Financial Daily from THE HINDU group of publications
Wednesday, Oct 19, 2005
Financial Daily from THE HINDU group of publications Wednesday, Oct 19, 2005 |
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Opinion
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Letters Development economics
This refers to the article, "A brief history of development economics" (Business Line, October 7). The article highlights the shift of development economics from state-sponsored planning to more market-friendly policies. A pragmatic approach is good. But pragmatism must not lead to self-deceit. In a developing economy such as ours, wherein graded inequalities exist among more privileged, privileged, and oppressed classes, how can we expect market friendly policies to bring in laurels? Poverty, in India, was imposed on the working class few centuries ago. It is a social imposition that created inequalities in society. For the redress of such social maladies, policies with a social conscience must be formulated. Market-friendly policies have an economic-orientation. Only economic maladies can be rectified by such policies. Poverty, that has perpetuated for centuries, must be fought with social policies, for which the role of the state is vital. We cannot glorify economic development that curtails the purchasing power of the common man. The fate of the poor cannot be surrendered to market-friendly forces. The role of the state must endure till poverty is eradicated. The role of the state cannot be minimised on any count in a developing economy such as ours. V. Kumaresan Chennai
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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