Saudi Aramco, which recently beat Apple to emerge as the world’s most profitable company, is the new star in international finance. Aramco’s announcement regarding bond issuance worth $12 billion has already created a demand of over $100 billion.
While Aramco’s finances are exciting, its history is even more so. In fact, it holds a lesson for almost everybody in our country—from the powers that be to opinion makers to the man in the street.
Aramco’s success shatters a couple of dangerous dogmas that have caused incalculable damage to India’s economy. First, multinational corporations are demonic. And, second, distribution of wealth is more important than its creation.
Though grounded in reality—from a trading entity, East India Company ended up as the political master of the country—the first dogma has spawned spurious theories Read More