![]() As in economics, a Gresham’s law operates in politics too: bad politics drives away good politics. Power begot money, and money is spent to obtain power. 5 crore for an Assembly candidate is pretty common.ĭuring license-permit-quota raj, rent-seeking and arbitrage became very common. In AP, Karnataka and Tamil Nadu, an expenditure of Rs. The first-past-the-post electoral system - where marginal vote is all important for determining victory - exacerbated vote buying. With vote increasingly disconnected from the outcomes and public good, the voter has to be persuaded with money, liquor and other inducements. With increasing disconnect between politics and people, voluntarism is dead, and mercenaries have to be hired even for simple political activities. In India, politicians have, over the years, developed inexhaustible appetite for illegitimate funds. Jimmy Carter put all his personal wealth in a blind trust so that his private interests would not influence his public policy, and emerged out of White House as a pauper who lost all his assets. ![]() Patel declined large contributions when there was even the slightest hint of seeking favours. Gandhiji accepted business support, but evolved his own strategies for national liberation. Wise and mature statesmen always accepted money from business, but kept policy making and governance beyond its reach. Good and sustainable business needs political support. Dir="ltr">From times immemorial, politics and business have been inextricably linked together. ![]()
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