Productive use of technology can solve economic crisis
Book Title: Mass Capitalism: A Blueprint for Economic Revival
Author: Apek Mulay
As a preface, in 1987, I personally met and interviewed Dr Ravi Batra, a well-known economist from the United States, whose ideas have been cited by the author of Mass Capitalism, Apek Mulay. I remember interviewing Dr Ravi Batra when I was working with The Economic Times and Batra made headlines on The New York Times for his best selling book ‘The Great Depression of 1990’. When I was introduced to Apek Mulay during his visit to India, I was curious to meet somebody whose work has received some good reviews from economist Ravi Batra himself.
I liked the thesis of his book as well as found the title of the book very intriguing. I was curious what exactly did Mulay mean by Mass Capitalism. Another interesting thing that I learnt during our first meeting was that he is essentially from an engineering background. I have not met anybody with such a unique background and hence, his book is pretty unique in that regard.
In Mass Capitalism, Mulay provides a macroeconomic analysis and provides microelectronics industry as a model for his thesis. Besides, he focuses on several important aspects of the economy providing a holistic solution to the problems of the economy with hi-tech industry as a model for his analysis. He covers international trade, business models, supply chains, monetary policy, fiscal policy, geopolitics, socio-economics, macro-finance as well as democratic reforms making is a blueprint for economic revival.
His ideas have an essentially important role to play for not only a developed economy like the United States but also for a developing country like India. His focus on the importance of robust semiconductor industry is critical for a country like India which has no domestic electronics manufacturing capabilities and has a huge problem of trade deficits due to imported electronics. Having realised the usefulness of his ideas for the Indian economy, I also helped him get his ideas out through television interviews during his visit to India. Mulay has been able to correlate very well what has happened in the United States leading to a sub-prime crisis in 2008 and how the present Indian government is repeating the same mistakes like the US.
What I find important to mention is that Mulay stresses about a productive use of technology to eliminate poverty, unemployment and raise the standard of living of citizens. He is opposed to an unproductive use of technology that increases unemployment in a nation’s economy. I would highly recommend this book for its unique approach towards solving the economic problems of a nation’s economy through a productive use of technology. I wish Mulay the best in making it happen for the global economy.