Former RBI governor Raghuram Rajan on what a strong govt should be like | analysis | Hindustan Times
Today in New Delhi, India
Dec 17, 2017-Sunday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Former RBI governor Raghuram Rajan on what a strong govt should be like

Strong government doesn’t mean simply military power, or an efficient intelligence apparatus.

analysis Updated: Dec 30, 2016 12:19 IST
Raghuram Rajan
Former Reserve Bank of India (RBI) Governor Raghuram Rajan delivers a lecture at Tata Institute of Fundamental Research (TIFR) in Mumbai on June 20, 2016.
Former Reserve Bank of India (RBI) Governor Raghuram Rajan delivers a lecture at Tata Institute of Fundamental Research (TIFR) in Mumbai on June 20, 2016. (Reuters)

It is a truism that people everywhere want to live in a safe, prosperous country where they enjoy freedom of thought and action, and can exercise the democratic right to choose their government. But the world faces a disarming question in 2017 and the years ahead: how can we be sure that political freedom and economic prosperity go together?

The American political scientist Francis Fukuyama has argued that liberal democracies, with their political freedom and economic success, have three important pillars: a strong government, the rule of law, and democratic accountability. I would add a fourth: free markets.

Strong government doesn’t mean simply military power, or an efficient intelligence apparatus. Instead, it should mean effective, fair administration—in other words, “good governance”.

Read the full story on Livemint here