Insights Weekly Essay Challenges 2016 – Week 05: Can Capitalism bring Inclusive Growth?

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Insights Weekly Essay Challenges 2016 – Week 05

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31 January 2016

Write an essay on the following topic in not more than 1000-1200 words:

 

“Can Capitalism bring Inclusive Growth?” (CSM – 2015)

  • Sonia mehra

    Sunday special-Calvin dose!!

    • Ab

      Essay topic is ready and so is the Calvin:-)

      • sankar

        ab plz rvw mine dost

      • Wolverine

        Hey Ab, could you please review and tell — Whether I could improve my Conclusion part or not?

        • Lubna Sehar

          Hi. Plz review and tell whether I’ve improved or not?

    • sankar

      plz rvw mine frnds

      • yogi

        bhai, review plz,

    • Aravind Varier

      Happy to see ” CALVIN ” back in the essay forum , CALVIN Dose!!! gives the readers the feel of the cartoon that, they find while reading the Editorial section of ” THE HINDU ” Newspaper 🙂 🙂 🙂 🙂 🙂

      • sankar

        have a look at my essay plz ……….thanks

      • Aashiq forever

        Can u plz share basics of essay writing …any link ,video ,Pdf

        • Aravind Varier

          Dear Aashiq forever,

          I personally don’t refer any academic documents while writing an essay .

          The only thing, i strictly adhere while writing an Answer OR an essay is to check the requirement of the question and a logical structure that have to be kept in mind while writing the entire Answer .

          I would put down the structure that would have been followed by me for writing this essay :

          Let us Analyse the question in detail :

          CAN CAPITALISM BRING INCLUSIVE GROWTH ? so, the examiner is interested to know our opinion on this statement .

          It can be either ” YES ” or ” NO ” .from our side.

          Majority prefers to tell NO , because it would be easy to write on it .

          let me go step by step :

          >>> IF I tell the examiner NO , then my essay should be focusing on the negative aspect of capitalism ,
          >>> IF I tell the examiner YES , them my essay should be focusing on the positive aspect of capitalism .

          I will give a detailed structure of the essay below for your perusal . my answer is NO and i will be focusing more on the negative aspects of capitalism below .

          LETS BEGIN 🙂 🙂 🙂

          PART 1 :INTRODUCTION

          a) defining the term of capitalism ,

          b) how did the word come into existence ( here you should tell when did the word ” capitalism ” gain prominence . you can give some historical facts to substantiate your answer .

          c) you can also give a poetic OR sentimental introduction by forming small stories like , example : i was walking on the street , i saw a little boy in torn dress asking alms from a child eating “Quality Street ” chocolates AND try to link with the question in projecting inequality and its existence due to capitalism and so on .

          Such sentimental stories can create a sympathetic mood in the examiner which can reflect in the marks . ( It’s my opinion , but i prefer to write heart touching stories to lure the examiner 🙂 🙂 )

          NOTE : It is your choice to decide to go either for a HISTORICAL ASPECT or a SENTIMENTAL STORY . I personally believe , writing historical aspect and sentimental story TOGETHER will SPOIL the essay 🙂

          d) Once we are done with the Introduction( you can write 2 paragraphs OR 200 Words for Introduction ) , let us proceed to the second step ( VERY IMPORTANT )

          PART 2 : REASONS

          lets see the question : since , we have said CAPITALISM did not bring Inclusive growth , now we should be able to justify our stand as given below :

          a) Reasons why capitalism did not succeed in bringing inclusive growth ,
          there many ways to justify it .

          i) CAPITALISM & ITS EFFECTS ON INDUSTRIAL SECTOR

          Private players who tries to win the confidence of the government by showing they are providing so many jobs , but actually flouting basic working norms of the worker . Here you would try to give a detailed view on the loopholes of the Government policies that have made the capitalism no inclusive .you can also refer to labor strikes across the world AND India .

          ii) CAPITALISM & ITS EFFECTS ON AGRICULTURAL SECTOR
          capitalism and its role of bringing inequality in farming sector ( example : Many Business entrepreneurs are investing in East African nations ( least developed countries ) like Ethiopia e.t.c only to get the benefit of their farm goods while being sold in European markets . like the European nations only charge 10 % – 15 % tax for farm goods coming from least developed countries . but from developed countries they charge 50% tax on the goods .
          So , the beneficiary is the capitalist owners farming in these countries leaving behind the poor farmer neglected .

          b) you can write the two factors mentioned above in about 200 words each overall 400 words to describe the reasons behind the failure of capitalism in bringing inclusive growth .

          PART 3 : A SMALL OVERVIEW OF THE POSITIVE OF CAPITALISM IN BRINGING INCLUSIVE GROWTH .

          This part is the trickiest part , we should be very very very careful in telling about the positives of capitalism, because if you more into the details of the positive aspect , the examiner will surely feel this candidate have discussed about the merits & demerits and is unable to clearly express his/her stand on the statement .

          Firstly , you may ask me why should we write positive aspect of capitalism when we have already decided to write this essay . The reason is Just think practically , there nothing in this WORLD that is perfect , everyone or every theory has some benefits as well as demerits .

          So , how to counter this PART

          a) Try to write a positive aspect of capitalism but you should be able to clearly tell that , though there is a positive aspect in it , but it is unable to overshadow the deficiency .

          example : Corporate Social Responsibility can be cited as a positive aspect for Capitalism but you should simultaneously point out though there is some good in it , but the overall affect or contribution of it to the NATION is minuscule .

          We can tell there are positives in capitalism of bringing inclusive growth but overall their contribution is like 1/10,000 ( negligible ).

          You can find many examples like this which can help you write this part carefully .

          this part should not cover more than 100 WORDS

          PART 4 : SUGGESTIONS FOR IMPROVING THE SCENARIO

          What would be your strategy to bring in Inclusive growth through capitalism .

          a) DON’T give a list of welfare schemes and make your essay a General Studies Answer .

          b) Your reasons mentioned by you in PART 2 will help you write PART 4 clearly .

          c) As you have gone into the depth of the reasons by citing examples , you would be able to know the structural defaults that is existing that is denying capitalism bring inclusive growth . focus on that area and try to give your innovative practical solutions to the problem which will impress the examiner more .

          example : You can mention proper implementation of the Directive Principles of State Policy can harness the benefits of capitalism thereby bringing inclusive growth .

          If you think on it , you will surely get many dynamic reasons that can be used in your answer .

          this part can should cover 200 WORDS

          PART 5

          CONCLUSION : FUTURE PERSPECTIVE ON CAPITALISM

          a) Here you can write about the FUTURE scenarios that capitalism can bring into the society .

          b) you can either end your essay in a POSITIVE NOTE or a NEGATIVE NOTE

          POSITIVE NOTE : example :though capitalism have not brought in the expected results but we can hope things turn up positively .

          NEGATIVE NOTE : example : capitalism have brought in havoc to inclusive growth by enlarging inequality which is expected to rise ever more in future .

          I personally , prefer to end any essay in a positive note because civil servants are expected to be optimistic .
          100 words would be sufficient

          PART 1 ( 200 words ) + PART 2 ( 400 words ) + PART 3 ( 100 words ) + PART 4 ( 200 words ) + PART 5 ( 100 words ) = 1000 WORDS

          I hope this strategy will help you write a GOOD ESSAY.

          ALL THE BEST !!!

          • Ash

            Hi Aravind! 🙂
            Please find time and review.. 🙂

          • Aashiq forever

            Thank you so much Bro 🙂

      • Shaktimaan

        hey aravind!!……….if u have time.dn plzzz review my essay…….thank u:):)

        • yogi

          bhai review plz , will review yours ,:)

      • yogi

        Aravind bhai, plz review 🙂

      • Jaya Swatantra

        please review mine as well….

      • Lubna Sehar

        Review mine if time permits

      • Hey, can u take a look at my essay?? Thanks!

    • Batman

      Haha..”lets do it again 😛 : 😀
      Ma’am if you get time, please have a look at my essay 🙂

      • yogi

        Batman bhia review plz, will review yours.:)

    • Dilkhush

      please have a look on my essay..

    • Can u take a look at my essay?

  • ishika

    Super sunday dose ..

    • sankar

      mam plz rvw mine

  • Jaya Swatantra

    nice topic thanks insights

    • sankar

      madam rvw mine plz

  • sankar

    thanks sir very awesome essay topic today’s

  • Can Capitalism bring Inclusive Growth?

    The term capitalism implies for such a means of production where capital is controlled by the private hands. Such control gives freedom to these individuals to produce according to the own master plan rather as per need of the society. This system is based on the principles of lessaiz faire giving choices how to produce, what to produce and how to sell in the market. In this way, capitalism generally focus on maximization of profit by selling goods so profit accrued by this sell can be invested to for diversification and maximization of production. This spirit in capitalism makes entrepreneurs more competitive in finding advance means of production, improvement in technologies, concerted support to the research and development etc. Because of this spirit, the capitalist tries to make all efforts to mobilize resources- natural and artificial- for production.

    As we know, production is a quantitative terms and its measurement thorugh Gross Domestic Product let us know the progress made by any particular nation in enhancing growth rate. However, inclusive growth is more qualitative and focus upon how to achieve aims for having more empowered and informed citizenry, equitable sharing of wealth, low rate of marginalization, access to fulfill more choices by people etc. Inclusive growth is understood as a means for achieving sustainable growth rate.

    Indeed, the birth of capitalism brought a new phase in human history as it enables people how to make progress in life by defeating number of menaces. This is why, now the modern technologies have made our life easier and comfortable. Now people enjoys better health care, enhanced life expectancy, increasing per capita income of people, better schooling and education, improved equipments for farmers etc. All these have found its place in society because of capitalism as entrepreneurs always sought for how to achieve a breakthrough in the market by continuous invention, innovation and strategies. When we compare our old system with new, we find such a structure which connects the world with a click of mouse. It is true that capitalism has given a unique means of production and this has creates such a system which includes all aspects of our life.

    Does capital driven growth imply for inclusive growth? The answer of this question can be traced in number of challenges facing across the world. Among these, issue of naxal insurgence in India, easier recruitment of youth for terror acts in African and Arabian countries, discrimination of women and disable person almost in all countries, growing climate violence and unsustainable extraction of natural resources and consequently displacement of tribes and underprivileged, increasing distance between rich and poor etc. It can’t be easily denied that despite being capitalism in place for last hundred years, the world has seen emergence of various challenges induced directly and indirectly by the capitalist mode of production. In absence of inclusive growth these challenges are becoming more aggressive day by day.

    So, would it be right to blame capitalism alone for above mentioned issues or challenges? Exactly not so. There are several other factors which hindered the objectives of inclusive growth like political system, colonialism and neo-colonialism, liberalism and neo-liberalism, corruption etc. These aspects, however, let the capitalism expand its presence in inaccessible areas and dismantled traditional way of life. But, imposing capitalism could not bring such a system which can take care of the people at the time of distress.

    The capitalist economic system is not a sacrosanct system of production. In fact, the capitalism means is freedom to produce and trade. But at the time of distress when market crashes and production process become outdated, it creates many challenges. We should remember 1929 economic recession, which was result of unrestricted capitalism. When such recession comes, its impact penetrates deep into the social relation and people faces unemployment, deprivation and marginalization, This is why capitalism fails to deliver inclusive growth.

    For achieving inclusive growth, only capitalism can not be an adequate approach. To examine this, we take a fictitious example of Bihar where we find that capitalism is allowed by the government. Now this developing states attracted many investors and soon industries and services sector developed. This created a job opportunity for youths, market for farmers, increased women employment, dalits also given jobs etcs. All these have in perfect sense brought inclusive growth and impressive human development. But suddenly, market crashes due to recession and investors and industries started to leaves the from the state. Now, the whole economy of the sate is ruined, youth are again unemployed, women are once domesticated, dalit faced again discrimination. This example sets, however, a utopian context but it is more near to capitalist system.

    It is true that capitalism focus on growth which in turn also impacts growth of the nation. But once such growth is jobless, unsustainable and unpredictable, full of environmental challenges, displacement of people in the name of infrastructure development, etc, it can’t be called inclusive growth.

    Do we have any alternative to capitalism for achieving inclusive growth? Indeed, we have but the condition is that capitalism would be core of such alternative because the principles of capitalism have some advantages to manage inclusive growth. However, there are certain disadvantages of capitalism making way difficult for getting inclusive growth in real sense. Therefore, in this alternative, those disadvantageous aspects need to be removed and this can be done once we also give priority to the social welfare of the people. It means, we need a capitalist system of production but at the same time, it must fuction as SOCIO-CAPITALIST spirit. To build such spirit the interference of government is required. For example, to reduce the rate of causalization of labor the government can give tax benefits to the industries so they can enhance their market prospects.

    Thus we can conclude that unrestricted capitalism will cause for distance between rich and poor. As recently, Oxfam has published that the world’s only one percent people control 90 percent of wealth. Indeed, disparity of income can be widely seen in developing countries like India. So, reduce the ill effects of capitalism we need SOCIO-CAPITIALISM in place whether the government and private enterprises co-exists and co-operate each other to achieve inclusive growth. Since, the positive principles of capitalism like competitiveness, invention and innovation and right market strategies prepares the ground for inclusive growth.

    • sankar

      plz rvw frnds mine tooo

  • pink

    good morning friends .pl review my essay

    • sankar

      frnds rvw mine ……………….iwill rvw yorus tooo

  • SRP(Sukladhwaj)

    Capitalism is a system of economic enterprise based on market exchange. It is an economic system in which the means of production are largely in private hands and the main incentive for economic activity is the accumu­lation of profits. From the perspective developed by Karl Marx, capitalism is organized around the concept of CAPITOL implying the ownership and control of the means of production by those who employ workers to produce goods and services in exchange for wages.

    Max Weber, on the other hand, considered market exchange as the defining characteristic of capitalism. In practice, capitalist systems vary in the degree to which private ownership and economic activity are regulated by government. It has assumed various forms in indus­trial societies.

    In common parlance, these days, capitalism is known as a market economy. The goods sold and the prices they are sold at are determined by the people who buy them and the people who sell them. In such a system, all people are free to buy, sell and make a profit if they can.

    This is why capitalism is often called free market system. It gives freedom to entrepreneur, to worker, to trader, and to the individual.

    Capitalism involves new attitudes and institutions and entrepreneurs engaged in the sustained, systematic pursuit of profit, the market acted as the key mechanism of productive life, goods, services and labour become commodities whose use was determined by rational calculation.

    World market is completely by and large under the influence of capitalism. Countries from around the world have been facing towering economic development in current years. On the other hand, it is keen that economic and social disparities across the country such as geographical, socio-economic, and cultural and gender lines have broaden in this phase. Inclusive growth, generally defined as fast development assisting every segment of society is the foremost approach of the Governments around the world including India. Inclusive growth is tremendously determined on the trend and extent of disparity, particularly about the regional inequality.

    Reducing poverty, improving the quality of life, and ensuring that all parts of the
    society benefiting from the economic growth of the country is the primary motive of an inclusive growth plan. There are various micro and macro level interference which is favourable in promoting inclusive growth. The macro level, suggestions like better financial regulations, openness to Foreign Direct Investment, trade liberalization, tax reforms, privatization, providing social safety, reorientation of public expenses, and lawful and political reforms are helpful in leading policy negotiations for encouraging quick and inclusive growth. Where as in micro level, reducing income and non-income associated unfairness, developing infrastructure, education, healthcare, women’s empowerment, access to markets, role played by civil society organizations, accountability, and good governance can help accelerate poverty reduction.

    History tells us that societies succeed when the fruits of growth are broadly shared. Indeed, no society has ever succeeded without a large, prospering middle class that embraced the idea of progress. Today, the ability of free-market democracies to deliver widely shared increases in prosperity is in question as never before. The primary challenge democracies face is neither military nor philosophical. Rather, for the first time since the Great Depression, many industrial democracies are failing to raise living standards and provide opportunities for social mobility to a large share of their people.

    Capitalism has emerged as preferred ideology by western countries mainly immediately after the Second World War. It was seen that capitalism has proved an effective method of creating wealth and prosperity and this cannot be ignored. “Marshall Plan”, “Bretton Woods System”, which is highly related to capitalism, has able to bring a very prosperous and livable life in Western Europe after the destruction during World War 2. Even Russia, China and India started to follow capitalism more enthusiastically from 90s. With the help of capitalism Russians, Chinese and Indians prevented the inevitable poverty and crisis after 90s due to collapse of Soviet Union, Gulf War and many other internal and international factors.

    However, the flaws of capitalism cannot be denied. Admittedly, capitalism has led to increased inequality. Due to too much de regulation and free capitalism brought
    the artificial Tsunami of 2008, which largely affected the world economy and still creating wounds in many emerging and developed economy.

    Therefore, Measures must be taken to limit the modes by which the rich keep getting richer and poor poorer. Capitalism combined with a strong regulatory state could keep growing disparities in check by redistribution of wealth creating many jobs through different policies like MGNREGA and Start up India etc.

    The state must act as the party that protects the interests of the public at large by limiting the negative after-effects of capitalism. While capitalism propels growth and provides job opportunities, the state must take upon itself the role of ensuring that the benefits of such growth and job opportunities reach all the people. While capitalist interests does not concern itself with the marginalised sections of society, the state can encourage capitalism in the economy to a rational extent and focus on ensuring that the growth is inclusive.

    • sankar

      plz rvw frnds mine

  • manikanta Saikrishna

    capitalism in economic term means trade and industry of a country is owned by private individuals whereas inclusive growth means every section of the country take part in the growth of country’s economy both and capitalism and inclusive growth is needed for over all development of a country but capitalism alone cannot bring inclusive growth because of capitalists lobby the policies of the government will tend more towards satisfying the wishes of the capitalists who form a very small part of the group and control the major part of the economy
    inclusive growth is needed in the economy along with the capitalism and for the inclusive growth in the economy a substantial government role is necessary and where we can see in the current trend government increasing it’s support to M.S.M.E. by giving credit through MUDRA by giving collateral free loans and taking them away from clutches of informal sector lending and giving a level playing field for all the entrepreneur in taking the business and government initiation of “start up policy” comes under this though here we can see government role in ensuring inclusive growth to the economy the required capital for the inclusive growth for inclusive is achieved only through capitalism hence we can see capitalism is also required for inclusive growth in the economy to the extent it is considered and hence capitalism along with inclusive growth can also give opportunity to increase the market of the economy and bring more quality products in to the market and most of the economies today are succeeded in bringing inclusive growth through the support of capitalism where the government acted as a regulator and promoter of inclusive growth along with capitalism and hence relying only on capitalism results in powerful capitalists increase their lobbies and try to bring more capital centric policies which only helpful to some of the capitalists and effects larger people on the economy and the increasing capitalists lobbies can be seen in recently concluded Nairobi summit on agricultural subsidies and reduction on import excise duty on farm products where the developed nations urged for reduction in agricultural subsidies which is detrimental to farmers in developing and poor countries and give the chance to industralists in developed countries where they can dump heavily subsided farm products in the other countries and farmers in the others countries cannot compete with these products and results in increasing poverty, lack of employment etc…
    inclusive growth in the economy also provides over all development the economy where the people in the nation get the chance to develop their lives and increase the per-capita income, health and employment opportunities, purchasing power of the people, and enhance government social-sector spending to bring more people in to the economy of the nation and the capitalist economies if there are any chances then it will impact the nation more seriously which we can see in “Great Depression-1929” and the crisis in 2008.
    Hence, a mere capitalism is not good for economy which cannot bring inclusive growth where government’s have to have the role in bringing inclusive growth by encouraging capitalists towards inclusive growth and by placing the policies in order the balance between the capitalism and inclusive growth

    • sankar

      plz rvw mine …………………….ill rvw yorus

      • manikanta Saikrishna

        Thanks and its my pleasure to review your essay but I am sorry to say that I am unable to give any suggestions because it is 3rd essay writing it’s better to take suggestions from other persons also because they are more expertise in writing the essay

  • Hussain Dahod

    First Post on Insights. Kindly review and give feedback
    ——————————————————————–
    Capitalism is an economic system based on ownership of private property, trade and means of production. This is a system of free market competition using factors of production (land, labour & capital). Ultimate goal of a purely capitalist economy is to maximize total profits of the system without any special emphasis on distribution of profits. This goal of higher profit making encourages individuals and companies to invest their resources into research and development which ensures increasing efficiency, productivity. Although each individual is free to compete in this system, use his resources and earn whatever he deserves, there is no focus on the marginalized and weaker sections of the society in a purely capitalistic economy who lacks the skills & resources to compete hence find it difficult to even sustain.

