You both are almost absolutely opposite to me. I grew up very capitalistic but changed my mind after seeing negative effects of capitalism.
@ night13 - you are right India is a "socialist" country.
India is a sovereign socialist secular democratic republic. (http://indiacode.nic.in/coiweb/coifiles/preamble.htm)
There was a time when India had too many trade barriers and economic regulations that prevented capitalistic growth. However, now India actually has a very free trade economy conducive to good corporate growth. Over the past decade economic growth in India has been accelerated and people can enjoy many benefits of capital growth.
At the same time the public sector is also strong. Government is involved in many vital infrastructure activities like transport, energy, communications, education etc so that even rural and lower class India get economic opportunities to grow.
On paper, the structure of India is a good ideal balance. Our problem is corruption and greed. The government is steeped in bureaucracy, inefficiency and corruption - so people don't see the benefits of the public sector. Consequently the private sector engages in tax evasion, money laundering and illegal activities because they feel entitled as fair play would mean the public sector wasting money.
EU and Nordic models have worked so far much better because they have somehow overcome the cycle of corruption and greed.
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