systemhalted by Palak Mathur

Socialist Capitalism - The Way to Follow

Share on:

I feel exhausted after studying, understanding and writing about The Preamble to the Indian Constitution. Can't stop thinking about the effort it took and the thought it must have taken towards realizing the dreams into reality or atleast on paper. I can't believe the nationalist idea which though socialist was so different from socialism that emerged as a response to Industrial Revolution. When Industrial Revolution was taking shape, people believed that Capitalism would provide opportunities for growth of individual both in terms of wealth and personality. But, as we have seen its impact, it turned out to be bad. However I still believe that Capitalism is the best way for growth of individualistic thought, wealth and pesonality and which inturn would lead to the prosperity of the society.

We need to consider certain facts that were the major cause of failure of Capitalism in generating harmony in the society. Most people from the developing country feel and look at Capitalism as an "EVIL". This is because most of these countries were under bondage or were colonies of a foreign powerful empire. Taking an example of India, our leaders who at one time saw Capitalism as an opportunity and even said that the people bought together and bonded by Industry will never be able to break away and thus will lead to the formation of nation, realized that it won't be possible under the British rule. This was because British, the most advanced nation of the time didn't wanted Indian economy to grow and for them undermined Indian economy meant a greater control over resources.

On the other hand if this would not have been the case, then the zamindars and merchant class of India which was still a despot would not have led to the foundation of a strong Capitalist nation. This was realized and thus the leaders started making leeway for Nationalistic thoughts and to reach out to the people with their ideas about a nation. It was necessary that a nation is formed first and then Capitalism is given its place. I liked the idea of Gandhiji on trusteeship of Industry. It is so idealistic for the humans. For that you need self-less people with philanthropic mindset. If Capitalism could be mixed with Gandhian idea, then it would certainly be the best mix of Socialsm and Capitalism. I would like to call it Socialist Capitalism or Gandhian Capitalism- the capitalism that safeguards and works in the interest of the people.

Democratic setup, I think is the best for individual growtth both in terms of wealth and personality and that in turn means Capitalism is best suited in a democratic setup. Democracy provides freedom to individuals (though under guidance of law) to achieve what they want to and that is the whole idea behind Capitalism too. So, if we could adopt a Socialist-Capitalist model then it would be the best thing to happen as Capitalism would create opportunities and Socialism will take care of the interests of the people.