If it has worked since 1959, why change it?

"A smug, entitled business class driven by greed and hubris, but sorely lacking in resources to legitmize their control. I could be describing the India Inc. of today -- or 1959. Nothing much has changed," wrote A Mukherjee. "Jet Airways Ltd., India's oldest surviving private-sector airline, is about to crash land. Founder Naresh Goyal neither brought in enough new equity of his own to rescue the debt-laden carrier, nor did he allow a timely sale to suitors who wanted the business, albeit without him" In the 1960s companies were controlled by agencies, pejoratively known as 'boxwallahs'. "They were vehicles for business families to extract commissions and control empires in the garb of providing managerial expertise." "India eventually outlawed managing agencies in 1969, but entrenched families lost no time in gaming the corporate boards that were now in charge." Today they are called 'promoters'. "India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousand of job losses weeks before a general election, two people within the administration told Reuters." Public sector banks, led by the State Bank of India (SBI), are looking to take control of Jet Airways, by converting debt into equity, and keep it operating. Etihad Airways, which holds a 24% stake in Jet, has refused to inject anymore funds into the airline and wants to exit altogether. Jet has debts of nearly Rs 100 billion and if banks buy out Etihad's stake as well they will be left holding more than 60% of the airline. With the collapse of Jet, one million seats have disappeared, leading to a 35% increase in domestic fares and 50-100% increase on the Delhi-Mumbai route. Despite having a buyer with financial resources, promoters of Essar Steel "have used every trick in the book to ensure their prized asset stays in the family, despite owing financial creditors Rs 508 billion ($6.2 billion) in unpaid dues". The Ruias have not paid $1.5 awarded by an arbitration court in the US, pleading a lack of assets. Generic version of Lipitor from India have been found to have 60% more side effects than one made by a Canadian company. This is because of the local practice of 'jugaad', which means 'improvisation at low cost'. "But the word can have a darker connotation: Get it done at all costs." Non-banking finance company IL&FS obtained finance from central and state governments by employing "serving and retired bureaucrats and also distributed largesse such as jobs for their children". IL&FS staff were held hostage for four months by disgruntled employees in Ethiopia, demanding payment of their wages. In 2013, Winsome Diamond company destroyed all records before defaulting on its loans. Its promoter Jatin Mehta  is somewhere abroad. Crony capitalism: Why change a winning strategy?