The book is a combination of various articles written by the author over the years. Possibly from mid 1990s to 2002. The author essentially is of capitalist mind and offers solutions based on that model. The author also tries to convince people that capitalism must be sold to people like “Fabian socialism” of Nehru was sold to masses in 1950s. Even though acknowledging the short comings of the capitalist ideology, the author debates that it is the best system forward.
Being the ex-CEO of Procter and Gamble(India) , the author does provides an insight into various issues from the side of a capitalist. I however believe that the author missed out a concept called “social entrepreneurship” or “responsible capitalism“, which one believes should have been talked more in his book. I must say that I was horrified by couple of his suggestions and at the same time sympathetic to some, particularly about export industry .
Author is educated in Harvard University (in 1950s if I am not wrong) , he does bring along a certain mindset. I however believe that his understanding of certain issues were elitist per say ( both social and economical ) even though the author tries to pinpoint to the reader that he is NOT elitist, on this part I would beg to differ with him.
Author also focuses a lot on philosophers and their view points, I presume that is an educational hazard that the author has to live with (since the author did Philosophy honors from Harvard university) and so he uses the names of many western philosophers in putting his view point across. I would have liked if he would have quoted more of Indian philosophers.
The author also makes a point that he is a liberal in every sense ( I presume it is fashion these days to say so), I for one evoke author’s concern towards the reform of the rules and allowing entrepreneurship to be encouraged. It is an average book if any body wishes to read it. I was drawn to it after reading India Unbound by the author. I however doubt that I would be reading any other of his books soon. None the less , some books recommended by him will certainly be on my list for the book TO-READ.
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INQUISITION 
I was also drawn to this work of his after reading ‘India Unbound’.However, I liked his view on embracing capitalism that time.It was because I was in effect of Marxism (I was reading Marx’s Manifesto) & was naive.At present, I would also agree to your opinion on this book. And it so happens that I also didn’t picked up any other of his book after ‘The Elephant Paradigm’.
Though,his articles do have a motivational & inspirational effect on naive readers.His work in PSU was most inspiring for me..:P
Thank you for sharing your thoughts on the subject. 🙂