    On the contrary, a purely a socialist economy is one which encourages no private property, trade and means of production. This is a system of social ownership, direct public ownership and cooperative. Due to no ownership of private property and equal distribution of resources there is less or no motivation among the participants to increase efficiency and production in the economy. Such a socialist pattern with government controlling means of production, taking decision regarding the equitable distribution of resources will leave the system with lower total profits in hand. Government which is at the helm of affairs in both capitalist and socialist patterns has different roles to play in both. In a socialist economy government has to focus on managing both the means of production and distribution, in addition to dealing with law and order and administration issues. It also has to deal with masses that are left with a sense of injustice due to the perceived differences in the level of their talent, efforts compared to compensation. Despite multiple prevailing issues of inefficiency, incompetence, sense of injustice, and lower total output a right strategy of management of resources by the government in a socialist economy may result in inclusiveness of growth but with significantly lower system stability.

    Compare this with a capitalist model, where there has to be strategic shift of focus. Governments are left with greater resources in a capitalist model to be distributed among the marginalized, reducing the amount of work drastically. Like the socialist economy requires a moderator, a central authority to take care of the distributive work, similarly ensuring a free market economy is not possible without a moderator. Capitalistic free market implies not only free competition but also freedom to own and operate means of production, innovate without any uncertainties in future and fear of law and order. Maintenance of law and order is done not just by employing police and army personnel but also by effective distribution of resources at hand to the weaker sections of society. This distribution ensures the fulfillment of basic necessities and hence grooms them to become future participants of economy averting a future law and order situation. These are the seeds of inclusiveness sowed by effective government moderation in a capitalist economy.

    Pure capitalism on the one hand and government doling out subsidies on the other hand disrupting free competition in the short run should not be looked at the conflicting to each other. In the long term, these subsidies and distributive effect of the central authority will bring structural changes to ensure the right business environment for capitalists to further expand. This is based on the premise that ease of doing business cannot only depend on reducing regulations but also the environment where businesses operate. Fulfilling basic necessities of the marginalized section that will form the work force of the future will offer a healthy environment for both the capitalist and labour to prosper. Effective public distribution system and skill development will further increase the rate of investments in the country and hence further capitalistic tendencies of
    increasing profits.

    Government social sector schemes, development of infrastructure in sectors including healthcare, energy, transport, education are all aimed at this dual motive of achieving inclusiveness and hence promoting healthy environment of free competition further. Reservations based on caste backwardness and subsidy measures are being implemented from resources gained from capitalism to bring the lowest sections of society into mainstream economy further boosting growth. The central authority also needs to strictly keep in mind the disastrous effects of ineffectiveness of distribution and collusion tendencies with capitalists. It is these tendencies which are the root cause for all the problems. Capitalism by its very nature may increase inequalities but it is the ineffectiveness of the central authority which has the potential to compound these inequalities manifold which is the real threat. It is an irony that collusion with capitalist to increase their profits manifold has kept extremism is our country ever present, which has in turn disrupted the very fabric of freedom of doing business. We have all the system in place, but we grossly lack in implementation. Increasing checks and balances and speedy judicial process are the need of the hour.

    Recent Oxfam report on rising inequalities is an indicator of collusion between central authority and capitalists. Hence it is clear from above that socialist pattern and capitalist pattern of economy should not be seen solely from the lens of promoting or not promoting inclusiveness which is mainly achieved by facilitation process of the central authority. While socialism is pro-inclusion and capitalism by its very nature in pro-competition, it is the right balance of capitalism and moderation which lead to better inclusiveness. It is also clear that a capitalistic model leaves the central authority with more
    resources and less management of public means of production. Inclusiveness and Capitalism will go hand in hand if the government is ready to make strategic shifts.

    • sankar

      rvw mine frnds plz

    • Hussain Dahod

      Some please review

  • Romilla

    “The wings of capitalism fly over promised land, the rich and poor are in awe of its might and grande
    Do they rise to the zenith or fall in dark abyss, in anticipation of answer are the kings, queens & meeks”

    History has been a silent spectator to the designs of men through the ages. But none has been a craft so consuming than capitalism.The disintegration of the feudal Europe, the revelations of scientific temper, the engineered industrial revolution were the pedestal on which stood capitalism. Some clapped, some retorted, some wondered, some surrendered-but none, yes, none could ignore it. It had taken it’s root and gave a clarion call for it’s vision and march.

    The overburdened tillers of the land, subjected to much trials by their feudal masters saw new hope. They migrated to work in factories, for fixed wages and working hours. ‘Private property’ soon gained new grounds.The hard earned money could now be invested and the riches furthered. It was an opportunity, denied to none, and the hereditary right of none. This structural shift in economic activity brought about multi-dimensional changes. In the political arena it translated into democracy and in the social life it emphasized on individualism. Having captured the imagination of the West, it didn’t take long for the East to embrace it as well.

    The fall of the “Berlin Wall” was the tipping point for capitalism. For the statesman realized that they can’t bear the burden of the masses through their utopian ideas of communism. And the world has never looked back since then. Countries of the North America and Europe are the most revered nations of our time. With high standards of living, greater access to resources and some of the world’s best social and human infrastructure they lead the global affairs. It’s no wonder then, that their pre-independent colonies today are following suit and embracing a more free-market economy with reduced state interference. The emerging world economies- India, Brazil, Africa and the likes of them are all witnessing,contrary to popular perceptions, greater equity and fairer justice.

    Critiques may be wary but the fact of the matter is that the world has never been a better place to live in. We all hail the post-90s reforms for having done the deal for India, don’t we? Inclusiveness has been insured through the vertical mobility that capitalism ensures. It’s the talent and ability that counts in it. Capitalism cuts across social divides- be it it caste or gender. It doesn’t judge with what one was born with but appreciates the inherent capacity with which one can contribute. It promotes entrepreneurship, nurtures ‘risk-taking’ rather than ‘dependency’, and a economy driven by market forces.

    Capitalism has transformed the segregated world into one global village. It has brought in the forces of globalization, liberalization and modernization. The sleeping rural life is waking up and reaping the benefits of a more connected social and economic order. Life expectancy. literacy rates and gender equity is leveling up to the world standards. People today are more aware and informed of their surroundings and make intelligent life choices. Anarchy and autocratic rule can’t thrive under capitalism. So a democratic order strengthens and re-energizes itself in consonance with the principles of capitalism.

    Sure there have been allegations of a brewing divide and hidden social tensions. The rich is getting richer and cornering all to himself. But can capitalism be convicted for it? Some people will always prosper more than others be it in any economic or social scenario, like they always have, through the dawn of humanity. It’s in the nature of man to compete, to better himself than others. What we need to ask is that is capitalism furthering it or is it in anyway inclined to better the life chances of a certain sections? History is proof of it that throughout civilizations, there have been extremes of cases. The rulers ruled and the common lot suffered unspeakable hardships. The tyranny and the sanctity of the haves was not to be questioned. But today, people can question, voice their rage. Their is no godly owner. Opportunistic freedom gives everyone the right to gain to the best of ones’ ability.

    The lacuna may be in the exaction of implementation but never in the principles of capitalism itself. Governments, citizens and other stakeholders need to plug the gaps where they lack in extracting the best out of capitalistic spirits. Bureaucratic hurdles, red-tapism, corrupt collusions and greed of a few is defacing the virtue of what is a vice free economic order.The nations are fraternizing and reaching common grounds at various international platforms such as the UN, WTO, and the likes of them.To now be chanting the woes of something which can’t be avoided, would be seeking ways to revert back to the medieval ways.

    There is no denying that capitalism is here to stay no matter how much the narcissist pray otherwise. We should be thankful for what we have and strive to rise with the prevailing tide , then swim against it and fight the waves.

    • naren

      good essay

      • sankar

        frnds rvw mine……………iwill rvw yorus

    • sankar

      dost rvw mine plz……………iwill rvw yors later

    • keerthi

      some of ur points are very valid and well presented… u can add a conclusion on balanced note that capitalism alone cant achieve inclusive growth and need f govt intervention…to achieve this. some f the information u mentioned in berlin wall paragraph is unnecessary stretching f the topic…. but over all its good

    • Jaya Swatantra

      please review mine… would review yours for sure.. 🙂

    • Pablo Escobar

      I liked your essay but I have some issues
      – this essay is too good if the topic asks only about the capitalism
      – you just gave it too much to capitalism. I mean you look totally biased towards capitalism. You should have touched some time/ para on rising inequality, unemployment to give it a balance look
      – yes capitalism as a political ideology played a huge part in development of US and West. But i think rather than cold war being an inflection point, it was post WW II times. And huge public spending like Marshall Plan played a big role in the development of Europe and US
      – In these present times, question is being asked about whether free market will be the way to go forward or not. Questions are also being asked whether Free market is a myth? based on the multi regional agreement s signed lately like TPP etc
      – I don’t agree with your solution given in the second last paragraph. Its not about right implantation of policies or corruption and that you can solve it with some regulations etc. But the main problem is – what sort of role does the sate should play? Does sectors like education and healthcare should also come under the ambit of capitalism
      – And I believe the topic demanded a balance between free market, growth and the right methodology to solve this increasing inequality between haves and have-nots
      But yes, the contents are top notch , if we only talk about perils of capitalism. It flowed like a story. Well done.

      • Romilla

        Thanks for the detailed analysis. The value-additions are much appreciated!

        • Pablo Escobar

          Please review my answers to Questions no 4, 9 and 10 from todays’ Secure i.e. dated 01.02. Thanks in advance 🙂

      • Bro, can u take a look at my essay? Thanks!

      • Aseem

        Some very critical points and food for thought your comments have provided.
        Keep up the good work friend!
        Would be really helpful if you can criticize mine as well 🙂

    • Amit Kumar

      Excellent writing skills and explanation on Capitalism.
      here goes my feedback:
      you have missed the gist of the essay.. “Can Capitalism bring inclusive growth?”
      – should have included what is inclusive growth, how capitalism can lead to inclusive growth, challenges in it.. then few solutions/suggestion.. and last good line of conclusion.
      To be very frank, have alot to learn from your essay.. but something more needs to be done to meet the demand of the title. Thanks for writing.

    • awaneesh

      plz review my essay…

    • Aseem

      I think you have cited your opinion in a very clear way, but there is one part that is missing – Criticism of the model, which is missed.
      The strength of your essay lies in the ability to convince the reader that Capitalism has been a successful but it lacks for me – Whether it is inclusive or not?
      Also, strong use of words and easy articulation is what I like most about your essay!
      Please find time to review mine!

      • Romilla

        Can’t find your essay. Where is it?

  • Leiter The Leader

    Candidates will be expected to keep closely to the subject of the essay to arrange their ideas in orderly fashion, and to write concisely. Credit will be given for effective and exact expression.

    Wrote keeping this lines in mind.

    Human civilization can be traced back to Pre historic times,where humans were mostly hunter gathers.They lived upon the nature around,hunting wild animals and upon edible parts of the plants.They didn’t bother about production process nor distribution about the same.As the time passes,Humans try to domestic animals and practice agriculture,here also the property were collective and everyone enjoyed the benefits of one another.The society was equal and egalitarian.

    The idea is that Capitalism is a modern phenomenon,which evolved over not more than four hundred years ago.The Problems that Capitalism posed led to the concept of inclusive growth.

    Till the end of nineteenth century,the population was constantly increasing and decreasing.The population never stabilized.This lead to famous Population by Malthusian at that time.He said People have to live continue poverty because the rate of population growth was far more than their subsistence.He said the population was growing at Geometric means,whereas rate of subsistence was growing at Arithematic means.The considered famines and natural disaster was inevitable because it is the nature own of maintaining the balance between Population and resources.

    During the same,Western Europe was undergoing a rapid transformation in social,economical and political conditions.New ideas were being discussed in the countries because of contributions by various thinkers like Hobbes,John Locke,Rousseau, Immanuel Kant to name few.Liberalism became the political creed of Eighteenth and nineteenth century Europe which even continue today.Basically,Liberalism means complete freedom to individual,the state should not interference in the activities of the individual.

    Liberalists believe that every Individual is unique and he/she has complete control over him/herself.In simple words,he/she own him/herself.The adopted Capitalism has mode of production for increasing material prosperity and general well being of the citizens.They advocate that state should not interfere in the economic activities and should left to itself or Lassie farie.As the individual earns property through his own labor his has right to property and it is inalienable.Even the state cannot take it away from any individual.

    The Capitalist mode of production or Industrial revolution brought unprecedented level of prosperity.It proved Malthusian prediction were wrong because with increased population people were enjoying of prosperity and not living in poverty as he predicted.

    Here it is important to remember that Capitalist mode of production is privately owned and their aim objective is to produce goods at cheaper costs and sell them to gain profits.The employ labor at the wage rate.No doubt the capitalism has increased material prosperity,but at the same time it had increased the income inequalities and created two classes namely rich class or poor class,capitalist class or working class.With Private Property institution the Capitalist class were amassing Huge wealth,thanks to liberalism,and enjoying all the benefits for themselves.On the other hand,the poor working class were facing all difficulties,this industrialization gave rise to Urbanization,people travel from rural areas to urban areas to work in the factories.They living and working conditions were poor if not dismal.They had to work long hours in the factories and earn mere wages.This increased material prosperity no way reached to the masses and being enjoyed by few classes.

    This increasing grow inequalities were first pointed out by Socialists and pleading for equitable distribution.Later Karl Marx gave comprehensive critique of Capitalism and its effects on the society.Realizing this,many western countries adopted the concept of Growth with equity.

    In Indian context,When India gained Independence in 1947,after nearly two hundred years of Colonial rule,there was abject poverty,unemployment,dismal social indicators,no scientific infrastructure,agriculture and industries were having their own problems.

    We have become masters of our own selves in 1947,it up to us to choose what kind of economic system to choose.We have choose economic system that benefits to all sections of the society.There were benefits and problems with socialism and Capitalism.So we adopted best feature of both Capitalism and Socialism.i.e in short Mixed economy.This implies coexistence of both Private and public owned sectors.The private sector operated where they can deliver their best and other areas were looked after by Public sectors.

    Since Independence,India realized that development can happen only with rapid economic growth.Hence,India concentrated on Heavy industries begining from second five year plan,one of the important goal of these five year plan is EQUITY along with,growth,moderation and Self reliance.

    Experts thought that once increased economic growth was achieved,it percolate to the substratum and every one would enjoy the benefits in the form of increased employment,more jobs etc…they call this as “Trickle down theory”.Unfortunately,India was unable to grow beyond what some experts called Hindu growth rate.i.e 3.5%.

    Even after economic reforms in 1991,India achieved substantial growth rates touching double digit growth for the first time since Independence.But,no trickle down took place.Realizing this India adopted,eleventh five year plan with theme,”Towards faster and more inclusive growth” and subsequent Twelfth Five Year plan,”Faster more Inclusive and sustainable growth”.

    But delve into further,it is pertinent to ask ourselves,why we have not achieved inclusive growth,even though it is one of the cherished goal since Independence.

    From 1947-1990,Indian government took the responsibility of both economic growth and equitable distribution,spending scarce resources on both,ending up neither achieving growth nor development.

    Since 1991,we are unable to achieve Inclusive growth due to structural problem in our economy.In India more than 65% population depend upon agriculture and allied activities.but the contribution of agriculture in not more than 20% to GDP.On other hand,service sector contributes 55% to GDP and employs 27% of the population.

    The growth we are experiencing since economic reforms were benefited by the services sectors and slightly by manufacturing but not percolated to the Agricultural sector,where most Indian population resides.

    No,doubt the Capitalism can deliver Inclusive growth,but the state should create enabling environment to the enterprises like increasing ease of business doing,providing infrastructure,Liberal tax rules,policy framework.This increased growth will bring more tax returns to government.

    The government can redistribute to the incomes to the masses.

    When we can say that India has achieves inclusive growth?

    It also when every Indian citizen has minimum basic living conditions like food,cloth,shelter,access to clean drinking water,sanitation,access to health and education,opportunities to skill development and employment opportunities and overall reduction in absolute poverty level in the country.

    This requires a coordinated effort among local,state and national governments working in cohesion,with proper allocation of resources and with effective implementation and monitoring the same.Inclusive growth is the much vowed objective since Independence,We need work in this direction in the future too.

    • NEDSTARK

      Good beginning with explaining about capitalism in historical context.
      But it seems like it stretched too long.
      instead those areas could be filled by how capitalism helps to achieve inclusive growth through direct and indirect ways. Also how capitalism through its evil methods works against inclusive growth like tax evasion, uncompetitive practices, exploitation, not properly implementing corporate social responsibility funds. Role of state to ensure inclusive growth.
      Ending with explanation about inclusive growth is nice.

      • sankar

        frnds rvw mine…………….iwill rvw yours

      • yogi

        plz review mine as well 🙂

      • Leiter The Leader

        Thanks bro for the review….After writing..even I felt the same about intro..that’s y cut short in the middle…Actually +ves and -Ves of Capitalism were their in my essay structure..but forgot too write…:p
        Inclusion of those would bring holistic view to my essay…:)

    • sankar

      rvw frnds mine plz………………i latter rvw yours

    • jca

      it was good flow of thought, but one thing what could be written was comparison of countries like US and other western countries with that of India. Can FDI and FII be mentioned ?

    • Target UPSC 2016

      Expressive approach …

    • Batman

      Hi Leiter, my views:
      1)start was quite good-the background
      2)Half of your essay is devoted to India but India hasn’t adopted the capitalistic mode and neither experimented with it :/
      So, how can you justify whether it will work in India or not. We have either stick to socialistic mode or the mixed economy
      3)Further, your conclusion became a space for sugestions while the two have to be handled separately in my view
      Overall, I feel that you can improve upon this essay by removing the irrelevant portions esp on India
      Please have a look at my essay too 🙂

      • Lubna Sehar

        Hi Batman. Plz view mine and suggest

      • Leiter The Leader

        Thanks man for the review…I feel post 1991 we have thrown socialist feature in our preamble into dustbin…and we are no more a socialist state…however,India is a welfare state….:)

        Will review you essay now.:)

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    • Rashmirathi

      you stretched the introduction part of your essay a bit too much. the second half where you explain why despite being a goal for years our country hasnt attained inclusive growth was really good. conclusion has scope for improvement. overall good essay 🙂

      • yogi

        can u plz review mine, i will review yours 🙂

        • Rashmirathi

          haan yaar, karti hoon 🙂

      • Leiter The Leader

        Thanks for the review..will try to improve…:)

    • lovethenature

      please review my essay..

    • Lubna Sehar

      Hi Leader. Good one. Review mine if possible

    • Jaya Swatantra

      please review mine if possible… would love to review yours.. 🙂

    • pink

      pl review mine

    • Amit Kumar

      Agree with NEDSTARK: good begning, but then in after 2-3 paras.. flow seem to have broken..
      Its more in India context.. I think you should have elaborated a little on.. “Inclusive Growth” what is inclusive growth? then relation between the two.. challenges inclusive growth faces with Captialism.. and alternatives..
      I will say good attempt. but need improvement. thanks for writing it.

      • Leiter The Leader

        Nice suggestion..I touched the topic generally..should have dealt in detail…will try to improve bro and Thanks for the review.

    • awaneesh

      sir…plz review my first essay

    • Rancho

      Hi Leiter.. good essay..few points:
      1. I feel the historical background stretched alot especially malthusian part. There are many goods and bad which could be covered instead.
      2.India part was gud
      3. I feel you could have ended on second last para. Last para opens another discussion rather than closing it and also look out of context.

      otherwise very informative. Pls review mine too critically. 🙂

  • Batman

    Capitalism has guided the world economy to unprecedented prosperity. However, it often encourages shortsightedness and contributes to wide disparities between the rich and the poor.It has proved dysfunctional in many ways and has been attacked by many for it’s role in increasing disparities between rich and poor in the societies of nations around the world. The top one percent of the world owns more wealth than the other 99 percent .In terms of consumption ,the 1.2 billlion poorest people in the world account for just 1% of the total consumption globally while the top 1 billion are responsible for 72%. Just look at the USA ,one of the oldest capitalist economy and the world’s richest and most prosperous country .Today, the wealth inequality in the USA has deteriorated to such an extent that the wealthiest 1% possesses 40% of the country’s wealth and the bottom 80% own just a meager 7% of it. The original capitalists nations in Europe today are facing a similar problem of income inequalities.So are the slightly new capitalists modeled countries like India and those in Africa.Thus, income inequality is a world-wide phenomenon in this era of capitalism .This extreme inequality in today’s capitalist world is going out of control. Under such circumstance, we are compelled to ask ourselves -” can capitalism bring inclusive growth?”.Will it ever be a solution to the growing inequality in the Worlds? and if not what is the alternative form of economic system before us?Is is socialism or communism under which ideally speaking, there were no rich or poor ,only working class?

