Tuesday, July 14, 2015

Gandhian economic thought (10)

Limitation of Wants

Continuation

This idea led him to iterate time and there was no salvation for India.

“Unless the richly bedecked stripped themselves of their jewellery and held it in trust for the starving millions”.

Gandhiji’s views may seem somewhat similar to the Protestant ethics of thrift.

But with this crucial difference that with the latter thrift was a means of capital accumulation for higher consumption levels in the future.

For Gandhiji frugality was a permanent desired state.
It was not simply a postponement of present for higher consumption.

Gandhian precepts come directly into conflict with the modern capitalist as well as Marxian doctrines, both of which accord a critical role to capital accumulation in the growth process.

Gandhiji deplored the profit motive for accumulation.

Also, he was opposed to the forcible expropriation of the means of production from capitalists.

He felt that they should voluntarily renounce their assets to the state or continue to hold them only as “trustees” of society.


Used from paper of  D. M. Nachane

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