The undertones of an Overton window

This is a momentous week to recall the pivotal year of 1991 in India's history.

1991 was a remarkable period in the country's history. India was at a crossroads, which was a fancy way of saying we were bankrupt.


The cabinet secretary handed a note to the newly sworn-in PM. He looked at it bewildered and asked, " Is the economic situation that bad?" The non challant response — "No Sir... It's worse!" Thus began unraveling the story of the reforms. The options for the intellectual and the diligent finance minister were straightforward: a simple three-point plan: devaluing the rupee, liberalizing trade, and disrobing the license raj.   


Unlike a corporate leader who could simply draft a policy, issue a memo, and expect compliance, the economic reforms were not corporate boardroom drama. The Oxford-educated finance minister was not making chess moves but making strategic maneuvers.


But there was a democracy at play! Again, this is a euphemism for saying that we must navigate the treacherous landmine of public policy. Another way of saying, how do we convince the powerful lobby of Twitterati, Instagrammers, and meme makers of the 90s era? That's where the Overton window comes into play.


What's an Overton window

The Overton Window defines the range of ideas society deems acceptable. It moves as opinion changes, making some ideas more acceptable. Any leader supporting ideas outside the Overton window risks losing his well... shirt! 


For policymakers still suffering from the PTSD of the British Raj, the dismantling of the license raj was outside the Overton window. Here, the erudite professor wore the politician's hat. He did not have a crystal gaze but saw through the Overton window and determined what was politically feasible and publicly acceptable. 


Here, the erudite professor wears the politician's hat. He detected the Overton window and moved it close to the verge of possibility. The rupee devaluation was too esoteric for the lawmakers to understand. Through a policy switch, he triggered the change. Overnight, the rupee was devalued. It opened the floodgates of conversation in the country.


A crisis shatters the barriers of complacency, compelling us to embrace new ideas that were once unthinkable. No one understands Gold the way Indians do. When 46 tonnes of Gold was shifted to the Bank of England as a Mortgage to raise money, every Indian household knew something bad, very bad, had hit the fan! Slowly but surely, the Overton window for the idea of repealing the license Raj took shape. The rest of the reforms slowly but surely followed through!


In his famous budget speech, he said, " No power on earth can stop an idea whose time has come." What he actually meant but left unsaid was that an idea's time may have come, but its power lies in persuading people to believe in its worth.


The reforms themselves are chapter one of Economics for Dummies. A leader's ability to convince the audience and corral the force behind an idea makes or breaks it. This power of persuasion made history what it is today.   


The lost art of making a case!


Most leaders focus on policy directives rather than building consensus. Without investing time in making a case, they risk resistance instead of genuine buy-in. Persuasion is the ultimate leadership skill. Excel sheets may inform, and PowerPoint may impress. Still, only the ability to convince can drive action and make visions a reality.



When times were tough and quite dire,

Ideas alone didn't inspire.

The Overton Window did shift,

Persuasion gave it a lift,

For without it, great plans just perspire!

        

     

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