    Can capitalism bring inclusive growth?

    Lets reminisce our memory about the origin and foundation of capitalism in the world to address this question more prudently.It all started with small and simple inventions in weaving and iron industry , in addition with the steam power ,thanks to the brilliance of the intuitive thinkers and persistent experimenters ,who were not even having basic education .This was further thrusted by the enthusiastic wealthy businessmen ,who later came to be known as the ‘capitalist class’ , who were eager to invest their capital in production of machine goods , exploiting the technological boom .The profit earned from selling their produced goods locally was never seen before ,leading to increase in an unprecedented wealth level in Britain . But, these sudden wealth still, failed to improve the living standards of an average man, in fact the opposite happened because ,it was disproportionately distributed ,concentrated among the business class only ,while a majority remained deprived of the technological and production boom .The two new class was created -the working class and the capitalist class. The workers ,displaced from their rural lands after being deprived of their lands by powerful landowners, were forced to work in cities under shaggy and poor working condition with long working hours , amid the withering dust and smokes in air ,overflowing septics and blackish slums while the rich ,the capitalist class lived in suburbs, with clean air and safe water ,turning away its face from the wriggling poverty that made it rich .The worst was yet to come ,when the capitalists class began to look for market in the distant parts of the world,leading to the single biggest barbarism carried out by one groups of humans to another ,in the form of colonization and slavery .They subjugeted, trounced , pressed, murdered the local population ,depriving them of voices and resources in their own land ,to meet their raw materials needs and expand their consumer goods.

    The point of all these mentioned so far, is to emphasize that ,inequality and injustice have always been the intrinsic and indispensable part of the capitalist system . The increase in wealth that came with the spread of capitalism ,came at the massive human and environmental cost which manifests itself in the alarming economic inequality and the threatening pollution level and global warming that the world is facing currently.The rich is getting richer while the poor getting poor day by day in an irreversible way .The urge to make profit have turned the world into a land where everybody is motivated by self-interest without sharing a responsibility towards the society ,the one that made him what he is today ,the one who help him grow richer each day .

    So, the question is :-can capitalism ever lead to inclusive growth ? To address this question ,everything can be just blamed on the capitalist system for its hunger for profits that has created this inequality . There are multi-facets dimensions to this issue of inequality .Inequality is contributed by a lot of others factors and institutions that are not related to capitalism and which have existed well before the capitalistic system originated .It is very much controlled by the social and historical background of individuals and the regions ,we are referring too. Social groups or countries that have the history of facing perpetual discrimination ,marginalization and depravity at and which still continues today , are the worsts affected by inequality .This is been either due to concentration of most of the lands and resources in the hands of a very few who are not necessarily capitalists but landowners or local chieftains , or where there is a perpetual poverty amidst ineffective governances ,full of oligarchy, corruption,nepotism and un-accountability to people like the resource rich but poor African countries .

    Political ,social and economic depravities combined-ly affect inequality .This is particularly true for developing and least -developed economies.The unevenness in possession of skills due to the privilege of a few to receive higher and professional educations making them employable to skilled jobs owing to their well-economic background amid the failure of the government to provide good-education to all , had further led to increasing divide between the rich and poor.Those from economically well background are able to excel new heights in their careers and those poor are forced to sit at bay from availing the opportunities n today’s capitalists system.

    Capitalism can only provide inclusive growth if it is well regulated by policies measures forcing the rich to contribute more towards the society from which they take, not as altruism out of their generosity but as responsibility and obligation .A political system based on a mix of socialist and capitalists attributes,where the government assumes the responsibility of fulfilling the needs and aspirations of its people by policy interventions for social welfare benefits ,ensuring that the rich is adequately taxed and the economic growth touches every remote corner of the society ,is the solution for maing capitalism inclusive .Thus, there is a need for a welfare economy to replace a capitalist economy without actually replacing capitalism.

    But, sadly, this is a distant dream.It is a world-wide phenomena prevalent among the corporates class to indulge in condemnable and repugnant act of tax avoidance through manipulation, profit shifting and circumventing supervision , making use of loopholes and variations and non-uniformities in tax rules across countries .Thanks in no small measures to the humanistic ,altruistic and generous but tax -averse capitalist class , government worlwide are deprived of crucial tax revenues which could be otherwise used for distributing benefits among the masses. And also, thanks to the intense bargaining power of corporates who call for even more lenient rules regarding taxations which are already lenient ones, government ,even if they committed to welfare of their people, it is forced to yield to their damed in order ot attract investmetns amid tough competitions with rival countries .

    Capitalism has led to unprecedented growth and prosperity around the world . Thereis no alternative to this economic system.As for the communism the lessons for from the Soviet Union ,which ultimately collapsed, is sufficient to conclude that a communist economy is implausible and even more worse.

    Today, the world need capitalism,but a new model for capitalism -moral capitalism,conscious capitalism and inclusive capitalism etc.Inclusive capitalism has been held by many as the need of the present time for capitalism to remain relevant , the most popular and accepted form of political and economic system in the world and to contain the growing people’s ire against it.The capitalism in it’s present form has to evolve now otherwise the time is not far when the dejected and disappointed world would look for a replacement.But ,certainly other form for economic and political system like communism and socialism can’t be replacement to it either.

    The irony is while there is so much for everybody to satisfy his need but for the greed.The more one gets ,the more one wants.This is the never-ending phenomenon that the world in struck in .This what the rich are infected by .This is what the capitalist system is defined by.

    • Happy Ozil

      Soviet Union collapsed because it chose to indulge in the arms-war with the USA. Many people have observed that had that not been the case, the communism of USSR would have been successful. Saying that communism has failed is so, so not true. And I think you should not dismiss it by giving a single example of USSR in your essay. What about the European countries where it is working so very well?

      • sankar

        happy bhai……………plz rvw mine

      • Batman

        Though whatever you said,i agree for the most part, but in my opinion, communism is an unfeasible system ,good for book reading only ,too ideal and too abstract to be practical .The point i am saying is: the problem is not with the ‘communism as an economic system’ but ‘communism’ as a political system. It borders with despotism, oligarchy,nepotism and pervasive corruption . In my opinion, the fall of the USSR was not primarily due to its involvement in arms -war with the USA .If it is was so,then why did the USA didn’t fall.After all, it too was involved in arms war with the USSR . The collapse of the economy of the USSR characterized by a closed market system and flourishing black market with unaccountable wealth diversion ,underlying its oligarchic ,dictatorial , corrupt and inefficient political and social structure was the primary reason.
        It all started with protests in Baltic Republic in 1986 and then riots in Kazakhstan and then it spread gradually into the entire union.
        As for the successful communists countries , i can’t find any credible example.By the way, China is not a communist economy.It is just communist on paper ,from the way its political system is, its economy is a free market economy,a capitalist one just like any other capitalist economy of the West.

        Feel free to counter please

        • Happy Ozil

          After WW2, US had way more resources than USSR (I remember Chomsky saying they had around 75% of the world’s resources). Even then, USSR had to enter the arms race with US as it saw it as a threat. That’s why US didn’t collapse.

          Many European countries like Norway and Sweden have varying degrees of communism. But I think a healthy balance of capitalism and communism is being referred to as Socialism these days. S. these countries are certainly not capitalist. If a country like Norway uses communism as a part of its political ideology, wouldn’t rejecting communism as a failed ideology be a bit harsh?

          • Batman

            How much amount did the USSR wasted in its involvement in the arm race with the US. I guess , the USSR had that capability already to maintain its military firepower without diverting resources at the cost the other primary social-economic responsibilities . After all, the USSR emerged victorious in the WWII ,along with the US while the rest of the European countries involved in the war , crumbled under the destruction , struggling to recover from it.The USSR was a military power,comparable to the US ,even before the WWII started.It defeated the all-fearsome Hitler led Germany ,inflicting maximum damages than any country did to his force ,almost without any country’s help .So, i don’t think the USSR kept its military by diverting financial resources at the cost of governance and economic revival .

            As for the European countries like Norway ,Sweden, China,Denmark,Finland, Netherlands, Canada,Ireland etc, these are not communist .The basic characteristic of their political -economic system all resonates with the capitalist democratic economies. like the US and the UK.You can own property and production process in these countries just like any other capitalist countries . They ,like most of the capitalist economies in the world today, have adopted the spirit of socialism , in the sense that governments are assuming the primary responsibility of fulfilling the need of people and welfare of the society. Thus, the capitalists economies world-wide are moving towards welfare economies .It is just that.
            Even, India has adopted the spirit of socialism but is it not a capitalist economy? The fact is, today, in order to avoid making direct reference to communism , most people are replacing it with the word ‘socialism’ .But,is it not the fact that as per the original Karl Marx vision of communism , socialism was proposed by him to be a precursor to communism .Today, he has been proven wrong.Communism came and lived its time and went away .Today, socialism has followed communism ,but it is being adopted only in its spirit .

            • Philosophista

              Marx’s communism did not come, and will probably never come. Lenin and Mao both twisted it to suit their respective countries. Firstly the ‘ideal communist society’ must be followed with a ‘Dictatorship of the Proletariat’ which was to mean ‘socialism’ for the Russian Revolutionaries and Mao. However Socialism goes way back Marx. India, the ancient land, was more or less a socialist area, where the resources and the mode of production was controlled by the society rather than individuals. Gandhiji’s concept of Trusteeship, Fabian socialism (slowly progressing socialism), Utopian socialism (where the private enterprises work along with the workers for the welfare of the society) are all the different models which are quite different from what Marx proposed. Communist society for Marx, was to be absolutely classless, no private property, no State, no bureaucracy, no police etc. Even he knew it to be an ideal. His prediction was Capitalism would collapse under its own inconsistencies, with the first revolution happening in England turned out to be wrong, but that doesn’t mean his entire vision can be dismissed as incorrect. Ideal communism and capitalism are utopian concepts (yes, not even America operates on a perfectly free market), and the now the debate lies on which side must we tilt. We may have abandoned the socialist mode of production (often associated with the inefficient PSUs), but we still have MGNREGA, Jan Dhan, Public banks, education schemes, healthcare schemes etc. which are very much needed. They do not generally figure in the capitalist mode of production.

              • Batman

                A very insightful piece you have written:) ..the fact is communism fails miserably in passing the test of feasibility and practicality. We are talking here about big economies like India ,China,the USA etc with big populations having diverse needs and aspirations ,with some of the brightest among them dreaming to be entrepreneurs and self-employed seeing the successful stories of people like Mark Zuckerberg ,Bill Gates and Buffet or startups like Flipakrt ,Amazon etc. All of these can be fulfilled under the capitalism system only.
                As for the welfare schemes like Jan Dhan , education ,healthcare ,even they have capitalists attributes too .They are being promoted with the active participation of private players in order to widen their scope and coverage and bring efficiency and effectiveness .The government is increasing ,raising finances and trying to adopt efficient management through disinvestment in PSUs (selling of shares ) Under communism ,these would have not been possible.

                So, the need of our time is not communism but capitalism with sociallist attributes ,a economy oriented towards the welfare of masses by taxing the rich and policy interventions to redistribute the generated profits fairly .

            • Philosophista

              Also, please review my answer 🙂

        • Happy Ozil

          Please feel free to continue the discussion, if you wish. I will be back in an hour and then reply.

    • sankar

      plz rvw mine frnds………….. i will rvw later

    • Raunak Vashisht

      I wonder why your conclusion has to stick to the USA and the elections 😀

      A fair attempt otherwise !

      • Shaktimaan

        hello ma’am !!…… if u have time………….dn plz look at mine eassy olso…………thank u:):)

      • Batman

        Today, we are seeing increasing discourse world-wide over the concerns of growing wealth and economic inequality under the prevalent capitalist system , like never before .This has accompanied with many politicians across the world ,projecting their image as socialists,while attacking the capitalists class on the way .Be it Bernie Sanders of the United States , Jeremy Corbyn of the UK or Alexis Tsipras of Greece.
        Since, this essay talks about the ‘possibility of inclusive growth under Capitalism’, i tried to give the most recent example directly related to the theme of this essay , by mentioning the current presidential campaigns going on in the US and the way the presidential candidate, Bernie Sanders is mobilizing support through discussion on the ‘inequality issue’.That’s why i added the present electoral landscape of the US to conclude my essay ,emphasizing the point that ‘inclusiveness in capitalism has become an indispensable discourse of the present time.
        Though ,there are infinitely many ways this essay could be concluded. ,i chose that way,by sticking to the USA and its election.:)
        Thanks ,for the review though 🙂 ….

      • Can u take a look at my essay??

    • Ash

      Batmaaaaaaaaaaaaaaaaaaaaaaaaaaaaan! 🙂

      Please review.. I will review yourzz…
      Pukka Pukka…
      Just gimme some time huh! I just came online! 🙂

    • Lubna Sehar

      Your’s is very good

    • Ash

      Hey Batman! 🙂

      1. I liked the way you brought this out … .This is been either due to concentration of most of the lands and resources in the hands of a very few who are not necessarily capitalists but landowners or local chieftains , …………. A TAKEAWAY (AT) 🙂
      We can talk bout Govt’s corruption .. 🙂
      2. forcing the rich to contribute more towards the society — I don’t like the idea of FORCING! You can’t force any1 is a truth you can’t deny… in this revolutionary IT world.. the use of technology for money laundering is not very tuff and there are always avenues if you wanna seek them to launder you know!
      It should come from within… put this in a capitalist friendly way.. they are self made men… many from poor backgrounds…. and you have generalized .. your essay looks like very ANTI-CAPITALIST.. see we should balance our opinion.. what if the examiner is a capitalist…. you may hurt sentiments! 🙂
      3. there is a need for a welfare economy to replace a capitalist economy without actually replacing capitalism. — like the way you put this! 🙂
      4. I think you should end at a positive note! 🙂

      You write well.. Keep it up! 🙂

      I’m not a very good writer yet! So I may have been wrong with my suggestions.. Ignore in that case! 🙂
      KWAR! 🙂

      • Batman

        Thanks for such a nice and critical review:)…
        Yes, you are right in saying ‘ forcing’ should not be used .The intent was to convey that if billionaires or corporate are not willing to pay taxes or contribute to charity , you make them pay through legislation like the ‘CSR’ provision incorporated in the amendment to the Company Act ,2013 ,in its section 135. May be i should have used the word ‘forcing’ by words such as ‘mandating’ or ‘necessitating ‘ etc….
        As in the language of the Current RBI governor ,Raghuram Rajan ,he says on the tax issue and wealth held by rich,”I would argue rather than a blanket inheritance tax, let’s change the culture. Make it such that people don’t want to leave a lot of wealth for their children”.He then goes on to say,”the Western world has a better way of dealing with the issue, which is to “shame” the rich into devoting wealth for good causes.One thing the West does very well is to shame them into giving it away so that they feel that they are participating in it of their own will”.
        You can read his opinion here ,though not much is there in it.It is just a small article:http://articles.economictimes.indiatimes.com/2015-02-22/news/59386654_1_inheritance-rajan-wealth

  • Happy Ozil

    Capitalism allows private ownership of property.

    People have observed that a capitalist society, without any interference from the state, ends up with majority of the wealth concentrated in the hands of people who own this property and thus responsible for everything useful in the economy starting from creation of new jobs to the country’s economic growth. While the properties held by capitalists do create jobs for a number of people, the kind of pay that the workers get is decided by the owners. It has been observed that the minimum wage being paid to an average worker does not justify the kind of impact he has in the success of a capitalist.

    That the capitalist society has resulted in growth of inequality can be seen from the growth of a left of center ideology of politics even in countries like the United States of America and the UK. These are the countries where people were scared of the word ‘Communism’ and any left of center ideology would not have been possible around 2-3 decades ago. But the massive popularity of Bernie Sanders in USA and Jeremy Corbyn in UK suggests that people are not convinced with the current world-wide distribution of wealth.

    The biggest way in which absolute contribution restricts inclusive growth is by creating a situation in which every policy in a country is made to suit these capitalists, who end up creating most of the jobs owing to the property that they hold. This results in them being too important for the successful growth of a country and the government ends up taking favorable steps to ensure the successful growth of these capitalists. These benefits range from low tax rates to creating laws favoring the people holding property. The infamous ‘trickle down’ theory that Ronald Raegan started when he was the president of the US comes to mind. His policy advocated giving support to the wealthy and rich capitalists which, in his opinion, would result in the benefits ‘trickling down’ to the other sections of the society. In the end, the process ended up benefiting the capitalists alone.

    Another negative impact can be seen when these selected group of individuals start playing an important role in the proper functioning of a state. This group backs a candidate in the elections and pays for the successful campaign of the candidate they desire to see as the leader of the country. As they have contributed massively to their campaign, the leader of the country is tempted to make laws in alignment with the interests of the capitalists. By this process, the inequality keeps on increasing and the discontent among people increases which has manifested itself in people backing ‘democratic socialists’ like Bernie Sanders in the USA. Absolute capitalism also manifests itself in a way that everything starting from primary education to healthcare becomes more and more privatized and it reduces the effective role the State can play to make sure that these basic amenities are available at an affordable price to every citizen of the country. Such a development is not very likely to end up in the inclusive growth of a society.

    This is the reason why State has an important role to play in the successful inclusive growth of a nation. The state has to make sure that the industrialists and the capitalists do not enjoy tax laws that are too low and the money raised in such a way has to be made use of to ensure inclusive growth. A nation can not depend on the generosity of its capitalists to ensure that they invest in public welfare programmes. The effective utilization of funds in things like healthcare, universal primary education and creating a social safety net has to be under-taken by the State. This is the reason why our Constitution ensures that public welfare is undertaken by the State and socio-economic justice is included as a part of the DPSPs, and declares India as a ‘socialist’ state. Thus, the framers of our Constitution thought that an ideology of socialism was what was needed for the inclusive and overall growth of our society. This does not imply that the private property holders and the industrialists should be ignored. For the success of a socialist society, the industrialists should be allowed to flourish and make profits for themselves. The State should ensure, through legislation, that the benefits accruing from the private property are well shared with all the people who have contributed in those benefits. The attempts at doing this can be seen in things like Corporate Social Responsibility in India. This is what the term ‘Socialism’ has evolved to imply in the Indian context. In the Indian context, the State need not control all the agents of production but must work to create a social safety net for all its citizens. It, thus, borrows the best of capitalism and communism.

    This is not to imply that Socialism does not have its share of problems. These problems were well witnessed in the erst-while USSR, which ranged from nepotism to wide scale corruption defeating the purpose of a socialist state. So, capitalism without any checks certainly not be trusted as a driver of inclusive growth and a combination of capitalism and socialism is much more likely to drive a country towards a direction where all sections of the society flourish together.

  • sankar

    Capitalism is a word which simply means private ownership of money. Now the questions arise how one can become owner of money. How can money be earned? What’s the source of earning money? To clarify these questions, here we would like to know avenues for getting money. The very smart way of becoming of wealthy is to run private business/ corporate bodies. In this umbrella, the forms of business are ranging from landholding, cattle rearing, farming to builders, corporate, entrepreneurship etc.

    Now, it is not surprise to say that the desires of possessing money or other form of wealth like holding cattle, land etc, have been here since time immemorial. In the ancient time too, people own cattle and land to be respected in the society. But this society has almost at the equivalent trajectory in possessing wealth ie they did not have too much inequalities in their societies.

    In the ancient time, people who possess relatively large share of wealth or property generally cared for those who were deprived of property, at the time of distress. They more vocally participated in each other joy and sorrow. This trend was due to the tendency of being more dependent on each other for their well-beings. Being primitive society, they had to correspond and had to cooperate each other, because of being an age of absence of modern technology in doing their daily activities. It is this absence of technology, scientific and technological equipments and method compelled them to live together and cared for each other. Thus the result was that the society was almost equally represented in terms of possessing wealth either individually or collectively and regionally. Hence, the society was more egalitarian or inclusive.

    Now, a question blinks in the mind that what does mean by the term, ‘inclusive’? the term ‘inclusive’ means that each and every section of society will enjoy the benefits of growth. This means that there must be label playing fields-favoring the many, not the few; prizing broad participation over the narrow patronage. In this the government should ensure a more inclusive growth in every walk of life like social, economical, political and intellectual etc. Out of these terms, the inclusive economic growth is facilitator of many of benefits to the people.

    But before, we shall discuss the different offshoots of inclusive growth, here we must know that why we are so worried about the term inclusive growth? What’s the threat which is deteriorating the inclusive growth? Who were/are responsible for breaching the inclusive growth? How this term has been breached?

