The myths of inflation targeting4 min read 10 Aug 2015, 11:46 PM IST
India needs a seven-person monetary policy committee that sets rates without adhering to an inflation target
A democracy is only as good as its journalists. The rule of one vote for one person is dangerous when people are misinformed, wilfully or willingly. This may have been what Winston Churchill had in mind when he observed in the House of Commons, a couple years after his rude ejection by the British public, that democracy is the worse form of government except for all the others. He might also have been reminiscing over one of democracy’s greatest scars: election night, 5 March 1933. Though less deep, the scars keep on coming. In its 1973 hit song, Sweet Home Alabama, Lynyrd Skynyrd reminds us “in Birmingham, they love the Gov’nor". The Russian electorate’s love affair with Vladimir Putin has made a mockery of the constitution’s term limits. George W. Bush was elected not once but twice and the second time round was after the Iraq invasion had gone horribly, predictably wrong.