Rent-oriented elite - News Summed Up

Rent-oriented elite


The present dollar crisis has but indicated how we (the political elite) have been living beyond the state’s means and how much the economy has been mismanaged by the elites of all major polit­ical parties. The political elite supported by ever pliant bureau­cracy also enjoyed perks and privileges at the state’s ex­pense. And to maintain their hegemony and keep their toadies happy, the political elite also indulged their grovelers with morsels of state money. Similarly, instead of industrialisation, the rent-oriented elite promoted the real-estate sector and used it for parking black money. Thus, we have a rent-oriented elite supported by a servile bureaucracy, which has the country in a stran­glehold, and resultantly the country is heading to­wards an economic meltdown.


Source: The Nation August 05, 2022 21:56 UTC



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