Thought for the day
“History shows that where ethics and economics come in
conflict, victory is always with economics. Vested interests have never been
known to have willingly divested themselves unless there was sufficient force
to compel them.”
-
B. R. Ambedkar (Indian, 1891-1956)
Word for the day
Cockalorum (n)
A self-important little man.
(Source: Dictionary.com)
Teaser for the day
If we go by the opinion polls – presently Congress is the
only party in “no loss” situation.
Should Rahul Gandhi use this “advantage” or “let it go”?
Utopia:
The economic solution
In my view, the sustainable solution for India’s economic
problems could be found only by looking within. Borrowing from the thoughts of
Mahatma Gandhi, economics needs to follow ethics and not the vice versa. The
primary consideration needs to be “man” and not “money”.
To achieve this means Gandhi advocated trusteeship,
decentralization of economic activities, labor intensive technology and
priority to weaker sections. Many criticize Gandhian economic ideas based on
altruism, self reliance, and non-violence as an impractical alternative to free
market economics. I believe this criticism is unfair and suffers from
parochialism.
I believe borrowing blindly from the western economic models
would not work in Indian context. The Indian model will have to be
quintessentially Indian. It has to effectively tackle the problems of class
conflict, unemployment and poverty while attempting to preserve the lifestyle
and values of rural Indians, which are eroding fast with unmindful
urbanization, industrialisation and modernisation.
A self-reliant, free, just and progressive society is integral
to the idea of Swaraj. Self-reliance in no way violates the need for
technological advancement in the areas like healthcare, communication, etc. It
just wants the scale to tilt in favor of ethics and ecology conservation if a
conflict arises. Self-reliance also does infringe the idea of free market. It
just promotes a non-violent and non-exploitive trade and commerce.
For those who find Gandhi completely irrelevant in the current
context, it is pertinent to note that “the literature survey of Gandhian
economic ideas gives similar conclusions. 258 thinkers, who have reviewed his
economic ideas, have been taken into consideration. Among them, London group of
Professionals and The Club of Rome are considered as individual thinkers. Even
the opinion of 53 noble prize winners is also considered in this literature
survey. 96% of these thinkers admire his economic thoughts. They consider his
ideas practical, useful and relevant in the present world.
A growth model for economic development is shown on the basis of
Gandhi economic thoughts. This model is applicable to developing economies and
India. His ideas are helpful for backward and developing economies in the
world. His ideas are also useful for solving problems in capitalist economies.
This proves Gandhi as a unique and practical economist of the world”. (see
here for more details)
In short, the economic model of India, in my opinion, should be
based on the following three principles:
(a) It should develop an environment of equality
and mutual trust through decentralization.
(b) It should focus on the strengths on Indian economy
rather than overemphasizing the weaknesses.
(c) It should focus on enable of population
rather than merely providing for them.
…to continue next week
Readers can send their views, comments, criticism to the
author at vijaygaba.investrekk@gmail.com
Earlier in this series:
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