    Now, we will go into the era in which the term ‘inclusive’ came into limelight. It was during the ‘Industrial Period’ that the emerging of term, ‘capitalism’ for a few handful people who owned ownership of production, at the cost of majority of people persons lived at a very minimal wage or deprived of any opportunities.

    In the Industrial period, the growing inequalities had raised concern of accumulating wealth in the hands of a few. As the owners of production all right to earn money and save them. It is also quite true that money can buy better education and health care. The evidence also shows that social mobility is more stunted in less equal societies. It breaches social justice.

    Further, this inequality is not only confined to financial sector only, capitalism are also responsible for depriving people from other forms of benefits like the rampant clearing of forest areas since the industrial period deteriorating the environment. This causes poor air quality and growing menace of climate change. The capitalism has also neglected gender equality, CSP and other forms of norms.

    Fundamentally, excessive inequality makes capitalism less inclusive. It hinders people from participating fully and developing their potential. The disparity brings division. The age old social and cultural fabrics are more likely to be eroded in excessively unequal societies. History also teaches that the democratic fabric also get weakened when the politician discriminates between haves and haves not.

    A great concentration of wealth if unchecked could undermine the meritocracy and democracy. It could also undermine the principle of equal rights proclaimed in the 1948 Universal Declaration of Human Rights.

    However, out rightly rejecting the importance of capitalism is not rational. As history shows that industrialist like Tata group and others has been the forefront of shaping industrialism in India. Many developmental projects like road projects, water supply, building, bridge, railways and many other forms work done by capitalist has been beneficial for the common man. The philanthropy work like granting money to education institutions, social institution, government relief funds at the time of natural or man-mad calamities for human services are great importance.

    The tax paid by capitalist has been the major source of government revenue. The capitalist or corporate bodies have very paramount and influential role in foreign affairs. They favor their nation in many ways like pressing US’s officials and many other world power to refrain from imposing economic sanction over India after the 1998 Nuclear test. In some cases, they work as most powerful and real ambassador in shaping relation with foreign country at the time of distress.

    So, the term capitalism has always been there and will remain so. Consequently, the inequalities will also remain in the society or in the country.

    But , to have more egalitarian social, economical and education or cultural develop, what we need is to have less inequality in the society. For making it true, the government should, instead of dismantling capitalism, develop a rule to benefits the majority and brings inequality in following ways; making tax more progressive rather than more regressive, making greater use of property taxes, expanding access to education and health and relying more on active labor market programmes and in-work social benefits.

    But it is a very difficult task to reduce inequality. Redistributive policy always produce winners and looser. Yet if we want capitalism to do its job- enabling as many people as possible to participate and benefits from the economy, then it needs to be more inclusive. That means addressing extreme inequalities.

    Lastly, history tells us the societies succeed when the fruits of growth are broadly shared. Indeed, no societies have ever succeeded without a large, prospering middle class that embraced the idea of progress.

    Therefore, the government should consider that while protecting capitalism and they should also try to percolate the benefits of growth as opportunities and raise living standard to a large number of their people.

    • sankar

      PLZ RVW FRNDS

    • NEDSTARK

      Over all there are good valid points. Try to avoid certain unwanted points.
      take care of explanation about capitalism. it will be good if it is in an orderly manner.

      • sankar

        thanks frnds

    • Nandini

      Overall good. However, i feel u need not go into too much detail about capitalism and its historical evolution

      • sankar

        thanks a lot

    • Aravind Varier

      Dear Sankar ,

      1) In third paragraph how did you come to know that ” absence of modern technology made the ancient people cooperate ” ?

      2) I don’t think the point that you mentioned ” inequalities were less prevalent in the past ” looks like an imaginative statement .

      3) you are telling about the negative aspects of capitalism but try to give reasons ” why capitalism is UNABLE to bring inclusive growth ” .

      4) You have mentioned ” Industrial period ” ? when did that period begin or ended or is it continuing and how is it affecting capitalism .

      5) You have mentioned about positive aspects of capitalism but it is compulsory to tell they are have been insufficient in bringing inclusive growth .

      6) You have mentioned ” History tells that the societies succeed ” .it would have been good if you had explained with a example from the past which would have made your conclusion better .

      ALL THE BEST !!!

      • sankar

        thank you so much

        will work on yours

    • Ab

      Dear Sankar,
      I feel intro can be improved. Before dealing in detail, please define the terminology well
      A good definition is given in Indian Economic Development(11th NCERT Economics)
      Any economy can be categorized by answering three sets of question
      1. What to produce?
      2. How to produce?
      3. How to distribute?

      Any way, keep writing essay will improve in due course of time. 🙂

      • sankar

        thanks frnds

    • yogi

      Except intro and conclusion everything is perfect,
      i got your core theme which ended with the suggestions reducing inequalities
      small paras, nice to see them again
      examples are missing, could have added a few
      overall a good essay on this challenging topic(for me),
      plz review mine as well
      thanks!

      • sankar

        sorry frnds, i was too busy
        thanks for rvwing

  • Mistborn

    During a visit to Mumbai in 2012, my taxi driver took a detour due to traffic diversion. The scenery outside changed dramatically in an instant. From high rises of the commercial capital I had entered a place marked by garbage strewn all around. Women were standing in a queue for water. Children were defecating on the side of the road. Dogs and pigs were loitering in the garbage and so were some rag picking children. Nobody needed to tell me that I had entered the underbelly of Mumbai called Dharavi. It was truly a sombring experience for me.

    The grim experience of Dharavi forced me to ponder over a lot many questions. What is inclusive growth? How has capitalism fared in India to achieve inclusive growth? Why is capitalism necessary for India? Is there a need for course correction and if yes, then how? These are the questions that we will try to answer in this essay.

    Inclusive growth means that the fruits of the growth are reaching to the person standing on the last rung of the social strata so that he may lead a life with dignity. Thus inclusive growth would imply food security, employment opportunities, health and education infrastructure for all the citizens of the country.

    Post the LPG reforms of 1991, India has increasingly moved towards open market economy leading to the growth of capitalism in the country. The economic growth in the country has been tremendous over the last decade despite the global slowdown. The World Bank and other international financial agencies predict that India will overcome China as the fastest growing economy by 2017. Today no list of world’s richest men is complete without a mention of Ambanis and Tatas and many others from India.

    Does this mean capitalism has brought only good to Indian economy? Apparently not. The first decade of the 21st century was marked by a high growth of around 7%-8% but these are also the years of no further job creation, leading to high rate of unemployment in the economy. There is a high degree of inequity in the country wherein top 1% population has close to 50% of India’s wealth. The inequity has given rise to societal tensions. Left wing extremism is one manifestation of such stark income inequity. The social infrastructure such as health and education has not received much investment in private sector in the backward areas due to lack of sufficient returns. This has caused lop sided human resource development in the country. India’s HDI rank of 135 is a testimonial to little inclusive growth in the country.

    Capitalism has also promoted the unbridled exploitation of our natural resources for the private gains. The greed of the capitalist class has time and again affected the society in an adverse manner. An example can be seen in the mercury contamination of the underground water in HUL’s Kodaikanal factory. The population living around is prone to mercury induced diseases and no longer has access to safe drinking water. Similarly, in Rajasthan males working in the sand blasting industry has a life expectancy of less than 40 years due to increasing instances of silicosis.

    Despite of the above issues, capitalism is vital for India’s inclusive growth ambitions. We have long talked about the demographic dividend that we enjoy. The problem is that there is not enough economic opportunities in the economy to suitably employ this demographic dividend. Government is not in a position to bolster economic activity enough through public investments to employ the available workforce. And if we do not find suitable employment, this demographic dividend will become a demographic liability in no time. And that demographic liability will be too heavy a burden on our economy to bring inclusive growth.

    Then, how can we make capitalism work in a constructive manner to bring inclusive growth in the society? Nobel laureate Joseph Stiglitz answers this question in his fourfold classification of development agenda. He talks about economic capital (manufacturing, services), natural capital (land, water, forests), social capital (social harmony) and human capital (education, health, employment). To bring holistic growth we must focus on all the four aspects rather than follow an exclusive approach to pursue economic growth. Capitalist class must understand that it is not working in silos and is an integral part of the society.

    The Indian conditions provide a suitable atmosphere to the capitalists to undertake a sustainable development agenda. India is endowed with a large market, tremendous purchasing power and inexpensive work force. If the capitalist class behaves as a stakeholder of the society and work for long term growth agenda, it will not only reap attractive financial returns but also bring a sense of inclusive growth in the society at large.

    The government is also taking proactive steps to realize our demographic dividend. There have been new economic initiatives like ‘Make in India’, ‘Skill India Mission’, ‘Digital India Programme’ to bolster economic activity in the country. Physical infrastructure like roads, rails and electricity is also undergoing a tremendous change in order to accommodate the economic progress. Government has increasingly introduced reforms in the labor market to facilitate businesses.

    The private investments in the employment generating activities will free government funds to boost the social infrastructure. The government will be able to focus on the healthcare initiatives like telemedicine, ‘Jan Aushadhi Yojana’, AYUSH to improve the status of human development in the country. Similarly government may concentrate on improving the quality of education after achieving the universal enrollment.

    The government also needs to play an indicative role to bring a holistic development in the country. Many a times capitalist class invests in certain pockets only which results in lop sided regional development. This situation can be improved by the government through providing tax and non tax incentives to the capitalists to invest in the backward regions. Similar encouragement could be given to achieve equitable growth across various economic sectors. We need to understand that the ‘trickledown theory’ of growth is no longer relevant. Hence government has to play an active part in ensuring that the fruits of growth reach all the sections of the society.

    To sum up, capitalism is integral to bring inclusive growth in India. At the same time government will also have to play a proactive role to ensure holistic development. As Amrtya Sen says, “Economic growth is only a means to an end, it’s not an end in itself.” So capitalism will bring inclusive growth in the true sense when the person standing at the last rung of the social strata is able to lead a dignified life. And there is a lot to be done to reach there.

    • Mistborn

      Please review friends!

    • Raunak Vashisht

      1) Good control over language
      2) Flow is amazing
      3) I wonder what made you stick to only India, when we aren’t even a free capitalist state yet.
      U should have started with the ‘cotton’ revolution, exploitation of labour and capitalism, etc….
      4) the essay wants you to take a stand and Answer in undiplomatic terms : Can Capitalism bring Inclusive Growth??

      If I leave aside the topic, your essay was an amazing read ..thanks !

      • Mistborn

        Hey Raunak! This is a meaningful feedback. I really appreciate it.

        I agree that including some global perspectives would have made this essay more engaging. I will take care of it. Regarding taking a firm stand, I believe in emphasizing the stand in the writing itself. I think I have not invested enough to make my stand self-explanatory.

        Thanks for the kind words! 🙂

      • Batman

        Hello Ma’am, can you take a look at my essay and give your valuable suggestions. Thanks!

      • yogi

        ma’am can u plz review mine essay, 🙂

      • Jaya Swatantra

        please review mine too… would love to review yours

      • Lubna Sehar

        Hey friend please review mine and give me your valuable feedback

    • Chandu RedE

      Though not covered the main capitalist nations and their global impact a fair attempt and a good one.

    • Batman

      Hi Mistborn, my views:
      1)When the top din’t mention India, then why did you focus only on it
      2)Half of your essay is suggestive in nature while the essay wants you to take a stand. Suggestion could have been enumerated in penultimate paragraph
      3)Amazing start. I could visualize what you described here!
      4)Easy flow
      Please have a look at mine 🙂

      • Mistborn

        I will try to consciously add global perspective henceforth. I usually have a tendency to analyze issues in the context of our country. I will broaden this approach in future.

        I understand that this particular essay is not living up to the expectation of the reader (which is the sole point btw! :P). I will improve in future attempts and bring more clarity to the topic next Sunday! 🙂

    • Rashmirathi

      good essay. the way you started is just amazing , the Amartya Sen quote is absolutely apt, and it is excellent flow and content wise. but the only problem i felt was that it didn’t seem entirely in line with the topic in the sense that you didn’t take a conclusive stand as to whether capitalism can bring inclusive growth. just take care of that and you have the potential to be one of the highest scorers in essay 🙂

      thanks !

      please have a look at mine..

      • Mistborn

        Thanks much for sharing your thoughts bro! Raunak also pointed out similar things in her feedback. I guess I will have to take a rather firm stand on issues in future 🙂

    • pink

      pl review my esay

    • Affu sdq

      very catchy introduction which is bound to raise interest in the examiner,just add a global perspective ..keep it up

    • Amit Kumar

      Nice one man! My personal views:
      1) You have assumed it to be totally centered around India.. in the title its no where mentioned… though it helps alot in understanding.. but from examiner point of view.. India-case should have been in example for only..
      Overall I liked your essay!

      • Mistborn

        Thank you Amit! I will take care of global dimensions in future!

    • Vikarma

      I took a cursory reading. Ultimately the essence of your essay can be realised from the second paragraph where you raised questions and it will be graded according to it. And the conclusion must end as an answer to the question.
      But the questions you raised has narrowed the topic at the beginning itself.

      • Mistborn

        Thank you Vikarma for the insightful comment. I think your point about the conclusion part is a valid one. My conclusion seems to be a bit vague 😉

    • Bipasha Kalita

      the first half of your essay is beautifully written, with immense clarity of thought. however, i felt towards the second half the ideas were cluttered. also, avoid starting your conclusion as ‘to sum up’, as it comes across as a hurried manner of concluding the essay. just a suggestion. good effort. kudos!

      • Mistborn

        Thank you Bipasha! I agree to both your points. I need to work on making the conclusion much more natural instead of looking forced. Let’s hope things improve in future 🙂

        • Bipasha Kalita

          Kindly review mine too. This is the first essay i tried. feedback will be helpful. Thanks.

  • SKB

    Can Capitalism bring Inclusive Growth?

    The various market systems in the world conceptualized to bring growth and development of the people. Capitalist system is one of the most adopted systems in the developed world. The continue spread of capitalist approach across the world need to relook its contribution in inclusive growth.

    Capitalist economy is defined as where productions and distribution are in hands of private player and govt role is limited to regulatory framework. Govt has withdrawn from all market activities. The private institute compete in the open market.

    The above feature of capitalist economy brings certain discrimination to the disadvantageous people. Theoretical it seems that equal opportunities are provided to individual to progress. But the first disadvantage it brings that unequal people has to compete on equal parameters. The wealthy and rich people have great advantage against poor or common people.

    The other disadvantage is that it discourages small scale industry and promotes large scale industry. This brings a large population at the verge of unemployment. The jobless growth of Indian economy after economic reform in 1991 reflects that the benefit of such growth is limited to small set of people.

    Also the reduced role of State in the economy will even limit the effect of affirmative actions by states. The state would provide less job and reservation would not be able to bring any major effect. Hence indirect effects of capitalist economy on the vulnerable groups further push them in corner.

    The capitalist economy work on sole motto of profit. The competitions among major player bring the production cost down. Major effects of cost cutting usually fall on human resources. Jobs are cut down in large numbers. Various welfare initiatives get reduced. Even some organizations do not provide basic amenities on work place.

    The above discussion brings out various aspect of capitalist economy which works on exclusion of vulnerable groups. This called growth but not development. More precisely it is not inclusive growth. It brings unequal resource distribution in the society.

    The capitalism not only avoid welfare state concept but also bring certain shock to the economic system. The recent global economic crisis in 2008 bring the excessive capitalism effect. As per RBI governer Rghurajan, the cause of these crisis lies in the big nature of Private players (banks) and too little regulations by authorities.

    Even The western countries who are supporter of capitalist system have identified the non inclusive growth phenomena of capitalist economy and deploying various social and policy measure to address this. Federal USA govt’s new health insurance scheme is one of such measures. These countries are channelizing the required state resources through High Tax-GDP ratios i.e. between 30-40%.

    After independence, our leaders had adopted a model to avoid the above issues. It was called Mixed economy in which certain industry or areas were exclusively reserved for govt and other was open to private players. Even in constitution’s preamble the socialism has mentioned. Further our directive principles include state’s role to avoid accumulation of wealth and promoting small scale industry, cottage industry.

    The five year plan formulated to address the poverty and developmental issues. Nationalization of banks, insurance sector was targeted to bring inclusive growth. Agriculture were major employee hence special effort were put by govt to bring changes in this sector through Green revolution. APMC laws were enacted to solve marketing related issue of farmer’s. This social approach brought adequate changes in agriculture sector and self sufficiency in food security achieved.

    Over the time, enhanced role of state brought some institutional problem in Indian economy related to inefficiency, corruption etc. To address these issues economical reformed were introduced in 1991. These reforms were aimed to reduce govt’s role in economic activities, open more areas for private and foreign players.

    The effects of this reform were that economic growth took upward movement. But this growth was not uniformly spread. Employments and developmental parameter were not improved much. We still have one of the largest chunks of poor people in the world who survive below $1 per day. We are far behind in various developmental parameter of health, education from our small neighbours like Sri Lanka, Bangladesh.

    Although extreme social economy i.e. communism have failed even in USSR. Communism discourages innovation, competition. Hence the best approach for inclusive economic growth is to create opportunities, provide social sector services to large section of societies. Here govt play and active role in not only formatting policies but also to implement some of goals. PMJDY, DBT, Food security along with ease of doing business, make in india, skill india etc are right mix to achieve the goal of a welfare state.

    • SKB

      Plz review

      • sankar

        frnds plz rvw mine …………………thanks

    • Pooja Pandey

      U have nicely pointed out the negativities of capitalism.PPP can be an effective solution for inclusive growth where private player participation will bring its competitiveness and the state can take care of the welfare of those needy.

      • SKB

        Thnks for the review….really encouraging….yes suggestion part should be more comprehensive and i missed PPP

  • SVSR

    Capitalism refers to the privitisation of production patterns which gives freedom for the individual to work for his/her development than to work for meeting the needs of the society. Its underlying principle is that the progress of every individual automatically makes the society to foster. This freedom drives the individual or a group towards profit making and further investments in the economy which in turn makes the economy sound to meet the needs of every individual.

    The aftermath of Cold War and the breakdown of USSR, Capitalism was at pinnacle in majority of the countries of the world. It instilled new fervour and energy in the economies of developing and to some extent under developed countries in their pursuit of growth, development and better standards of living. But, during and after 2008 financial crisis, with the meltdown of US economy due to the burst of bubble created in the economy by bad loans and real estate manipulations, doubts were arisen on the theories of capitalism about sustaining the stability and order in the markets; and its mechanisms to stop cascading effect on the economies of other countries. Moreover, with the growing inequality index across the world, especially in the third world countries and emerging countries, there were unanswered questions regarding the direction in which our developmental strategies are heading.

    PRO CAPITALISM AND INDIA’S STANCE

    India’s transformation from pro-socialism to capitalism was occurred after Balance of Payments crisis with LPG reforms and monetary norms liberation like shifting from fixed exchange rate system to floating exchange rate system. Since then, gradually India’s has seen high growth rates and increased national and per capita income. However, India has been highly criticised by the foreign and domestic private sector for continuing its socialist mindset in the form of regulatory regime. In fact, after 2008 financial crisis, India withstood better than other capitalist countries only with our so called highly criticised regulatory regime and the same was recognised by the world.

    Even after her strategies to maintain stability and balance in the economy with the enforcement of tougher norms over market forces and its players, India was placed in 130th position in HDI, and there were reports of growing inequality index in the country. Some reports highlighted that the top 10% elite classes hold more than 95% of resources, and the remaining 90% are utilising less than 5% of the countries resources. This means India performance in trickling down the developmental benefits to the lower sections of society is worse, as is the case with majority of other capitalist countries.

    COUNTERING FORCES

    Since independence, India has initiated many welfare activities and development schemes right from Five Year Plans to the pro poor AAY scheme, but hardly achieved any substantial results even after lot of energies and expenditure was spent. Where is problem lies? The answer would be the failure in creating level playing field in the society, which has resulted in the grabbing of developmental opportunities again by the elite and advantaged sections in the society, and this is the reason why our developmental strategies were often criticised for making the rich more rich and the poor more poor. Take the example of high costs of private services like education, health etc., which deterred the poor from getting benefited and also the sub-optimal performance of the public institutions subjected them to double jeopardy.

    On the one hand, the work of capitalist forces in the market has no doubt increased incomes of people, brought modern technologies and choices, but their high profit motives, lack of healthy competitive grounds and level playing fields made the inflation in services and manufacturing sector grew at exorbitant rates. And, on the other hand, it acts negatively over wage improvements of the poor. For example, even though there is moderate to high food inflation, farmers are earning less wages due to the occupation of distribution markets by the intermediaries and their game play to manipulate the market.

