Losing faith in capitalism

Context: The loss in the credibility of capitalism in bringing inclusive prosperity has diverted emphasis on principles of socio-economic justice.

Reasons for loss of faith in capitalism

• Income Inequality: According to Oxfam International, India’s richest 1 % carries 4 times more wealth than bottom 70%. Bailouts after crisis has exposed the State’s ‘socialism for corporate and capitalism for the poor.

• Food Insecurity: Distress among migrant worker, prolonged hunger and malnutrition present a stark reflection of long-standing vulnerabilities.

• Environmental Havoc: neoliberal economics economies are fueling climate change with larger contribution in rising Temperature, increasing GHG emissions, destruction of prime natural resources, forests and biodiversity hotspots.

Way forward:

• Self-reliance: Achieving self-reliance in policy imperatives like health, education, renewed emphasis on “Make in India” especially by reviving MSME sector.

• Economic shift: From economics of growth to economics of wellbeing where Gandhi;’s talisman becomes the new mantra.

• Conserve nature: Rejuvenating growth imperatives in line with environmental conservation.