Losing faith in capitalism

The Tribune     13th May 2020     Save    
QEP Pocket Notes

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.
QEP Pocket Notes