Mar 15, 2016 - Non-basmati prices slide on muted demand

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from TradeBriefs FMCG Daily Newsletter

Sree Vijaykumar

From the Editor's Desk
Nobel laureate Joseph Stiglitz, economist and professor at Columbia University, suggests that American inequality didn't just happen; it was created (and is getting worse). In this excerpt from his book, he says that those at the top have learned how to suck out money from the rest in ways that the rest are hardly aware of - that is their true innovation. Many of the individuals at the top of the wealth distribution are, in one way or another, geniuses at business (rather than science or technology, which are what truly drive human progress). Steve Jobs was number 110 on the Forbes list of the world's wealthiest billionaires before his death, and Mark Zuckerberg was 52. But many of these "geniuses" built their business empires on the shoulders of giants, such as Tim Berners- Lee, the inventor of the World Wide Web, who has never appeared on the Forbes list. Berners-Lee could have become a billionaire but chose not to - he made his idea available freely, which greatly speeded up the development of the Internet. Indian inequality is even worse and has additional dimensions such as crony capitalism and caste/class based discrimination, where the powerful reinforce the inequality to stay wealthy at the expense of the poor - Comment

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