, Capitalism made the world economies to grow faster and faster. More and more goods and services were produced into this era and were serviced to the mankind.Capitalism was growing and spreading into the different corners of the world and capitalist nations became richer and more powerful day by day.
While all these developments were making the nations to be called as developed world Indian leaders were living into a hypothetically ideal world made up of Marxist ideologies. They failed to realize that they have lost industrial revolution by 50 years which meant being backward for long period ahead. So, instead of opting for a growth oriented capitalist structure they went for a socialistic approach. India got freedom after 200 years of colonial rule,may be that the fear of past did not allow them to go for a open path and rather opt act in a protectionist way. After losing everything we switched finally from Socialist to Capitalist economy. Results soon started pouring in as Capitalism started doing the same as it was doing to other nations for last one century. Growth was tremendous and soon it was confirm that CAPITALISM was the best for humanity to grow.
India was growing at furious pace.It seemed that after a wait of so many years we finally have got the right path and such a pace of growth will make India a superpower very soon. But as and when things started looking bright soon came a economic disaster which took away with it all the confidence and faith people had in Capitalism. Collapse of market worldwide,closing of big banks,interest rates lowest than ever,deflation due to plummeting demand,many economies getting into recession.Whole world is gripped into the problems which we owe it to capitalism. When the big banks faulted it was the government which came to rescue and took control of these big organizations. It seems world again is looking most socialist today. Private control is automatically going into the hands of government. Bankruptcy of Lehman Brother has same significance for capitalism as fall of Soviet Union had for Socialism in 1989. Both up to some extend signifies end of an era.Suddenly when capitalism was looking best for India now socialism is being said to be a better option. Does that mean that in time to come we will again have to follow the world and will again have to become socialist???
India has a better option. We can use this opportunity to show the world that capitalism has not failed rather given us a chance to strengthen ourselves. World is slowly starting to disbelief Capitalist idea of free economy. They are forgetting that it is this capitalism that has brought prosperity to humanity faster than any other thing on this earth.World has experimented and knows it best that socialist can never be a good option for us. Capitalism will be restored once this economic crisis gets over. Developed world will be heavily effected by this whereas developing nations would have some insulation and this would give chance to the developing countries to shed the gap between them and developed once.Lets see if India is able to make it this time round.
I BELIEVE CAPITALISM WOULD NOT CHANGE BUT RESTRUCTURE ITSELF.