    The quest for ‘more’ in the capitalist tendencies has led to resource depletion, environmental degradation and driven out the small and marginal players from their traditional activities, profession and businesses. For instance, the over commercialization of fisheries industry has driven out many traditional fisherman out of the industry and also raises concerns of environmental sustainability. There are numerous examples like this. There are limits and boundaries for everything, and these are often forgotten by the capitalist forces, and so the present problems of global warming, climate change and environmental degradation.

    The negative side of the capitalist forces are can be observed in the recent issues of Land Acquisition, Rehabilitation and Resettlement Act, 2013. In the name of reducing land costs for ‘public use’ private projects, the private developers who are so proud of being capitalists and never wants government’s interference in their activity, surprisingly, seeks government’s interference for land acquisition from the poor to get the things done at throw away prices. In this heat of strengthening the manufacturing sector, we have diluted the progressive norms in LARR Act and made the poor and the disadvantaged to suffer.

    STRUCTURAL AND THEORETICAL REFORMS

    Modern economists have thoroughly understood the need for poverty alleviation and welfare for all. We cannot strive or sustain our development by leaving aside some sections of people, as it raises revolutionary tendencies. We must recognise that poverty and penury is always a threat to prosperity, and that is the reason why we have seen in growth in naxalism and other extremist forces in the backward regions of our country. So, development must be balance and inclusive in every means. Recognising, this poverty eradication, inclusive development targets have been included in the Sustainable Development Goals.

    Balance and equilibrium is an universal law, without which survival is not possible, and in society it can be achieved only through inclusive development. As we have experimented and evidenced the pure capitalist works and their results across the world, there is an urgent need to draw a fine line between market forces and the government’s interference. For instance, the establishment and empowerment of SEBI, IRDA, Competition Commission of India and other regulatory bodies in our governance has reduced and countered the ill forces in the market which converge from using short sighted loopholes in the system. These bodies also ensured a fair play in the system by promoting genuine and healthy competition.

    Therefore, we need to follow a moderate approach by making the government and private sector complimentary to each other for working towards the welfare of all. Even in the present situation of less demand and high rate of project halts, public expenditure is very crucial to encourage private sector and to instill faith in them. So, a balance and mid capitalist approach by plugging every loophole in the system will definitely bring inclusive development in the country.

    • sankar

      plz rvw mine frnds…………….ill rvw urs ………..thanks

  • Shrunga Chandrashekar

    Can Capitalism bring inclusive growth?

    Capitalism is economic system where the private asset ownership, production is controlled by private firms, investment decisions are made by the individuals based on the demand of good, services irrespective of the social welfare. World even today hosts millions of people below the poverty line, whose economic upbringing is possible when there will be inclusive growth (when they are included in the growth process). If assets keep on accumulating in the hands of the individuals or group will it bring inclusive growth is the concern, it can assessed with the advantages and its drawbacks.

    Capitalism started growing in the 19th century, which led to the industrial revolution. Steam engines were utilized efficiently and production was increased successfully, market for those products were also created. Which led to creation of employment to the growing population, is capitalism have positive effects on the society?

    Capitalism has many positives. Creation of employment, capitalists are more concerned about the production in mass using the latest technology and the labor intensive production, which results in the creation of employment. Employment creation will have social benefits and reduces the burden on the agriculture thus reducing the disguised employment in that sector. Competitive market creation, when there is competition between the producers the goods and services will be available to the consumers at the reasonable prices and reduces monopoly on the market by the single player. Easy access to goods, Industrialization has led to technology improvement like mobile communication, shipping technology etc. which will make the goods easily accessible to the consumers. Research and development, competition and profit motive will promote the scientific research for the development of the modern technologies, result of which is improved productivity and mass production in less time. Capitalism has led to the globalization which is connecting the world, improved communication, bilateral or multilateral engagements harmony and peace has been established.

    Is capitalism harmful? Capitalism do have certain drawbacks which if unregulated can affect people in long run. Profit motive, is driving force of the capitalism which can result in the neglected labor empowerment, security of the labor can be neglected as the safety measures will take huge investments. Such a steps by the capitalists are harmful to the society Ex: Bhopal gas tragedy, it was due to lack of safety measures. Monopoly on market, capitalists due to profit motive can act as barrier for the budding entrepreneurs thus creating monopoly and over dependence on the single player can be harmful. When they have control over the market the prices cannot be regulated thus products will become expensive and unaffordable. The large scale industries are technology oriented and less labor oriented compared to medium and small scale, monopoly can be harmful to the domestic markets thus affecting the weaker section. Accumulation of property, private asset ownership will result in imbalance as the major assets will be owned by few and majority will be left with few resources or assets. In India 1% of the richest own 53% of the resources and 10% owns up to 70% remaining 90% should distribute 30% of wealth among themselves which is creating social unrest.

    So can public sector or socialism alone achieve growth? Public sector too have wide set of issues involved in it, Lack of leadership, management, corruption. Public sector is best for public asset creation, health and education as these are the core step that needs to be taken to improve the status of the people or create inclusive growth.

    If capitalism alone is the element of the economy then it will create inequality in the society, if the socialism alone is given the responsibility of growth it will fail to do so. What can be best possible solution to this problem? Mixed economy where the capitalism is regulated through the monetary policies and other rules. India after independence in 1947 embraced mixed economy.

    Mixed economy of the India did not fetch the much growth as the food insecurity and poverty still persist in India. The economic liberalization in 1990’s worked for India, where the India markets were open for the foreign players and it brought in investments and growth rates of 7-8 per is achieved. These growth levels resulted in the reduction of poverty from 50% to 21%. Public sector investments in education, health, security have resulted in the improved health status in India which is evident through the reduced infant mortality rates, reduced malnutrition etc. enrolment to the school have increased in the recent years and education is given importance both in rural and urban households.

    India has seen improvements but lot has to be done to bring out the 300 million people living below the poverty line. The main problem with the Indian economy is the disguised employment in the agriculture sector, with the 60% of population dependent on the agriculture, only 14% contribution to GDP. Investments in the agriculture sector, direct benefit transfer, improved monetary policy to
    control the inflation, reducing the stress on the agriculture by generating the employment. India should increase its health sector spending and increase the PPP investments in the public health care so the expertise of the private players, government regulation to ensure increase in the beneficiary base can improve the health sector. Creation of capital assets is also important for the growth, India should work on improving its ease of doing business so that investments will grow in and helps in growth.

    Tax evasion is another biggest issue in the Indian economy, proper regulation of the tax collection to improve the tax to GDP ratio from 11% will help in the social sector spending and thus helping the poor to come out of poverty.

    Accumulation of power, assets, money in hands of capitalists will create social unrest if they are not regulated through the policies. Capitalism will create haves and have nots but at the same time it will create employment, competitive market. Capitalism with the proper monetary regulations and policies that ensure that the benefit reaches to the last person in the state will bring in the inclusive growth

    • Shrunga Chandrashekar

      Please review this essay, scared of writing essays trying to come out of it. Please help in improving the quality of writing and more importantly improving the direction of thinking .

      Please criticize if something is wrong. Criticism will help in improving

      • sankar

        plz rvw mine……………….frnds……….thanks

    • Amay

      Nice one.. However i have few suggestions:
      1. Make the intro interesting and your flow is similar to a GS question- Intro followed by positive and negative of capitalism…
      2. discuss what is Inclusive growth and relate capitalism and Inclusive growth.
      3. 2nd part of essay is India centric. while such topics are general. You should avoid being India centric in general topics. Atmost 1 para would have been enough.
      Please take my suggestions in positive way.

      • Shrunga Chandrashekar

        Thank you for your suggestion … I took it positively and make necessary correction while writing nxt tym

  • Collector_9

    I’m busy in doing optional so i will write the main theme of the essay around which my essay will revolve. Please review that

    “Neither Capitalism nor socialism can ensure the Inclusive growth of a country. Most developed nations of today have large disparity among poor and rich. Bottom 40% in USA have only 3% household wealth while top 10% have more than half. This trend is almost all over OECD countries. Socialist, Russia has even bigger disparities than capitalist one. 35% wealth is shared by 110 billionaires.
    It is the policies followed by the country which can bring inclusiveness in a nation.

    would it be the balanced view or i should add something else.
    Plz review

    • sankar

      have a look at my essay plz……………thanks

    • Vivaan Khanna

      all of us have advocated for both..but essay’s content matters na…have a look on my essay please 🙂

  • priyanka

    Capitalism refers to the economy which depends on privately owned membership of assets. The production or creation of goods and services, largely base on consumption and behavioural patterns of the society. Helping to fulfil the needs of the society and making profits for their own. Its commonly referred to as free market economy. the idea of the capitalism had its roots from the 19th century of the industrial revolution. Industrial revolution was against the inclusive growth was the opinion of karl marx and many other socialistic leaders. The free market economy, which helps in satisfying the needs fostering the economic growth of the nation. Thus raising the standard of living of the people, growth in GDP, income levels leading to the increase of the purchasing capacity further boosting the economy. But increased monopoly of the private sectors in health, education and other essential services leads to increase in inequality. the government has to provide certain basic amenities at affordable cost for all.

    Even though if free market economy helps in increase of the capital but expensive education and health would keep a substantial population away from these facilities. The upper middle class would fall into the lower middle class, the lower into the poor which would further ridge a gap between the rich and poor. Thus the government has immense role to play and help bridge by investing in basic essential facilities, increased concentration of power of the government in market is also not good for the economy because of the increased fiscal deficit. Encouragement of subsidies, facilities to all irrespective of the rich and poor will burden the government, leading to unequal incomes concentrated in the hands of rich and poor. The socialistic economy further increases corruption in the system and further, benefits are only availed by those who are close to the government or its officials.

    Many south Asian countries such as China, India Thailand, Vietnam who have been reaping the benefits of capitalist economy have also seen a constant rise in the inequalities. According to the IMF report there is significant difference in inclusive growth in developing countries. the inequalities not only includes the economical growth but also weakens the nation in areas of health, human rights, cultural,social. India experienced the wave of capitalism once it adopted the liberalisation, globalisation and privatisation reforms. And from the point India never looked back and second fastest growing economy after China and GDP growing annually at the rate of around 7 % annually for the past years. But still India lags in many concerned areas.

    Indian’s high risk of obesity, and no decreased rates of TB and HIV show a lack of awareness among the people. The increase in the urban poverty levels than rural poor clearly depict the picture of free market economy.in the rural areas though there is no significant economical strength but culturally and socially they are strong,helping them to tackle the poverty.increased government efforts for the growth of rural areas is also an added advantage comparing the rural and urban poor. Education has shown a significant growth but there is along way to go to acheive 100% literacy. the gender difference has not been able to bridged even after such high economy growth rates.

    Capitalist economy which is much more interested in profit making and exploits resources detiorating the environment and also hampering the many lives of those who are directly dependent on the natural resources.Leading to the displacement of the people and further fall of the economic status.Many tribal communities earlier have been meted out this kind of exclusion from their natural places and who have dwelled into civic societies in search of livelihood.they may not be accepted by the society either discriminate them or exploit them for their own benefit.t be mingled with heir occupation ,way of living may be diversified which deviate the particular section of the people from the society.Demarcation of them into downtrodden classes or other backward classes.

    The government role is inevitable for formulating or regulating policies which check the capitalist on exploiting the resources and also civic societies. the substainable development which forms the crux of the sustainable development goals can be acheived only by the proper cohesion of both capitalist and socialist economy.

    The capitalist economy and the socialist economy both need to go hand in hand for smooth transition of nation from developing to developed or to be at the developed position. They need to impact the society equally and parallely ,helping to eliminate the differences.And to further cancel out the differences which are made by each other .thus for a nation to grow wholly not only capitally but socially, mixed economy is required.Thus most of the nation adopt nation adopt mixed economy.

    • sankar

      plz rvw mine ………………….. i ll rvw yorus later

  • Nandini

    Topic: Can Capitalism bring inclusive growth?

    In the last couple of centuries, the world has seen remarkable progress. There has been considerable increase in income and living standards all over the world, despite the burgeoning population growth. The average basket of commodities that a person can afford has increased, both quantitatively and qualitatively. If Thomas Malthus were alive today, he would without doubt consider revisions to the gloomy picture of growth and development he painted in the 18th century. Adam Smith, the Father of Economics, would attribute this economic growth and development to free market capitalism. He believed that each individual, acting in his own selfish interest, would eventually lead to societal progress as he is guided by the “invisible hand” of the market. This philosophy of laizzez- faire economics, has and continues to guide a better part of the world. Especially since the collapse of the Soviet Union, Capitalist system is without a serious competitor. However, while acknowledging the virtues of the capitalist system, it must be noted that it is not without its faults. History has shown the perils of unbridled faith in the virtues of the market, the most recent being the sub- prime crisis of 2008. Owing to the global nature of capital today and financial innovations made possible by a highly deregulated financial sector in USA, a crisis in the housing sector in USA threatened to destabilize the entire world. So the question is, can capitalism be a force for good, not just for a few, but for all?

    In answering this question, what must be kept in mind is that Capitalism is not a monolith The textbook understanding of capitalism and what is practiced the world over are two very different concepts. In United States of America, which is considered to be a champion of free market economics, the State undertakes a considerable amount of expenditure on provision of education and health, more than several so called socialist countries. Instead, what we have is State Capitalism, where the State plays the role of an enabler, a facilitator for the markets, to work where they will, and they will work if there exists an opportunity for profit. Therefore, the term “free markets” is a misnomer. The State will operate in only those areas or fields where private enterprise does not find it feasible to operate. There are many instances of successes experienced by countries following this strategy. The East Asian Miracle can be attributed to the “Arms- length” approach followed by the governments of these countries, who instead of interfering in the activities of the private enterprise, provided them with an enabling framework to operate. Even India embarked on its growth path when the Government, realizing the perils of “License Raj”, followed the NEP in 1991, with Liberalisation, Privatisation and Globalisation as its basic tenets.

    However, history has shown us that the belief that liberalization and privatization, in themselves, will lead to growth for all (the so- called “trickle- down” strategy) was highly misplaced. One of the most scathing criticisms of the capitalist mode of production is the resultant inequality. The rich get richer and the poor become poorer. This concentration of wealth in the hands of a few is one of the renewed challenges that the world faces today, as the work of Thomas Piketty highlights (Capital in the 21st century). There is no denying that the workers’ wages and standards of living has improved. But this increase has nowhere been proportional. The Occupy Wall Street Movement in USA in 2011 was an expression of the outrage people felt at the obnoxiously high levels of social and economic inequalities. Moreover, as Noam Choamsky points out, “A basic principle of modern State capitalism is that costs and risks are socialized to the extent possible, while profit is privatized”. A manifestation of this principle can be seen in the policy response of USA, which resorted to bailouts of financial behemoths by purchasing their debt, using tax payer’s money. This is not specific to USA alone. In many countries including India, there are several instances of government resources being used to finance failing enterprises. Subsequently, in a bid to keep up with the fiscal deficit targets, the axe falls on social sector and development expenditure. It would not be incorrect to say that in several cases, the general populace ends up “subsidising” the rich and prosperous. A related problem of “free- markets” is the problem of externalities. In the mad rush towards making profit, environmental pollution has reached unsustainable levels. As the Human Development Report (HDR) 2011 points out, the poor are the first to feel the pinch of environmental hazards, while the rich are the biggest polluters, both inter and intra – country. Therefore, though capitalism has its benefits, it can be clearly seen that if left unchecked, it can lead to marginalization of a large section of society, benefitting just a few.

    In conclusion, while an unregulated market is not desirable, it would be a mistake to renounce the capitalist system altogether. The system of private property has prompted unprecedented technological progress, which would not really take place under a socialist framework for the lack of incentive. What is required is making private enterprise more accountable for its actions. There have to be oversight authorities to make sure that private enterprise does not employ unscrupulous means in its search for profit. Apart from that, many innovative strategies, like the CSR initiative, can be employed for making private sector an equal partner in development. While there is nothing sacrosanct about the capitalist system, socialism is not an answer to the inherent contradictions of capitalism as Karl Marx believed. To the age – old question of which economic system is better, Winston Churchill says, “The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries”. Surely we do not want that.

    • sankar

      plz rvw mine ill rvw yors later……………thanks

  • Sepoy No 1446

    Words: 1035

    “Capital in the 21st century” is a magnificent book written by French Economist Thomas Piketty, in this book Piketty argues that wealth and income inequality in western countries is not a natural phenomenon but is the result of capitalism.

    What Piketty proposed is very much true. Capitalism is based on individual ownership of firms and industrial units. Profit remains central to capitalism. Hence by its inherent nature those having access to capital will become progressively rich and labour class poor thus rich-poor gap will increase. This was also the basic premise for Marxian call for communism where Marx asked proletariat to root out bourgeois class because he believed that in capitalism the labor class will always be exploited and hence an economic system based on equal ownership of factor of production will be a better model.

    These are all classic discourses of capitalism which more or less suggest that capitalism won’t bother about inclusive growth, a growth where all sections of society will be included. However the present realities and some “offshoots” defy this proposition. Capitalism can very well address the issue of inclusive growth and infact can complement state efforts for this cause.

    The “offshoots” are the real game changer and can change all (mis)conceptions about capitalism.

    We will take up the issue at two levels: at world level and India level.

    In circa 17th century Industrial revolution began in England which can formally be taken as seeding of capitalism. By mid-18th century England was far ahead of other European countries because of its industrial progress. Other countries catched up soon, especially US emerged as the new player. By First World War capitalism was on rise and very few questioned about its relevance as an economic model. The biggest shock came from the great depression which engulfed the entire world after end of WW1. Kensysian emphasis on state intervention to bring socio-economic growth was seen as a challenge to capitalist model. This was one of the major arguments in favor of increasing state intervention. The “New Deal” and Currently Obama’s “Medicare Plan” can be seen as state intervention to bring equitable growth and prosperity, social security, employment and health care by state intervention in a hyperactive capitalist country. How does capitalism fare here?

    As we will see there will be a difference in role, scope and impact of capitalism in different countries. It will be less orientated to inclusive growth in developed countries as compared to developing countries. The reasons are both structural and historical.

    One can’t deny the fact that there are no poor in US. There are. But there is a difference in US’ poor and India’s poor. US’s average poor are still comparatively richer than India’s average poor. It is because of the prevailing economic realities. A state like US already has access to banking and credit facilities in remotest corners of the country. Same is missing in India. Hence “access to banking facilities”, one of the key component of Inclusive Growth is a big concern in India and that’s why recently many private banks( Payment banks and small banks) have been given chance to operate in India keeping precisely these concerns (increasing banking access in rural and remote areas) in mind. In India, the report of Nachiket Mor committee (a committee appointed by RBI, India’s central banking agency, to look into the matter of inclusive growth) proposed these new models. We don’t see a similar committee in US because it has already reached “saturation” point as far as access to banking facilities is concerned. In US or for that matter all European countries already have basic infascturue available for inclusive growth. Internet remains one of them. In India the emphasis on Digital India mission and focus on e-governance can radically change the growth inequalities. It can bring transparency and accountability in the system, the two components which are so badly needed in Indian governance model and which have potential to augment socio-economic development of all sections of society. Now how is one going to achieve that level of digital penetration?

    Recently there has been huge uproar in India with respect to Net neutrality and digital access driven by Facebook’s free initiative “Free basics”. “An internet regime is not inclusive if majority cannot access it” has been proposed as one argument in favor of free basics which was vigorously refuted by pro-neutrality supporter. There is a truth to their concern.

    Facebook’s free basics might be rejected but there have been similar efforts from companies like Google and Microsoft. Their technologies (Project loon of Google and White-Fi technology by Microsoft) can be utilized by governments to increase digital penetration. This is going to be crucial for India and all African countries.

    At this point we can discuss the “offshoots” we introduced in the start.

    Bill Gates and his wife Melinda Gates are great Philanthropists. The “Bill & Melinda Gates” foundation has financed many health missions in Africa and also in India. Their Philanthropic zeal is the new way capitalism can be effective in bringing changes. The role of angel investors and venture capitalists to promote start-ups, especially in socially and economically marginalized sections of society (Scheduled castes and Scheduled tribes of India) can be a new model of inclusive growth. These are the new “offshoots” of capitalism which was probably not conceived by Smithsonian Economists of Industrial Era.

    Focus can be given also on smart cities and smart villages (Rurban mission in India, PURA model). To achieve this capitalism will be seen as a partner, as a dummy and as a supporter of Government’s original efforts. India’s PPP model is based on this aspect and which is now being promoted to other sectors of economy with new financing models.

