Essay on the value of scientific method, free speech and property rights and Why India must avoid the policy architecture of 1947 to 1990

When I try to develop risk response models for investment there are three fundamental pillars of societal progress: the scientific method, free speech, and property rights. ?I use these pillars to determine the core risk inherent in any investment in a given jurisdiction. These pillars foster innovation, open dialogue, and economic stability, creating a thriving environment for human advancement and consequently stability of any inter-generational investment.??

Almost 90% of the investments made by Adani Group are in this category of being inter-generational in nature e.g. Airports, Power Generation, Power Transmission & Distribution, Logistics etc.? What follows is a brief explanation of each pillar, some historical context and followed by the danger posed to this by misguided socialist values.

Pillar 1: The Scientific Method

Scientific method is a systematic approach to inquiry that allows us to explore and understand the natural world through observation, experimentation, and evidence-based conclusions. It provides a structured framework for discovering truths, challenging assumptions, and fostering innovation (one of the great mental models for any business). By adhering to the scientific method, we ensure that our knowledge is reliable and verifiable (due diligence capable work), leading to advancements in technology, medicine, and countless other fields.

Pillar 2: Free Speech

Free speech is the cornerstone of democracy and personal freedom. It empowers individuals to express their thoughts, ideas, and criticisms without fear of censorship or retribution (banning books, issuing death threats against speech). Free speech facilitates the open exchange of ideas, which is crucial for societal progress and the development of well-informed public opinion (thus you see an assault on speech by cancel culture, ad hominem name calling etc.). It encourages diversity of thought (which in the cancel culture world is being replaced by diversity of looks, physical appearance or ideology) and promotes dialogue, debate, and dissent (being crushed), all of which are necessary for the growth and adaptation of societies.

Pillar 3: Property Rights

Property rights are equally crucial as they provide individuals with the security to own, control, and benefit from their possessions (you can see this via centralised property ownership models being advanced). This security fosters economic stability and incentivizes innovation and investment. When individuals are confident that their property is protected by law, they are more likely to engage in entrepreneurial activities (primary risk taking), contribute to economic growth ( thus you see the opposition by rent seeking organisation to digitisation of land records and land), and improve their standard of living. Property rights also ensure the efficient allocation of resources (people who oppose this pillar also propose schemes like expansion of government ownership) , as owners have the incentive to manage their assets effectively.

The Combined impact of ?the scientific method, free speech, and property rights create a robust foundation for societal progress. The scientific method enables us to uncover new knowledge and innovate, while free speech ensures that ideas can be openly shared and debated, leading to the refinement and improvement of those ideas. Property rights provide the economic stability and incentives necessary for individuals to invest in and develop new technologies and businesses. This powerful combination promotes a culture of critical thinking, creativity, and economic growth. We must become this culture and business must imbibe these values to create long term wealth for its stakeholders.?

Societies that uphold these principles are better equipped to solve complex problems, adapt to changing circumstances, and enhance the well-being of their citizens. By fostering an environment where knowledge, innovation, and economic stability thrive, these pillars collectively drive human advancement and create a more prosperous and just world.

Just a small sample of the historical context to understand the evolution of these principles over time and the economic trajectory of Europe:

• Pre-Renaissance (Before 14th Century): The global economy was relatively small, with Europe accounting for a minimal share compared to regions like China, India and the Middle East.
• Post-Renaissance (After 14th Century): The Renaissance marked significant economic growth in Europe, with the European economy accounting for approximately 40-50% of the world economy by the 15th century.
• By 1900, Europe's share of the world economy was approximately 60-70%, and the combined share of the US and Europe was about 80-85%. The average life expectancy had increased to around 47 years, and 78% of European & American children between the ages of five and seventeen were enrolled in schools.
• Late 19th Century and Early 20th Century: Socialist ideas, driven by Marxist theory, began to gain traction in Europe. The Revolutions of 1848 saw significant revolutionary activity, inspired by the Communist Manifesto. Socialist parties and labour movements emerged, advocating for social reforms.? Mid-20th Century socialism continued to influence European politics, with many countries adopting social democratic policies that aimed to balance market economies with social welfare programs.
• The result was by the 2000 the EU's share of the world economy had shrunk to 28.6%, and the US's share was 25.4% (US strictly maintained free speech, property rights and open exchange of ideas) and ?by 2024 the EU's share of the world economy reduced by a further 33% to ~17%, and the US's was consequently able to maintain its share at around 26%.

Over the last 125 years, Europe's share of the world economy has seen a significant decline. From commanding around 60-70% of the global economy in 1900, Europe's share has dwindled to below 18% in recent years,

In conclusion, India must avoid the mistake that Europe made and is making. We, in India, followed the European model (socialism masquerading as democracy) from 1947 to 1990 and it bought the entire country to its knees.? We cannot let that humiliation happen again.? We must avoid policy architecture of 1947 to 1990 at all costs.?