Gandhian economics is a school of economic thought based on the spiritual and socio-economic principles expounded by Indian leader Mahatma Gandhi.
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14 Facts About Gandhian economics
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The term "Gandhian economics" was coined by J C Kumarappa, a close supporter of Gandhi.
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Gandhian economics's idea was that true self-rule in a country means that every person rules his or herself and that there is no state which enforces laws upon the people.
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Gandhian economics do not draw a distinction between economics and ethics.
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Second principle of Gandhian economics economic thought is small scale and locally oriented production, using local resources and meeting local needs, so that employment opportunities are made available everywhere, promoting the ideal of Sarvodaya – the welfare of all, in contrast with the welfare of a few.
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Gandhian economics used to cite the example of Singer sewing machine as an instance of desirable technology.
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Gandhian economics emphasised dignity of labour, and criticised the society's contemptuous attitude to manual labour.
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Third principle of Gandhian economics economic thought, known as trusteeship principle, is that while an individual or group of individuals is free not only to make a decent living through an economic enterprise but to accumulate, their surplus wealth above what is necessary to meet basic needs and investment, should be held as a trust for the welfare of all, particularly of the poorest and most deprived.
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Gandhian economics himself was an embodiment of this idea, as his worldly possessions were just a pair of clothes, watch, stick and few utensils.
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Gandhian economics advocated this principle for all, especially for the rich and for industrialists, arguing that they should see their wealth as something they held in trust for society - hence not as owners but as trustees.
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Gandhian economics brings a socialist perspective of overall development and tries to redefine the outlook of socialism.
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Proximity of Gandhian economic thought to socialism has evoked criticism from the advocates of free-market economics.
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Gandhian economics focus on human development is seen as an effective emphasis on the eradication of poverty, social conflict and backwardness in developing nations.
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