    Thus there are ample scopes for state to utilize capitalism to promote Inclusive growth. It can range from investment support to new technologies to creating enabling infrastructure. However one should always keep in mind that without government regulation there is equal chance that capitalism can turn out to be the dragon and the beast as it was perceived by Marx. So what we need is a complementary presence of both, statism as well as capitalism: probably an alliance of Smith, Marx and Keynes.

    • Batman

      Hello Sepoy bhai 🙂
      My views:
      1)Philanthropic zeal is a brilliant point!
      2)Comparison between US and India seems bit off the topic. It doesn’t answer well whether capitalism brings inclusive growth or not. It. It merely speaks about two different levels of inclusive growth
      Overall, it is a fair attempt but not the way you usually write :/
      If you get time, please have a look at my essay too 🙂

    • Shaktimaan

      nice comrade!!…….bhai sahi likha h….u took US to compare………explained it vry well..like it…..bill gate…………nice one………….end ko b intro jaise mst bnate to or b mzza aa jata…………this one is not lyk ur last one which was full of diverse items…………rest z best……..gud luck bhaii………mera b dekh loo plz……..thank u:):):)

    • Ash

      Sepoy! Please find time! 🙂

      I will review in a while! 🙂

    • Ash

      Hey Sepoy! 🙂

      1. catched up??
      2. angel investors and venture capitalists to promote start-ups – A TAKEAWAY (AT) so Thnk you! 🙂
      3. Smithsonian Economists of Industrial Era — What is this Sepoy ?? I don’t know but Would Love to Learn (WLTL) 🙂
      4. I feel you could mention about the ‘profit’ concept which is always kept in mind …
      5. I guess you want to say here that Capitalism is capable .. which I am definitely fine by but you know… they only move in areas of profit… If not getting paid for say road construction they would never go for Public Procurement hence the Govt came up with HAM!
      6. I FEEL you have wasted a lot of words on few things… which could have been utilized better….

      This time I would say you could have compared Capitalism like pro inclusion and against … You let Piketty and Marx do it for you.. I feel had you done it .. it would have been really good! 🙂

      7. Recently there has been huge uproar in India with respect to Net neutrality and digital access driven by Facebook’s free initiative “Free basics”. “An internet regime is not inclusive if majority cannot access it” has been proposed as one argument in favor of free basics which was vigorously refuted by pro-neutrality supporter. There is a truth to their concern. ————— I feel it was not necessary! FFTC here! 🙂
      8. Again I will say one thing… you went to justify examples of inclusion but did not do justice with the concept of inclusion .. I meant how can Capitalists achieve it and if they have not in the past what were the reasons…
      9. Conclusion however includes State and Cap together so duz justice! So you have balanced here! 🙂

      P.S. – Do you know you’re a very good writer! 🙂 Keep it up! 🙂
      I’m not very good in essays right now so I extend my sincere apologies for being incorrect with my suggestions in advance! 🙂
      KWAR! 🙂

      • Sepoy No 1446

        Thanks for extensive review Ash.

        Smithsonian Economist: Following principles of Adam Smith.

        Catched up..refers to picking up of Germany, France and other European countries in terms of industrialization

        Profit..I did mention in start.

        Neutrality, facebook para was to balance my view..i think it got bit side-tracked there..didn’t want to look like a staunch supporter of free basics and hence even more bashing by the examiner 😉 ..hence ended up with something lame.. 🙂

        Overall agree with the view that I failed to touch many dimensions…and with comparison to urs..my essay will have a lot of thing to learn.

        And yes I know I am a brilliant writer 🙂 No doubt there

        thank u.

  • Wolverine

    Capitalism is the system of Society where the ownership of production related resources rests in the hands of a few individuals who are not part of a govt. Since its emergence in the early 19th century, it has widely been perceived as a system of exploitation where the Capitalist or the resource owning class will exploit the workers and concentrate the entire wealth of the society in their own hands. The scholars argued that this will pave the way for a new system i.e. Socialism as it doesn’t promote ‘Inclusive Growth’. Inclusive Growth is considered when the fruits of growth of an Economy are distributed among the population of the country without leaving any individual. Socialism is said to be an inclusive system. It was considered that socialism would be the best form of society but having witnessed both the systems in the last century where the Soviet Union formed and got disintegrated, Capitalism is being adopted by nation-states with a share of Socialism in it. So, it is safe to say that the Capitalism is not in its purest form and is different today.

    -Capitalism Today-Today the Capitalism is not found to be exploitative for the society. Though the wealth is still concentrated in the hands of some private individuals, yet the regulation on working hours, provision of minimum wages etc. has changed its exploitative character. The rule of ‘Demand and Supply’ works for the employer and employee both and this makes the companies to promote employee welfare today. By going into the depth, we find that these policies of the govt. made the factories as the places of work for the employees. They have a certain minimum wage and limited working hours which provide them the money and time for living a decent life. The rule of ‘Demand and Supply’ which makes the companies to hire and retain the best talent with the minimum possible pay for an employee’s labor also makes the employee to choose the best paying company on the basis of the same rule. This way both the company and its workers have the best resources and best pay or facilities respectively. It promoted a middle class which is progressive, less exploited and future capitalists themselves.

    The Capitalism system of production and its produce’s tradability too works on the same principle of Demand and Supply. The companies decide to produce only those goods which are in demand in the market and not those which are not. The goods if not in demand than companies try to create their demand by Advertisements, Campaigns, various offers etc. This promotes the growth of the Economy and becomes one of the major reasons why the governments of the world create a favorable environment for their working.

    The creation of environment for the growth of the Economy makes the govt. to make its policies, schemes and dictates more acceptable to the Corporates and taking advantage of it, the govts. Make the Capitalism to promote Inclusive Growth both directly and directly.

    -The Indirect method is found to be working in every society today. Taxation is the primary such method. The governments impose a ‘progressive’ rate of Taxation on the corporate. The word progressive is meant by charging high tax rate on a big company and higher tax rate on a bigger company. It also means that the bigger your size and turnover, the larger you pay. It makes the small earners to pay less or not pay at all and use the money coming out of it for the growth and development of the whole population. All the governments of the world have various schemes and policies for the same. Lets take the example of a country and see what policies it has. We take India for example. Its various schemes are-

    -Sarva Shiksha Abhiyaan-For the Education.

    -Mid Day Meal scheme-For ensuring nutrition and retaining children in school.

    -ICDS-To ensure nutrition in lactating mothers and children.

    -MGNREGS-To provide employment to the lowest strata of the population for at least 100 days.

    -Jan Dhan Yojana-For Financial Inclusion of All among others.

    The Govt. also makes the corporate to directly contribute to the society by making it obligatory for them under Corporate Social Responsibility. CSR implies on the corporate or companies with a sizeable market capital and/or annual turnover. It makes them to use a small share of their profit for the development of the underprivileged sections of society by investing it in some specific sectors like Education, Health and Sanitation etc. We see many companies involved in this practice. While there are companies like Wipro training the teachers for improving the standards of Education in the country, there are companies like Reliance building Toilets for Girls in schools of rural India so that more and more girls can be attracted for Education and we don’t lose them with their growing ages. This also not just bring the best practices of working for the development of the country but also increases the social interaction of the employees of a company and develops the Philanthropist Character of a Corporate.

    -Philanthropy of Capitalists-It is one of the most unexpected outcome of Capitalism. For long, Capitalists have been branded as the Greedy Individuals who will exploit the fellow human beings for their own profit and control the resources for themselves to live a life of luxury. But of late, this notion has seemed to be changing. Many Capitalists have started contributing to the development of the society by their wealth and do it more in the less developed regions, sections or countries of the world. They find the pleasure of distributing their wealth for the betterment of the society as their social duty and better than leaving it for their children. There are many examples of such individuals in the world who are working to make the world a better place for posterity like-

    Bill Gates-He contributed 95% of his wealth to Bill and Melinda Gates Foundation and it is working today in the developing countries against Malaria etc. diseases and building infrastructure for Education.

    -Mark Zuckenbarg-He recently devoted 99% of his wealth for the society.

    Though the detractors are still contesting the Capitalism on the question of bringing Inclusive growth, we have enough evidences to prove that Yes it brings Inclusive Growth.

    • Ash

      Wolverine! Review.. 🙂

      I will come back and review! 🙂
      I frankly don’t know what have I done today! 🙂

      • Wolverine

        Gimme some time please. I will review 🙂

    • Ab

      Dear Wolverine
      1. Your intro was not as good as I would have expected. Intro was like conclusion, where you have discussed the negatives of capitalism compared to socialism.
      2. Conclusion should be more comprehensive, covering larger dimension.

      • Wolverine

        Thanks Ab,

        I will work on both.

        You didn’t write an Essay?

  • Amay

    Can Capitalism bring Inclusive Growth?

    In the primitive society, the usual system of exchange goods was Barter System. At that time the idea of profit did not existed and people used to accumulate not for making profit but to gain prestige. Slowly this system gave way to trade and commerce with money, gold, silver etc being means of exchange.

    This got evolved further during early modern period, when Mercantile ideology persisted i.e. economic activities were politically regulated to increase profits of kings and to fill his treasury with wealth. The ownership of production means were largely regulated by Mercantile’s law and it failed to bring welfare to society at large. In such background, Industrial revolution took place in Europe which changed the techniques of production.

    Industrial revolution lead to evolution of new political and economic system called ‘Capitalism’ in which means of production was controlled by few Capitalists with sole motive of accumulating profit. This was based on the concept of ‘Laissez-faire’ i.e. not intervention in market by state. Now the question- Was Capitalism bringing in Inclusive growth?

    Inclusive growth means that economic system in which economic growth is attained with equitable opportunities being given to every section of the society. During Industrial Revolution and consequent Capitalism, the increased employment opportunities helped in increasing income of labour class. However, this was accompanied by growth in economic inequality, class differentiation, dismal living and working conditions for labourers. So, the Capitalism during Industrial revolution cannot be termed as inclusive.

    However, with time above mentioned absolute Capitalism transformed into Welfare Capitalism (ultimately as Mixed Economy, as adopted by India after independence) with adequate intervention from states in form of regulations, policy formulations etc addressing issued related to labourers welfare and placing responsibility of industries for welfare of society. A good example of this intervention is in India where companies are bounded by law (Corporate Social Responsibility) to utilise a part of companies’ profit for welfare of society.

    Other than interventions like Corporate Social Responsibility there are other means also in which Capitalism has induced inclusive growth, sometimes directly sometimes indirectly. Major being their propensity to create job opportunities, which leads to direct inclusion. And other being redistribution and utilisation of revenue collected to states from the industries and companies in form of taxes, duties etc. This revenue collected have formed a major chunk of government’s expenditure in social sectors such as education, health and other basic necessities. On individual level, Capitalism has provided labourers opportunity to work for wage which has helped in reducing poverty.

    However, this has been accompanied by growing economic inequality which is evident from adverse Gini Coefficient in most advanced nations. Also, people who are not skilled or eligible enough to work as labourers have got more marginalised, which has created a class differentiation even among the lower strata of the society. In recent times, to address these issues, new concept of ‘Inclusive Capitalism’ is being debated worldwide.

    For Inclusive Capitalism to be successful, the capitalist’s class needs virtues like creativity, gratuity, solidarity and subsidiarity. Creativity is required to innovate new production goods and production techniques which not only benefits society as whole, but also provides create job opportunities to absorb large work force. Like Small and Medium Sector companies provide larger job creation opportunities

    Second virtue being Gratuity i.e the spirit of generosity that does not seek to maximize returns in terms of money but maximize returns in terms of companies’ contribution in addressing common issues of society like poverty alleviation, health, education etc. Also, gratuity means that there should be acceptance in society that we can attain equity but not equality.

    Solidarity means to mutually support to each other rather than foster a competitive environment. Companies and industries value people & communities so that no one is deemed to be in surplus or getting marginalised.

    Subsidiarity means to promote collaborative working between different elements of economic structure to enable flourishing of all. Like the promotion of Small and Medium Sector industries to support core industries and overall the economy.

    Along with this, there is need to foster environment for Sustainable Growth as any harm to environment ultimately culminated into harming human capital. Major catastrophes like Fukushima disaster (due to Tsunami) have the capability to roll back inclusive growth, attained through years of hard work, in just a second.

    In Indian context, Inclusive Capitalism is more relevant as provides job opportunity to diverge excessive labour force from already overburdened agriculture sector. This has two benefits, diverged labourers gets job with wages in companies while those left behind in agriculture sector gain negotiation power in lieu of less competition helping them improve their wage and working conditions (highly unregulated in India).

    So, it can be said that with right intervention like proper taxation of companies, Corporate social Responsibility etc combined with virtues of creativity, gratuity, solidarity and subsidiarity, Inclusive growth can be brought in with capitalism.

    • PENDU

      u deserve best u beautifullllllllll beautiful yeah !!!!!!! i want u to know u far for usual yeah!!!!!!

  • Batman

    ~PLEASE REVIEW
    Can Capitalism Bring Inclusive Growth?

    In the initial years of 20th century, in one of the meeting of some European nations, representatives of Great Britain, France, Germany, Italy and Belgium sat around a table. Soon France took out the map of Africa while others pulled out the pen from their pocket. With everyone’s eyes glued to the map of Africa, all of them started raising their voices and scratched the map with their pen carving out the boundaries for claiming their rights. The meeting soon echoed the idea of ‘scramble for Africa’ as everyone moved its pen to cover a greater share of Africa’s map. Outside the room, the sun apparently moved from east to west and inside the room, the deliberations came to an end with dissatisfaction drooling over the face of negotiators as each of them had to compromise a bit on their claim.

    The dissatisfaction and the greed in their eyes provided a perfect breeding ground to come up in the battlefield to herald to start of First World War and the rest is history.

    But what remained common among these nations were the odor of greed and the idea of capitalism that anyone could sniff. However, the nations put forward the theory of ‘Whiteman’s burden’ to uplift the downtrodden-the idea of inclusive growth. But did that happen? Let us take a glance on the arguments that the nations put forward to lithify their claims of the connection between ‘capitalism’ and the inclusive growth. But before that, what are these recurring terms-capitalism and inclusive growth?

    In economic terms, capitalism is the idea whereby the government’s role in the market is not needed and it is the private players that grab the markets and make them run on their rules. The European nations contended that this idea has the potential to spur inclusive growth i.e. growth of the people at the lowest rung of development. The first argument that nations expressed was the notion of ‘trickle down’ theory that assumes that riches made by the private players would slowly flow down to the lower sections of the society and ensure their growth.

    The second one was that the absence of government would ensure free and fair competition. This would lead to more companies establishing their business complexes and recruiting laborers. These great many laborers would be paid handsome amount of salaries enabling them to buy more number of goods and thus ensuring their growth. Also, the competition would make sure that companies invest heavily in the Research and Development field for producing goods at the lowest price thus putting the customers effectively in to a “king-like” position. The lower prices of goods ensure that people can buy more because of implicit savings and enable them to grow.

    However, as the time progressed, these arguments were well beaten and crumbled. The absence of government’s intervention allowed the private players to play their dirty games for garnering more and more profits with every move they made. This included placing less money in the hands of workers, indulging in price setting for extracting greater money from customers and monopolizing the market by effectively blocking the growth of any new industrial houses at it would reduce their market share. These realities soon defied the so neatly framed notion of ‘inclusive growth’ that was to be achieved through capitalism.

    In more aggressive terms, there began an open plunder of economic resources to produce more. This resulted in the idea of ‘imperialism’ or ‘colonialism’ i.e. establishing sovereignty over a foreign state. This had the twin benefits of grabbing more land and more resources and the ‘generation’ of new customers in the foreign land as has been observed in case of Africa and India too. The ‘capitalist’ countries flooded these new acquired regions and crowded out the growth of domestic industries in that region. This kind of step-motherly treatment created a time lag whereby the ‘plundered’ countries bypassed industrial revolution while the plundering ones reaped its benefits. Further, there was defiance of the rights of traditional or the tribal communities that used to depend directly on the natural resources. In India, British cut down the forests and broke the connection between these resources and tribal communities thus allowing the idea of inclusive growth to take a backseat.

    In modern times, direct colonialism has been replaced by the idea of ‘neo-colonialism’ whereby the countries install a puppet government in other countries in order to ensure a continuous supply of raw materials needed to keep their industries going. In the long term, this practice exploits the resources of the looted country and creates a scarcity of resources that would be needed to ensure the growth of its own citizens. Such instances have been observed in case of Gulf countries which have been ‘neo-colonialized’ by the American government to ensure a good hold over the oil and gas resources of these countries. The result of this misadventure is clear from the rise of ‘Arab Spring’ whereby these governments are being attacked for the sheer failure to ensure welfare of citizens.

    But does that mean that capitalism is completely a flawed idea and it can never ensure inclusive growth? The answer lies in modifying the contours of dimensions that define the term ‘capitalism’. A perfect blend of the positives of capitalistic mode and the socialistic mode i.e. giving all power to government in market sphere has to be made. A combination of strictly defined role of public and private players to ensure the welfare of society at large should be the objective. Government should assume the role of regulator as an administrator that oversees rather than dictates the functioning of ‘free-market’ dominated by private players. Government should step out only when the market forces tend to defy the idea of inclusive growth. India is a good of such type of combination or ‘mixed economy’ which clearly articulates the roles and sphere of action of public and private players.

    In sum, it can be said that capitalism that gives upper hand to private player is an uncaged tiger that has to be tamed well in order to keep the show going. Extremes of absolute role of private players or the public players have to be avoided and a middle path that ensure sustainability in the market as well as the welfare of citizens. Just like a balanced diet that cannot contain only sweets but has to be supplemented by other food, same goes with the market that cannot be made the trustee of either of the two-private or public and a perfect blend has to be made.

    • dumbledore

      nice essay batman , but i felt that u didnt include many examples from the current events.

      • Batman

        yea there are two shortcomings in my essay:
        1)lengthy intro
        2)short of current examples
        Thanks dumbledore 🙂

        • dumbledore

          yeah your whole intro is historical, it should be more current based i think , that will set ur essay apart and start with some made up story that brings out the contrast b/w capitalism and welfare approach.

      • Ash

        Hi Dumbledore! 🙂
        Could you please find time and review mine! 🙂

      • Can u take a look at mine?

    • Shaktimaan

      hey batiee!!……..good shot……….neo capitalism like it…………intro thodi c badi h par chaim hai…..crony capitalism- conscious capitalism>>> likh saktein hai.(waise maine khud b ni likha kahin pada to btaya)………..mixedeco thoda or btate to balance ho jata…..thode example b km the is baar…………baki sb ultimate hai…….thank u:)…….mera b dekhoo plzz..:):)KWAR
      p.s.- maine shayad phir acha ni likha……….self reviewd…or baaki sb k pd kr pta chala:(

      • Ash

        Hey Shaktimaan! Could you plz review mine! 🙂

    • Vivaan Khanna

      hi batman
      1.brilliant flow…and selection of words…i mean it
      2.background formation took most of the space.
      3.I do not agree with one line of ur second last para…The answer lies in modifying the dimensions that define the term capitalism..here u are coming to mixed economy but i thought u were going to justify capitalism as per ur introduction of this para
      have a look at mine..was in no mood to write today as my mind was saying if i was giving mains 2015 then would have attempted the question on moral vs economy wala:)

      • Rashmirathi

        hey Vivaan ! yaar review kardo please, i looking for yours..

        • Vivaan Khanna

          sure rashmi…i will review..match was about to finish so left in mid after two reviews

      • Ash

        Vivaan! Please find time and Review!
        Did you write??

    • Rashmirathi

      good conclusion, you have touched good aspect of what was expected of capitalism and where it let us down . my only two cents :
      the opening can be improved
      you talked too much of the past ,

      the flow is good, overall fair attempt. keep writing !
      thanks 🙂

      have a look at mine please !

    • Ash

      Batman! Please review .. I will review yours in a while!
      I don’t know what have I done … anyways Whatever.. give suggestions!

    • Bro, I think inclusive growth part is not done well enough, though capitalism is dealt with in good detail and a good way!

    • Namrata

      hey batman !! nice one ..few points:
      1. Liked the introduction ..different and felt “wow what is coming next”
      2. but was quite disappointed then ..capitalism dragged on for quite long ..few things like neo colonialism etc were not required in that detail .. it felt like a drift away from the topic
      3. linkage between capitalism and inclusive growth ..not well covered ..
      4. However good flow and well structured ..

