Apropos Crumbling Capitalism. Author says “with
capitalist prescription failing the nation and its people, time now to take a
look back at socialism”. This would be as good as prescribing open heart
surgery; where, a simple medication would do. However, it is true over a period
of time Capitalism leads to concentration of wealth with a few and with very
wide disparity of income; but, solution to the problem lies else where and
certainly not in socialism. Speaking for India ,
in totality Nehruvian socialism has done more harm than good to Indian economy
in comparison to ‘Bombay Plan’. In hindsight, we can say Bombay Plan if
accepted and implemented by Nehru along with ‘Gramya Swaraj’ policy of
Gandhiji; then, our country would have become a developed country by now in all
its parameters. Socialism only creates more of License and Permit Raj with
bolted bureaucracy which is inefficient and devoid of creativity, enterprise
and entrepreneurship. Capitalism could undergo course correction that would
encourage philanthropy in the larger interest of Capitalist while providing
opportunity to more and more people to lift themselves from poverty with their
own sweat and blood. Modified CSR policy is just a small step in this direction
and the pioneering work of Azim Premji Foundation in the domain of primary
education is another path breaking example how Capitalist could be put into
self correcting mode; but, it is true that quantity and quality of such efforts
are in nascent stage which require more awareness and activism. However, one
would have to concede that no economic system in the World could completely
eradicate disparity of income; as it is God who created Rich & Poor,
Talented & Average and Hard Working & not so Hard Working people on
earth and he must have very good reason to do so. Can we challenge the wisdom
of God?
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