Subramanian Swamy, a former Union Cabinet Minister, a Harvard-educated economist and Professor, holds that corruption impacts on economic development of a nation in five dimensions; sub-optimises the allocation of scarce national resources; the use of bribe money distorts investment priorities; unaccounted bribe money cause inflation via hoarding and property bubbles; corrupt persons in public office enact laws to safeguard the booty by lax criminal investigations and prosecutions; and corruption enables beneficiaries to involve foreign hostile governments to launder money and provide protection to offenders thereby compromise national security.
Hence, Dr. Swamy argues that as a country becomes industrialized, its governance and corruption challenges morph and becomes more sophisticated: it becomes a complex phenomenon. In this context, Dr. Swamy has explained the ramifications of the monumental 2G Spectrum Scam. Subramanian Swamy is today nationally known and widely respected for his ideological nationally known and widely respected for his ideological conviction, for his commitment to furthering democracy and market economy in the country, for his scholarly credentials, and a blemish-free political career. He has been elected to Parliament for five terms and been elected to Parliament for five terms and been a Cabinet Minister twice. Since 2001, Dr. Swamy has been teaching, every summer, Economics courses at Harvard University from which world-famous University he had received his Ph.D. in Economics after collaborating in research with two Nobel Laureates, Prof. Simon Kuznets and Prof. Paul A. Samuelson. Dr. Swamy was thereafter inducted into the Economics Faculty of Harvard where they taught for 10 years, before returning to India to become Professor of Economics, Indian Institute Technology, Delhi. Dr. Swamy has been amongst the earliest to advocate economic liberalisation and competitive market economy for India. As Union Commerce Minister in 1990-91, he prepared the blueprints for economic reforms, adopted by the successor Narasimha Rao Government, in which Dr. Swamy held a Minister-rank position.