Friday, March 10, 2017

Gandhian Capitalism

If Gandhi were to support a capitalist society, what sort of capitalist society he wanted?

Gandhi advocated reduction in inequalities.
He urged all in the society to take care of basic human needs of it members.
Gandhi wanted abolition of zamindari system without any compensation.
Capitalist method of production involves the possibility of conflict between capital and labour.
Large scale industries lead to concentration of wealth.
Gandhi was against labour supplanting machinery in a labour surplus country like India.

Gandhi was interested in developing cooperation between labour and capital. Capital has to be the servant of labour or not its master.

According to Gandhi, wealth belongs to the society. Rich people are its temporary guardians. They have to distribute it to maximize happiness of the society.

Gandhi had four basic axioms for the development of economic system: truth, nonviolence, anasakti (lack of attachment) and sarvodaya (welfare of all).

Truth can be interpreted as facts, nonviolence can be interpreted to mean cooperation and lack of conflict,  anasakti as interest in other's needs and sarvodaya also as interest in others needs at a wider level (not limited to one's own family or village).

The economic system should be so organised that every individual has an opportunity of getting gainful employment, so that he can buy his own bread and essential means of living. Gandhi did not believe in the poor living on the charity or mercy of others and wanted eradication of poverty which is possible only through everyone getting employment.

While Gandhiji was not opposed to private ownership of industries and business, he advocated social control of business so that the profits generated are equitably distributed so as to prevent concentration of wealth in the hands of a few people, which leads to exploitation.
Mainstream, VOL XLIX, No 41, October 1, 2011
Gandhian Alternative to Economic Development — Relevance for India Today

Gandhian Political Economy: Principles, Practice and Policy

By B. N. Ghosh, 2007
Ashgate Publishing Limited
Google Book Link for Book with Preview facility

Ekatma Manav Darshan Alternative to Capitalism - Full Lecture and Video - Most of the economic ideas of Mahatma Gandhi were reiterated by Shri Deendayal Upadhyay who promoted Ekatma manav philosophy or darshan. You can understand all the economic ideas of Deendayal by listening to the video or reading text of the lecture given in page above.

Economic Philosophy of Mahatma Gandhi
Shanti Swarup Gupta
Concept Publishing Company, 1994 - Economics - 350 pages

Updated 12 March 2017,  3 September 2016,  2 September 2014

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