      Overall..it was average as per the level u have set .. nonetheless keep writing and reviewing 🙂
      P.S. : dont mind if i sounded bit too harsh 😛

    • Vinod

      Introduction was good but was lengthy.
      1. Efforts of governments :you didn’t mention any government programmes for inclusive growth
      2. Civil society organisations , CSR
      3. Feudal system==> Capitalism(Adam smith)==>Colonisation==>Industrial revolution==> Growing inequalities==> Socialism(offset of Colonisation)==>Era of Independence==> India(mixed economy)==>Five year plans==> Evaluation of government programmes==>International organisations(efforts)==> Still inclusive growth(Distant dream)==>Reason(Global economic slowdown)==> Now Issue is not only inclusive growth but its sustainable development.

    • yogi

      Sorry Bhai, but maza nahi aaya aaj,
      1. why did you delved too deep into the history, and all that
      2. when i reached your 2nd last para, i was expecting some instance or the ways by which we can blend capitalism and socialism (though u have mentioned few but examples are missing regarding all that)
      3. is it fine to write with global perspective? (just a genuine doubt)
      voting up for ur cosistancy in writing 😀
      review mine as well:)

      • Batman

        Thanks Yogi bhai 🙂
        N yea i believe it is absolutely fine to write with a global perspective. If the demand was for India’s perspective, the title would have been can capitalism bring inclusive growth in India?

      • Batman

        Bhai I hope u won’t mind if I would review your essay tomorrow. A bit busy right now. Please!

    • Leiter The Leader

      Bro….nice flow….my little observations:

      1.Your essay revolved around,Colonialism is the highest form of Capitalist(atleast I assume,being a P.S student).
      2.more emphasis on capitalism,didn’t elaborate much on inclusive growth much..
      3.In the conclusion too..didn’t establish correlation between the two…but gave an alternative.

      Clarify this to me…since we are living in india and writing for UPSC…It is not necessary that we should bring India in this essay too..!!

      • Batman

        I am not saying that you shouldn’t Include India’s perspective but there should only be few pointers to that. It should not become an essay in India’s perspective:
        The topic is not about : can capitalism bring inclusive growth in India?

        • Leiter The Leader

          Ok…but it is implicit is right…and we are mostly concerned with what happening in India.so elswhere should be pointer and essay should be india specific …correct me If I’m wrong

          • Batman

            Well, I can’t say much. I shared what I felt. Have to consult someone experienced!

    • Pratibha

      Hi…new here…lack experience..so consider it a reader’s review..

      Yours is the best introduction over here and conclusion is also good…
      In between I felt you deviated from the issue…inclusive growth…and delved into colonialism more than it was required..
      Moreover Capitalism isn’t limited to colonial times…Japan, Singapore all are capitalist…and they are very inclusive…
      u took that route but I think u shud have moved further..
      Overall it was good…but I had to force myself to reach the end…(sorry to say dis..:( pls don’t mind)

      All the best..:)

      • yogi

        plz review mine 🙂

      • Batman

        Why would I mind. You being inexperienced is the greatest advantage for me as you are better placed to judge my essay and point out the shortcomings. Will surely try to improve!

        • Pratibha

          🙂
          It would be very kind if u cud review my answers…whenever u hv tym!
          🙂

      • Sushmit Adigon

        where is ur essay?

        • Pratibha

          Hii…I write in notebook…cnt rewrite here…if u wish I wl bring d notebook in the next test….

    • Mistborn

      It was an amazing read until I realized that you are nearing the end of the essay without giving due emphasis to inclusive growth and its various dimensions. We should not leave things implicit and trust in examiner’s abilities. Rather it would be much better if we are explicit about our views.

      Conclusion was brilliant, introduction not so much! You could choose a more direct approach to give the impression that you are not beating around the bush with your introduction. This introduction looks a little forced to me!

      ~Feel free to disagree. Thanks for an amazing write up!

      • Batman

        Hey Mist, thanks a lot. You reviews are of immense help to me. I realized that inclusive growth was missing while colonialism was too much. Will try to improve 🙂

  • Ayush

    Please REview Mine

  • Vivaan Khanna

    Let’s take a tour to a hypothetical city called Alfaxia.In this city there is no problem at all as all people are rich.All the facilities like water ,sanitation,drainage,electricity,technology etc all are there.Markets are doing well.Prices of commodities are low and at the same time qualitative.Children are educated and are able to take up job whenever they want or carry on their studies.There is equality in the society as people are producing,earning,and living happily.Men are busy in producing and growing their business day by day.While some wives are helping them,some take job of another interest and still some are preferring to live at home only and being happy in doing household chores.Since their household work is valued by their family members,so they are content enough.Overall, Gross national happiness and GDP is excellent.

    Whenever you visit this city, you feel very happy and delighted, thinking that it is the role model of other cities. Such is the potential of capitalism. The development and growth which it can achieve is immeasurable. So the answer to the question that can capitalism bring inclusive growth lies in the fact that it depends upon the situation. In the subsequent section we will analyse that how capitalism can lead to inclusive growth followed by how it can’t. The essay has been concluded with analysis that whether it is suitable in India’s context.

    Indeed the opportunities provided by capitalism can lead an economy towards inclusive growth.As many American thinkers proposed that Indians are poor because they chose to.If one has a will and potential the inclusive growth is not a problem in capitalism.Freedom provided by the capitalism is immense.You can choose any business you want,you can leave that at any time,all the factors of production,distribution and consumption are determined by the market.There is no govt to regulate you.Also,the profit is such that if you have really burnt your midnight oil then sky is the limit for you.Not only profit,you will be attracted to develop new technology to accommodate yourself in the market. All the luxuries of world will belong to you.The quality of life and education in capitalism is different.Capitalism shows that what money can actually achieve.What can be achieved by the socialism in many years in terms of development and growth,capitalism can achieve that in a period of few years.Stability of market is such that USSR took time to develop but not America.When the person is content enough then he/she can help the fellow citizens in their growth.So why can’t capitalism bring inclusive growth?After all It has got all the resources,all the money and all the powers,which are the main ingredients of any inclusive growth. It simply says that capitalise on the opportunities and freedom and call yourself developed and grown.And after you are done,then help others.

    However,the case for capitalism succeeding to bring inclusive growth fails when we observe it deeply.It is based upon certain assumptions.Can we expect all human beings to be altruistic.Thinkers like Hobbes have very aptly said that men are selfish by nature.So can our selfishness lead us to be content and give opportunities to others?.We will try to improve our living standard day by day and in the cut throat competition of market,we will not even bother to see that our neighbour is hungry for many days as he has not been able to purchase the food item.Since our competitors raised the prices,so did we but what about the poor?The gap between rich and poor rises only due to capitalism.Inequalities lead to monopoly i.e there can come a time when you have to eat the food which market wants and at its determined price.Is it fair to have such freedom on supply side and complete slavery on demand side?Capitalists are considered to be job givers but when in actuality they create a huge unemployment for many.Though they are technologically very equipped but they ignore even the basic need of poor.And if any strata of society is being left by the capitalism then how can growth promoted by it be inclusive?

    Coming to India.If today’s India had been the India before the colonisation then there were chances for capitalism to promote inclusive growth and welfare society.But,this India is a blend of many societies where people from richest Ambani to a ragpicker Pawan lives. While colonisation helped some to earn jagirs and become rich but at the same time its oppression of poor in the form of various tax and revenue system is not hidden from anybody Further,here tastes of people are different.If in such circumstances markets are left free and govt’s role is nullified then for sure the number of farmers who commit suicide and the number of people who die due to cold will be uncountable.Women who are getting opportunities to grow and become independent through various schemes will then again be left to their spouse’s salary.Similarly lower caste people will never be able to become entrepreneurs.Can we imagine the country without the schemes like Skill India,Start up India schemes?Can we have a balanced sex ratio in Haryana without the schemes like Beti Bachao beti padhao?Perhaps no.

    Neither socialism can work in India as it did in China.If everything is owned by state then we cannot expect it to become a superpower in the world and achieve the economic growth of 7.3% even in economic slowdown.Nor can we expect the govt then to make it a manufacturing hub.Inspite of various relaxed norm and solving many patent issues,foreign investors fear to invest here.So the leaders who took the decision many years back that India will follow mixed economy were right here and it can be safely said that they read and understood the country properly.

    Conclusively,there is nothing wrong to say that capitalism can work and lead to inclusive growth only where resources are unlimited and if there exists same class of society.But can you imagine any part of the people where same class and strata of society exists and where resources are limited?Our environmentalists have been crying for many years that only sustainable development can survive as resources are unlimited.Thus,in real conditions capitalism cannot lead to inclusive growth where socities are heterogenous.It can’t work actually in our beloved country of capitalism,America.We need govt’s intervention in some cases and in the other we need it to leave it to market forces

    • Rashmirathi

      good attempt. my only point — the opening story seems thora weak, until i reached your conclusion, i couldn’t understand what was its point.
      rest all is good, the connection, examples , etc. keep writing.

      thanks!

      • Vivaan Khanna

        thank you..criticism noted

    • Shaktimaan

      aila sachin!!…:):)……hi……..well connected eassy. presented in a very simple language, easy to understand……..well there are several ways to express this essay, but, what i like is the way you clarify your stand in each step .good buddy….sorry i ddnt find any flaw………this is realy very wonderful essay….KWAR….thank u:):).

      • Vivaan Khanna

        thank you shakti…

    • yogi

      1. Bhai paras thode chhote likho, on UPSC sheets , they will consumes more than 3 pages in a single stretch
      2.“What can be achieved by the socialism in many years in terms of development and growth,capitalism can achieve that in a period of few years” -> good to see that u gave example for the same
      3. It simply says that capitalise on the opportunities and freedom and call yourself developed and grown.And after you are done, then help others.–> very good lines
      4. Fair conclusion,
      5. Overall i liked the simplicity in your essay with no hi-fi words and best thing limited use of GS gyan,
      Keep it up!
      Thanks!

      • Vivaan Khanna

        thank you yogi..will write short paras from now onwards..didn’t know this UPSC wala thing…feeling good..thank you 😉

        • yogi

          bhai A4 sheet ko dono side se approx 1.5 inch ka margin dene pe jo spce bacha hein usme u can write only 5-6 words in a single line, aur yaha 20 owrd in single line, ab dekh lo kitne pages lagenga,
          small paras is also a quality of good essay :(not big deal though)

          • Vivaan Khanna

            bhai mai paper pe likh hi yaha chepta hu…chalo next time paper modkar likhunga tb pata chalega…thank you for letting me know 🙂

    • awaneesh

      sir .review my 1 st essay….

    • Jaya Swatantra

      Vivaan , so here is my review…
      1.Your decent use of quotes always leaves an everlasting impact(Amercan writer’s one those who are poor they chose it)
      2.Your content is nice but some connectivity lacks why only socialism discussed why not other capitalistic models….for inclusive growth
      3.Capitalism can not lead to inclusive growth where societies are heterogeneous needs a bit elaboration
      Overall nice write up…. keep writing and reviewing All the best!! Thanks

      • Vivaan Khanna

        thank you jaya for valuable review…connectivity and elaboration problem…noted…today there was match na…so it also has to share its blame :P…

      • yogi

        plz review mine,i m coming to yours:)

    • Ash

      Hey Mr. Khanna! 🙂

      1. Such is the potential of capitalism —- How did you reach here?? What u mentioned above this could be a result of communism also …. What I’m trying to say is nothing bfo this signifying Capitalism! FFTC!
      2. Write small paras and one idea per para.. you’re essay is getting monotonous to read!
      3. The gap between rich and poor rises only due to capitalism – DISAGREE! Refer Batman’s essay .. Picture wala Batman!
      4. Is it fair to have such freedom on supply side and complete slavery on demand side that food choices are being determined by few? — VERY WELL WRITTEN!
      5. If today’s India had been the India before the colonisation then there were chances for capitalism to promote inclusive growth — even bfo colonial rulers there were inequalities you know… What about agraharas and Mughals letting the ppl supplying them army control land …. inequalities existed even then! I think Francois Bernier criticized this!
      6. taste of people are different. — Couldn’t you find a betta word.. say choice.. 😛
      7. While colonisation helped some to earn jagirs and become rich but at the same time its oppression of poor in the form of various tax and revenue system is not hidden from anybody. Further,here taste of people are different.If in such circumstances markets are left free and govt’s role is nullified then for sure the number of farmers who commit suicide and —- I don’t know how did you take it there! Flow gone! Divide in paras—- One idea per para.. don’t make khichri! 🙂
      8. I don’t know what happened in your penultimate para!
      9. ,there is nothing wrong to say that capitalism can work and lead to inclusive growth only where resources are unlimited — says who … initially resources were considered unlimited only.. but was there equitable distribution.. Why?? becoz we are selfish! This selfishness needs to be solved… you cud ve addressed this!
      10. you imagine any part of the people — what are you trying to convey with ‘any part of ppl’
      11. you try to do a lot in one para.. and end abruptly I guess!
      12. All societies are heterogenous.. in what context are you calling the society hetero here!
      You could have concluded by talking of benefits of Govt intervention.. how would it go along… PPP .. so much but you abruptly ended!

      Views are personal! I’m new too.. so ignore if not worth it! 🙂
      KWAR! 🙂

      • Vivaan Khanna

        Thank you Ash..you take so much pain to review my essay ;P
        1.from my story i reached there 😛
        2.AT
        3.u are free to disagree…but it creates inequalities..it is known..will read his essay
        4.Dhanyawad..kuch to accha laga…
        5.Yeah history optional..you know better than me..so accept it
        6.:P
        7.Accepted
        8.criticising that even socialism is not a solution..yeah just a forced para..u caught it again :P..my bad..:(
        10..any part of the world 😉
        11.yes even i have started thinking same.
        12.not a big issue..we are talking about capitalism so understood hai

        your views are always worthy..i always strive to meet ur standard so that ur hand pains less in writing…Thank you soooooo much girl..before december comes i promise to reduce your crtique…just keep helping and suggesting please

    • Batman

      Hi Vivaan, my views:
      1)Intro was quite good!
      2)you expressed your “for” and “against” in two paras and rest of the essay was devoted to India even when a specific case for India hasn’t been asked :/ You could have handled India along with other nations in the for and against part
      Rest is good and especially the flow

      • Vivaan Khanna

        thank you batman 😉
        2.yeah u raised a very important point..thanx for bringing in notice
        feeling good that u liked it 🙂

  • Aseem

    Please review friends!

  • PENDU

    attention essay of the week critics will be taken with both hand

  • Dilkhush

    hey friends please provide your valuable suggestions, please.. words are around 900.

    The history evolved by the ideologies which persisted and dominated in the particular span of human civilization according to their demands and needs,

    From the beginning of the civilization there have been ways to approach towards the growth and welfare of the citizens and state. Every habitat whether it is small or large had their ways to achieve the prosperity and growth, and similarly when the things got evolved to a bigger level than the form of ways and ideologies took a substantial from which could affect the state in particular and people in particular. The one thing that gradually influenced the stakeholders of an economy was the ideology of owing the resources and the production processes.

    During the industrial revolution in 18th century the base of these ideologies got enriched because of enhanced manufacturing techniques, more resource base extracting capacities, people thought of becoming a man of power, simultaneously it got enhanced the accumulation capacity of people who were having a capacity to control even a tiny stack.

    Capitalism refers to an ideology where the modes and means of production is controlled and regulated by the rich or haves people of the State, for example resource base, factory, labour etc. In the literal meaning it depicts the domination of rich class of society.

    The idea of inclusive growth refers to hope and head towards the wellbeing of every citizen of the country, where the gap between haves and have-nots could be bridged.

    The idea founded of British capitalist classes adventured around the world with the process of colonization, which affected the natives of State, where people believed in the ideology of whatever is there, share it and have equal distribution.

    Thus if we talk about inclusive growth let’s have an assessment of the ideology in the different fields of practical life, where it has it direct and indirect consequences.

    Political aspects: the capitalist ideology if applied to the political class, it has impacts on people to accumulate more and use their power to earn more control on production and factories. As it is evident that when people have power they want to utilise it for maximum benefit of their own without caring for others. So, in a nutshell if we talk about the ideology in this class there is a very little hope for inclusive growth.

    Socio-Economic Aspects: Yes, it is true that people can’t mobilise the resources into the usable assets or in a valuable product but it does not mean that there is dominance of one class and exploitation of other ones, as during industrial revolution and process of colonization lower class strata was exploited by the haves without caring for even the basic needs, they were just treated like another machines in the factories who never get tired and do not need anything to run even not fuel. Thus it created an intergenerational problem for the lower class strata. But to mobilise the resources there is need of people who have capital but it is essential that is should be balanced between owner and works. Here too we can see the in inclusive growth in socio-economic aspects capitalist do not play a major role but is require up to some extent.

    Now the practical aspects of an individual life should be considered because ultimately the inclusive growth means wellbeing of individual. For example during French revolution workers considered that if one person doing a job for making a product worth of 30,000 currency why he/she should be paid only 300 currency for 10hrs of work.

    The Age of Enlightenment of Immunal Kant, Russoue , Voltaire and other contemporaries gave a ignite to the lower strata to have their rights equal likely to a rich person. This time was the paradigm shift, which touched every single life directly or indirectly, and thus people could thought of having or thinking about their rights also that was that starting point of inclusive idea.

    Actually in a sense the capitalist provides a basic founding block for the growth, but the spread that growth there is need of other complementary ideologies like Socialist, Communism, and Altruism etc., by which inclusive growth could be materialised.

    In the independent country like who adopted the idea of socialist country as enshrined in the preamble of the Constitution, with the goal of wellbeing of every citizen, has worked in its sense but not up to the mark, where even after six decades of freedom, millions of people are lacking in basic needs, where the problems of poverty, health (malnutrition), unemployment etc. could be seen on a wide range. It is likely soviet Russia who went directly for socialist without being a capitalist, and later it collapsed whereas in China first capitalist than communism of socialism got consolidated. In nutshell we could say that the ignition force behind a prosperous country is capitalist approach but not for the inclusive growth per se.

    Socialist approach if integrated better with the capitalist ideology, than a country could see the climax of development in every field and there is high chances that the idea of inclusive growth can be materialised. Things do not work in a better way absolutely but if consideration of the modern period of liberalisation, privatisation and globalisation there is dire need of integrating the ideologies. Let’s not be a conservative rather be driven by the conditions and persuasive understating of the persisting situations and accordingly favourable means so that the ends can be justified i.e. the idea of inclusive growth.

  • Shaktimaan

    Can capitalism bring inclusive growth.
    Ting!! Its 9’o clock, after having dinner Reeva, a school going girl, head toward bed, but seemed little bit confused, on asking by his mother, she told that news debate on capitalism and socialism made me think upon. “but what??” her mother replied. “Is capitalism is enough to feed the poorest? Is socialism that much strong to bring out richest among the people? or both have say in the growth?” Reeva asked. “oh my child don’t worry, let’s do the analysis on both aspects of economic growth ” with smile mother said.

    Mother- “During the colonial era, mostly western powers, to fulfil their demands they stationed themselves in several resource, either man or material rich, nations of Asia and Africa. In case of india, first with the name of east india company and then queen’s raj, English start looting our very own precious wealth. It was the time of industrial revolution (IR) in Europe, this revolution helped to alleviate people from poverty and unemployment, brought unprecedented prosperity which led to high living standards and raise life expectancy of the people. This remarkable progress of the mankind, first time led to the acceptance of the free market policies where ownership of production of goods and services are on few profit motive hands. And in future these very nations called ‘developed ones’”

    “and thus Asian and African countries become developing.” curious Reeva interrupted her mother.

    “Oh too fast on conclusion Reeva!” mother replied.

    “Is it not true? And yes what about the socialism?” Reeva said.

    Mother- “Wait my child, keep patience. Actually this unchecked growth of capitalism during IR paved the way for deeper inequalities between rich and the poor and failed to bring inclusive growth. This continued to widen the gap between haves and have not’s which in turn gave birth to another economic term called socialism where means of production laid on government’s hand. But after disintegration of the great socialist country soviet union again questioned this approach also. And now about your 1st question regarding asian and African countries, after independence mostly these countries adopt mixed economy”

    “Mixed economy?” Reeva added.

    Mother- “Yes my child mixed economy, where the command of economy on both hands that is on private and on public sector. Government looks after the basic needs and amenities of the public whereas private supports the remaining sections of growth and development. And India too is the part of mixed economy. ”

    “Break please! But still I can see hunger, poverty, less opportunities for jobs, inequalities in income and bad sanitation provisions in India. Whereas European countries during IR were more prosperous, then why not capitalism, at least it gives chance to become rich.” Reeva asked with confused and excited mind.

