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India ' s uber-rich should use their wealth to build and redistribute The last few years have created a host of new billionaires in India , though I must hasten to add that the recent carnage in the markets has made many of them poorer. America's Gilded Age (1877-91) was followed by the Progressive Era, when personal wealth was ploughed into philanthropy, and business growth was funneled into prosperity for all. What turn will India take? We can harness the innovative power of our large corporations to create a highly productive economy, creating jobs for millions of workers . Alternatively, we can end up as a Russia-style oligarchy, with wealth concentrated in the hands of a few business houses and a highly unstable society . India's recent growth has created billionaires like Vanderbilt, Carnegie, Rockefeller and Morgan from America's Gilded Age. Indian billionaires control more of their country's wealth than billionaires in any other country, except Rus...