The Gandhian Economic Model could See us Through Crisis

Context: Mahatma Gandhi’s moral and ethical ideas with economic relevance are inevitable for dealing with the repercussions of pandemic crisis (inequality and concentration of wealth).

Gandhian Economic Ideals

• Swadeshi, self-reliance: at the individual and village community levels, rather relying on mass production, mindless industrialization, extremes of capitalism and communism.
• Redistribution of wealth: by rich in favour of the poor through trust.
• Independent labour force: through Gandhi’s charkha vision where worker utilises its own tool for earning basic needs. 
• Empowerment at the individual and village level: through digital technology (web-linked villages, work from home/village).
• Local supply chains and self-sufficiency: de-globalization phenomenon will not disrupt local supply chain.
• Decentralised local production: like production of power through solar power to grids.
• Midway between capitalism and communism: with emphasis on redistributive justice.
• Favour savings: over speculation and debt-fuelled spending by governments and individuals.

Quote: “No doubt capital is lifeless, but not the capitalists, who are amenable to conversion".