India seems to be caught in the vicious cycle of corruption. Business cannot seem to progress without corrupt officials and that is sustaining the so-called
"secondary economy" or in more realistic terms
"the evergreen slime-lickers club".My simple (in concept) solution is: "Get rid of money" - And when I say money, I mean cash of course.
Stop printing currency notes and ask everyone who possesses money in any liquid form (cash, bank deposits, shares etc) to come to a central agency and have it exchanged for electronic credits. Set up a nationwide system that allows transactions that only use these electronic credits.
Complete transparency that eliminates the incentive to hide money. It will no longer be possible for anyone to earn money through illegal means and as black money subsides, the need to bribe politicans would be removed and corruption should die a natural death.
In my mind corruption is sustained only because of black money. If a company (like most IT companies) receives absolutely no payments in cash (Only through checks, wire transfers), there is hardly any unaccounted money. This means two things - No need to hide/blacken money, and politicans know that there is not much money to be made there. Its possible, but difficult for a high-profile IT company to bribe politicians.
Its not money that is root cause of all evil, but cash ....
