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FREE MARKET CAPITALISM

India is one of the largest multi - lingual, multi- cultural country, But remained under developed one. One of the many reasons for the growth rate of industrialization in Capitalism. It plays a fundamental role in fundamental development of any country. Industry tend to exercise profound influence on other sectors of the economy including agriculture, education, manufacturing, health and many others. Industrialization is considered as indicator of economic growth and hence the countries like India must give highest priority to industrial development, which need capital for various reason. This is about decentralised localism that takes place pride in local brands, emphasis resilience and flexibility, and encourages local capacity building and indigenisation. In this context, the idea of self- reliance is about resilience, leveraging internal strength, personal responsibility and a sense of national mission of “Man Making” which is also address in 19th century expression by (Swami Vivekanand). Self- reliance implies that product and factor markets are made flexible in order to allow the Indian economy to adapt to the problems and opportunities of an emerging post-COVID world. Thus there is an unapologetic commitment to privatisation of non- strategic public sector entities, opening up of new sectors like space to private investment, decriminalisation of most aspects of corporate law, greater flexibility in labour laws and so on. Nonetheless the above emphasis on greater flexibility and personal endeavour laissez faire market economy. Self-reliance also means a commitment to resilience at multiple levels at national level, industry level, and at an individual level for ex-government has indicated that it would provide various forms of incentives and protection to key industries, we have just witnessed how the vagaries of global supply chains can choke a key industry when it is needed most. The same idea of resilience when applied to individuals and vulnerable social groups calls for creation of safety nets. “Atmanirbhar bharatis not just a slogan but a vision with deep roots in India’s intellectual tradition Capitalism establishes a social and economic contract that makes it possible for individuals to exercise their business. It gives people the ability to secure in themselves and their possession, which are having provided security. As it creates the necessary conditions for the people who has an aim to escape from poverty and generated wealth for themselves. And for the poverty, unemployment oppression, sufferings and exploitation so I have preferred the sub-topic which is looming upon the world as Capitalism plays an important role in development of the nation.


The term ‘Capitalism’ refers not just to markets for the exchange of goods and services which have existed since time immemorial, but to the system of innovation , wealth creation, and social change that has brought to billions of people prosperity that was unimaginable to earlier generations of human beings whereas free market capitalism refers to a system of production and exchange that is based on the rule of law, equality of rights for all, on the freedom to choose , on the freedom to trade, on the freedom to innovate , and on the rights to enjoy the fruits of one’s labour, savings, investment without fearing from any restrictions .The waves of change that free market capitalism creates are often resented by entrenched elites. As they see the world, minorities become uppity and the lower classes are no longer know their place. People create relationships based on choice and consent, rather than birth or status.


More government of poor countries are focused on attracting “foreign investors” more but they don’t let their own people into market. Basically opening up the market and competition to local people is not in their agendas or objectives. Local people have the insights the understanding, and the “local knowledge”. It’s not true “Globalization “to give special favours to “foreign investors” when the locals are swept away and are not even allowed to compete in their own market. If the “special economic zones” that government set u to attract “foreign investors” are a good idea, then why can’t the bulk of our people benefit from them? Why are they considered special zones of privilege, rather than a part of freedom of trade for everyone.


It is not free “free trade” when international companies can get special favour from government and its not free trade, when locals firms are blocked by their own government from the market. Free trade requires the rule of law for all and the freedom for all to engage in the most natural of actions: voluntary exchange. Furthermore free trade is something that who gives right& powers to both the local as well as foreign investors to compete. Because only lack of freedom keeps us down and perpetuates poverty in the society. What we need is information, we need to talk to people on the ground. The evidence is overwhelming that free market capitalism, freedom of trade and equal rights under the rule of law create prosperity for the masses of people. What we need is free capitalism which creates the space for us to realize our own potential.



References

  • Editorial pg. of Indian express (Sanjeev sanyal( Economic advisor on his personal views)

  • Nozick, Anarchy, state and utopia(new york basic books, 1974)

  • The legal historian Henry Sumner Maine famously described “the movement of the progressive societies”

Tanya Sharma

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