"They see this as the inefficient sector of the market."

But this system is now used to shield inefficient sectors from competition at home and abroad.

This is not a dazzling performance, and much is wrong with the Indian economy: an inefficient public sector, excessive government controls, large budget deficits and massive poverty.

The last thing Argentina needs is to renationalize industries, inflating its already bloated, inefficient public sector.

However, owing to the inefficient public sector, significant domestic subsidies, and considerable intervention investment in Lebanon inflation and external debt have become significant problems.

This must not, however, be an excuse for subsidising inefficient economic sectors which cause pollution.

In the meantime, around the world, the smaller, inefficient sectors will gradually be snuffed out.

But India also boasts a strong internal free market in consumer goods and food, an unruly collection of stock markets and an inefficient but private agricultural sector.

The Germans rightly don't want to be spending their money on Greece maintaining its inefficient and corrupt public sector.