    Mother- “Yes, we still fighting and try to elevate from all these challenges, but it doesn’t mean that the way to glorious economy as Europeans had during IR, only capitalism is the answer, though free markets open the wide opportunities but it consequently hampers the evolution in the source country from where they derive their capital, though capitalism fed the several white peoples but left the millions of brown to starve for even a single bite of a pie, though it fasten the economic growth but failed to trickle down the benefits to the economically derived ones. Therefore for inclusive growth which advances equitable opportunities to economic participants and having the probability for sustainable growth in social, economic and political sectors for every strata of society, only capitalism would not been enough, thus it led the third world nations for the adoption of the mixed economy. Several government of India started programs like nationalisation of banks in past to bring maximum population under bancking system and now Jan Dhan yojana to penetrate remaining unbanked areas and cheap insurance like in life, health and crop to cover underprivileged farmers. And yes from current examples like from MUDRA to startupindia is only to bring entrepreneurs from every section, weather poor or rich in nation’s development. MNREGA, to provide wide job opportunities to poor unemployed. Swachh Bharat Abhiyan to provide better sanitation facilities. Sarwa siksha abhiyan to bring each and every children below 14year of age under right to education. Beti bachao bati padhao scheme, to even condemn the gender inequality. and all these are what?”

    “What?” reeva replied.

    Mother- (with smile) my dear! Efforts toward INCLUSIVE GROWTH .

    “But here everything is handled by govt, I mean where is private firms? ” Reeva asked.

    Mother – They look after the big things like those sectors in which they can earn huge profit with fast pace growth. These firms generally bring lots of money in the economy. Also helps to bring new technology, high class facilities, world class infrastructure. They too help in the development but due to their profit motives it is must to check their fields in time bound manner, or better to them liberate them in some sectors for all round development.

    “ Ok I understand now, let me conclude mumma” Reeva said.

    Mother – proceed!

    Reeva- proper decentralisation of work between public and private firms, where government work for vulnerable ones to accommodate them in the progress of nation, where effective statute established by govt like SEBI do, to manage the private firms without hampering the interests of several stakeholders and accordingly giving them freedom to carry their work is one of the feature of mixed economy. But here also capitalist one should not forget his values and obligation against his/her vary nation as this only nation provide the raw material and fundamental brick for their growth, so they should do involve consciousness and morals by proper implementation of corporate social responsibilities. We can’t separate evil of capitalism from growth of the nation but active participation of every knowledgeably wealthy person can help to ensure that fruit of economic growth reaped by every section of society. Therefore what we need is the proper balance of capitalism and socialism for the inclusive growth.

    • Batman

      Hi Shakti, first of all I must say you have improved a lot in content, structure and in grammar too (but still there is long way to go in the grammar)
      I think, you have excessively focused on mixed economy that sidelined the debate of capitalism giving rise to inclusive growth. Mixed economy is a solution.
      Rest good!
      Something for you-https://www.quora.com/How-do-I-improve-my-written-expression

      • Shaktimaan

        thaaaaaank u batiee!! 4 this khazana….bilkul sahi time pe rescue karne aaye ho………..express hi to karna ni aata…………thanku thanku………….haan mujhe b lga mixed kuch zyada ho gya……ooh grammer(lil relief)………….thank u:):):)

    • Vivaan Khanna

      shaktimaan shaktimaan 😉
      1.Reeva’s first question was about developing/developed issue and ur answer was mixed..this mistake in the beginning itself…not good hmmm?
      2.grammatical errors..need to improve
      3. there was a deviation from the topic
      4.Used innovative method of writing..good good
      Keep writing ;)..please find time to review mine

      • Shaktimaan

        thank u sachin!!…….1)….arree haan dobara pda to galti nazar aagi……..thnx 4 pointing out.
        2) :(:(……….3)will try to improve buddy 4) thnk u:)……….reviewd buddy:):)

    • Ash

      I will come back in some time and review… 🙂

    • Aravind Varier

      Dear Shaktimaan ,

      I feel you should NOT try this conversation method of writing an essay in exam . If the examiner is progressive he will accept this new format but , if the examiner is conservative , he will award you less marks .

      Others ASPIRANTS have already given the suggestions and i don’t want to repeat that in my review .

      ALL THE BEST !!!

      • Vivaan Khanna

        bhai review mine please…

      • Shaktimaan

        oohk………..aisa kya!!…….will keep in mind……….thanks bhaii 4 review:):)

    • yogi

      achha laga padh kar, in fact it was like deja vu
      Gadar hi copy marta hein yaar tu koi na maine joker ka mara tha: -P
      vaise Reeva badi jaldi sone chaldi 9 o clock, pakka mere gao se hein!
      now on a serious note:
      1. your core stand is that socialism and capitalism should have balances: very fair
      2. language is simple good
      3. flow ki toh baat hi mat karo 😀
      4. mother: yes we are still fighting: break this long para, everything got mixed here
      5. conclusion: batman ne yehi suggestion diya tha last time mujhe (good)
      6. Do Proof reading after writing essay to check the gramatical mistake like–> First line mein “ on asking by HER mother” hog naki his and many more mistakes here and there
      7.last thing, mujhe content thoda sa kam laga,
      anyways a good attempt, 🙂

      • Shaktimaan

        thanx…….YO.!!…han copy kia……mere gaon main b same h………..wow wt a co incidence :P:P.
        waise jaan bujh k para lamba kia tha mujhe laga tha ki kuch jyada hi chhota ho raha h……….well thanx to point out……………oooho kya silly c mistake ki hai(waise grammer b jalim h:(:(…)…ok will work upon content…………………thank u:):)

        • yogi

          one more thing, AIIMS (govt. hospital) ke bhar se kabhi gujro toh zara main gate ke bahar chaadar bichaye logo pe nazar mar lena 😛

          • Shaktimaan

            oooh k got ur point:):)

    • awaneesh

      very nice essay……….plzzz review mine

    • Night Fury

      Hello Ji !!
      your way of writing was a deja vu for me , I also wrote one essay ekdam same 😀
      thodi grammatical mistakes hain..wo aapko re-read karne pe samaj aajayengi.. i also do a lot
      very interactive essay dude ! interesting to read..
      baaki content me improvement h pehle se…still lot is there to improve.. next essay behetar hoga aapka 🙂
      keep writing !
      I will also write and u will be notified for the same 😀

      • yogi

        sabko deja vu ho rahe hein, mera last week ka padho asli waal deja vu milega:-P
        sorry Shaktiman 😛

        • Night Fury

          hahaha.. maine nahi padha yaar last week ka essay tera.. maine likha bhi nahi.. but maine shuru me aise hi likha tha climate pe.. 😛

      • Shaktimaan

        haan YO! gi ka phichhali baar ka format copy kia tha………
        …grammr:(…….
        contnt…….:)
        haan ab to achha likhna padega!!
        will dfntly do ur rvw…..:)………….thank u buddy!!
        p.s……….. “Ji”????………….itni izzat?…….na toothless na!…….:):)

        • Bhai jee. Aapka essay hai kaha????

          • Shaktimaan

            yaar jee na bulao……..bda bujurg bujurg sa feel hota h…………profile bekho mil jaana chahiye…:):)

          • Shaktimaan

            sorry comment wala dabba khulta ni……:)
            ambani wal para sahi tha…………itna sb kuch kb padhte ho!
            u connected cap+IG with different contexts like labour, naxal..etc……………..taaliyan!(lvd dis one)
            n dn dhamake daar entry of socialism………..i ws expacting that it will go lil more……..jst to balance the portion………..bt still its good
            conclusion………….again b’ful
            ovrall…….vry informative…………..thank u:):)…………gd98:)
            p.s- aap apna naam” mahan” q ni rkh lete………..hmesha acha likhte ho…….lrnd so mny thngs…..:):)

            • Haha. Thank you bhai! UPSC clear kar lu agar to aap maahan rakh dena mera naam 😛

              • Shaktimaan

                hey Mahan bhai!!………..again achhha hai examples buhut h………great…….+ve n -ve leaders dono pe focus kiya good……..bt…….. mostly leader hi glorify hua hai…………jis se institution se utna smoothly connect ni show ho raha ni ……….last paras awsome buddy………..thank u:):)…PReM

    • rrv

      Hey shaktiman…!!!
      thanx for remembering me and pinging me

      Let me be critical straight away:
      1. This is not an apt formatting, it seems like a story, this type of essay writing may not fetch you good marks. and its not wise to write an example or a story in every essay.
      2. I felt connectivity problem again.
      3. Lines “English start looting our very own precious wealth” can have negative impacts… don’t be too straight forward, you can quote how they exploited India’s resources.

      though you gave variety of view points but I think your Colonialism point is out of context here.
      Question asks how “Can Capitalism bring Inclusive Growth?”, so you could have started with how USA accelerated its economic growth, giving people liberty and other benefits (for inclusive growth). then you could have pointed out just the opposite of Capitalism that is Socialism led by USSR and policies they adopted for inclusive growth. contrasting both the forms, you could have build the ground for Mixed economy adopted by India. Its advantages and disadvantages…. and further arguing – is it beneficial for inclusive growth to be capitalism or socialism or mixed.

      P.S. bhai tang krne waali kya baat h… sharing is learning… and keep writing… me bhi thode dino me dubara regular ho jaunga 🙂

      • Shaktimaan

        thanx bhaii!!……..1).ooh k will try to adopt another form from nxt eassy……yeah i hv realised after reading it k thoda off track ho gya h..
        2):(:(:(……
        3).achaaaa……. aisa kya……oohk:)
        .dhanyabaad bhaii format btane k liye……..ab to improve karna hi hai…….bhaut gande essay likh liye………..:)
        p.s. oohk bhaii jaldi aao :)…….thank u:):)

      • Shaktimaan

        hi bhai!!…….if u hv time to aaj wala b dekh lena…………wel shayad utna acha ni h:(………..thank u:):)

  • Philosophista

    “Can Capitalism bring Inclusive Growth?”

    Before we dig into the intricacies of ‘Capitalism’ or ‘Inclusive Growth’, let me narrate the true story of a friend Hitesh, who lives in a slum next to our area. Hitesh and I, two individuals of nearly the same age, had to go through extremely diverse lives because of our economic conditions. While I had many resources at my disposal including coaching classes, an excellent private schooling, a chance to go to one of the premiere engineering college and like, Hitesh, twice as hardworking and intelligent as me, stumbled at every step. Inspite of clearing the boards with flying colours without an expensive coaching, his choices were limited. And he was still extra-ordinary in other aspects, especially in his determination, which helped him break out of his current circumstances. I shudder at the life which would have awaited me, had I been in his place.
    This is today’s capitalist society. It claims to have built on merit and fierce competition and a Darwinian model, but in reality it is riddled with contradictions. High economic resources become a substitute for merit, thus perpetuating the existing inequalities further. The capitalists would argue that anyone with the right will and talent can succeed in this world. But is this parameter applied equally to all? Will not the son of a billionaire be advantaged many times over a person with similar ‘talent’ but occupying the bottom rung of the society?
    Let me define Capitalism – It is a system where the modes of production are controlled by private individuals. It assumed its worst form in the eighteenth century, where poor working conditions, meagre wages, high risk especially to children and women blemished the industrial revolution. The mighty leaps in technology and advancement were not followed by an egalitarian society, a society where the successive generations had an equal chance to succeed and appropriate wealth. This same capitalism, took the form of colonial companies, including the ‘East India Company’ which for the first century in India was completely focussed on earning the maximum amount of profit for itself.
    Apart from the historical wrongs and exclusivity of capitalism, one major aspect where it lacks the potential of inclusive growth is its underlying morality. The moral of capitalism is the ‘appropriation of the maximum profit’, which can be seen in its demand for free, unregulated markets. Adam Smith’s theory of an ‘invisible hand’ which regulates a free market (based on demand and supply) is not considered a valid one today. Due to the huge resources at a capitalist’s disposal, he can create a lot of non-market barriers for entry of new players, a feature which can be observed even today in Facebook’s Free Basics. Free Basics enables Facebook to enter into an agreement with telecom companies and allow certain selected ‘basic’ sites including the social network as free of cost. This is a big market barrier for new start-ups which aspire to gain from the market. Many such malpractices are seen, especially by big players, which include tax avoidance, base erosion and profit shifting, Volkswagen’s emission manipulation scam and so on. In India, we can see corporate-politician nexuses, one such being exposed in the 2G spectrum allocation scam. With such a morality of this system, how can it possible do something for the common good?
    Where can one find the best heath and education facilities? Is it even a possibility than private schools of good standing have been set up in a remote village? The critical infrastructure services including health and education are considered non-viable investments. They have a terribly long gestation period and even after that it is highly unlikely of large returns to the individuals. Whatever private schools run in villages are often set up by philanthropists and the educated locals who want to do something for their society. Can capitalism in itself bring about inclusive growth? Highly doubtful.
    An important feature of the capitalistic mode of production is ample investment and a stable institutional credit support. How many private banks cater to the remote areas of the country? Many farmers lack the collateral as well as the volume required by such profit-seeking enterprises, which results in poor penetration of institutional private credit. On the other hand it is only the State-run banks including Scheduled commercial banks, rural regional banks and a few private small scale micro-finance institutions refinanced by NABARD, who come to their rescue. The lack of an adequate institutional credit network leads to farmers seeking scrupulous moneylenders, resulting in high debts and ending in a high rate of farmer suicide.
    Is justice served in a capitalist society? Take India for example. There exist a lot of pending cases in the high courts. Which of them get cleared faster? Also the rich have access to the best lawyers, and any amount of bail which may be necessary. How often do the rich get convicted for their crimes? This is not to lay a finger on the judiciary, which I believe is performing quite well. But rather this is a problem of the underlying economic structure which results in the improper delivery of justice. As Bakunin once said, ‘Political freedom without economic equality is a myth’
    But just being cynical leads to nowhere. Capitalism, with all its flaws, has great potential of scientific advancements, a fact acknowledged by its greatest critic, Marx himself. It is a logical end of the ideal of Liberty enshrined in the Preamble, though it comes into direct conflict with the other ideal ‘Equality’. What must follow for inclusive growth, is instilling a sense of Fraternity amongst private individuals, ensuring they contribute back at least a small part of what they appropriate (like CSR) and ensuring Justice is administered in a non-partisan way, which would then make the path to inclusive growth much more simpler.

    • Batman

      Nicely written ,using the most simple examples from the real life by beginning with a boy’s story about his educational depravity and then continuing with other examples . However, U need to elaborate more on how to make capitalism more inclusive and egalitarian at the end of your essay.This will not exceed the word limits ,since your essay is short and you have too many words left with u.

  • lovethenature

    PLEASE REVIEW

    As India is reinvigorating itself to spread a red carpet welcome to various stakeholders including private players in the industry and the market, domestic capacity enhancers, budding entrepreneurs etc. to infuse and invest their capacity viz. in terms of capital, skill, and technology in the nation through various schemes such as ‘Make in India’, ‘Digital India’, ‘Start up India Stand up India’, an inclusive growth coupled with capitalism seems so relevant to be articulated upon. Since 1991, as our nation embarked upon this journey towards a liberalized era, we have witnessed significant improvements in various fronts be it social, economic or political.

    The paradigm shift that occurred in the early ‘90s, i.e. from the socialistic pattern to the liberalized and capitalistic norms, have borne some fruitful dividends. As we are witnesses to the huge balance of payment crisis in the pre-liberalized era, our later stand to open up the economy had its impact on both the nation and its citizens, thanks to our leaders for their long term vision and its timely implementation.

    Various government schemes targeting the inclusive development of the nation had kick-started back then by bringing in various stakeholders into the government machinery for its well take-off. Red-tapism, bureaucratic inefficiencies, unnecessary delays regarding procedures were managed to be curbed to a certain limit in order to spur the growth. The systematic institutionalized reforms helped to enhance the comprehensive development of the various communities involved in the nation building.

    The poor and the marginalized sections were given substantial role to be a part of this growth story. Various reforms and schemes with respect to agricultural productivity were envisaged and agrarian distress addressed. The tribal communities were brought to the mainstream by ensuring their involvement in the new aged society. The schemes envisaged by the government such as ‘Skill India’ programme can effectively address the problems of these communities by tapping their potential to the mainframe.

    As far as we move ahead in this journey, in order to make sure that none of the subjects been involved in this growth story is prone to exploitation, there should rules and regulations to safeguard the interests of the nation as well as its subjects. Stringent laws should be in place to penalize and punish who take vicious advantages over the resources to inflate his own pockets.

    In furtherance to above, the same shall be extended to the environment and ecological aspects of the nation. A nation’s wealth is engraved upon its natural resources and how it’s been effectively utilized to meet the ends and means of its subjects. The effective implementation of ‘carbon tax’ and ‘carbon credit’ should be precedents for future formulation of similar policies, keeping in view of the global warming in its current context.

    The well-crafted policies and its timely implementation in regard of the upliftment of the various communities involved can decisively bring in inclusive growth and development tied with capitalism at its focal point. As stakeholders, it is the obligation of each and every individual to be a part of this comprehensive headway by weighing in our capacities at different levels of growth.

    • Leiter The Leader

      You seem..pro-capitalist bro..very biased towards Capitalists…Check India’s social indicators..if Capitalism is nice thing why India is not doing well on many fronts..
      I hope your are new to essay writing…
      Keep writing one day you will ace it…;)

      • PJ

        thanks for your review Leader..yes, you are right..this is my first attempt on essays…
        definitely, I will….kindly suggest me some tips to improve my writing skills…

        • Leiter The Leader

          Write bro…nothing else….practice makes man perfect….but at the same time equip yourself with knowledge….other you can’t write well.

          • PJ

            thanks Leader for your valuable review and suggestions…will take your points seriously..

  • Rashmirathi

    CAN CAPITALISM BRING INCLUSIVE GROWTH ?

    There was a kingdom named Midaspur which lay in immense poverty. To improve the economic condition the king set up many industries , textile mills, etc. The state owned the units of production, people worked and lived on wages. But the situation didn’t improve much, because it was found that the people just did the bare minimal , collected wages and went away. There was no enthusiasm for doing great work or making improvements . Too much power lead to corruption among the officials. As a result ,not much growth occurred. The poor remained poor.

    So , upon his councilor’s advice, the king decided to hand over the industries and units of production in the hands of individuals to ensure more involvement of people in the production process, create competition and motivate them to do good work. The profits surged as expected , the quality of production improved, economic growth took place . However , many poor still remained poor

    Let us analyse why in the remaining essay.

    CAPITALISM AND INCLUSIVE GROWTH :
    Capitalism is a political organization in which the means of production of goods and services and trade are in the hands of private individuals with the motive of earning profit. It emerged in the 19th century in the wake of the industrial revolution and lead to unprecedented levels of prosperity among people.
    Inclusive growth refers to a growth that creates opportunity for all segments of the population and distributes the dividends of profit, monetary as well as non monetary, fairly across the society.

    However, Capitalism hasn’t been very successful on this front. It has led to the accumulation of wealth in the hands of a few people , cleaving a widening trench between the haves and have nots. According to a recent survey by Oxfam, topmost 85 people in the world own wealth equal to that owned by the bottom most 3.5 billion. The rich continue getting richer and the poor, poorer.

    THE CASE OF INDIA :
    After independence, the Indian economy was in a very bad state. There was widespread poverty, unemployment and the infrastructure was in shambles. At that point , the government of india , took upon itself the task of setting up heavy industries and controlling all units of trade and ommerce to overhaul the economy. Despite all efforts, the growth rate stayed trapped below 3.5% , also called as ‘The Hindu Growth Rate’.
    The growth rate shooted up like never before after the LPG reforms of 1991. With the loosening up of ‘License Raj’ many private players came forward, the economy marched from socialism too capitalism. As a result, the GDP increased many fold, the quality and quantity of production improved, India became an exporter of many commodities. However, as anticipated by the government, this growth has failed to trickle down to the lowest strata of the society. Widespread unemployment haunts us and 65% of our population is still dependent on the agriculture sector. Though the economic position of India in the world has strengthened, many people still live under abject poverty.

    CAPITALISM FOR INCLUSIVE GROWTH:
    For capitalism to do its job – enabling as many people as possible to benefit from the economic growth—it needs to be made more inclusive. That means, addressing the extreme income disparity. There needs to be inclusion in economic growth as well as integrity in the financial system. The government has taken lots of steps in this direction through schemes such as Jan Dhan Yojana, MNREGA, subsidies, education for all , minimum wages , etc. The Start-up Stand-up mission through which the government aims to provide equal opportunities to all for entrepreneurship is another such step in this direction . The loosening up of the business rules, financial assistance to new startups, easy entry and exit mechanisms, if implemented properly will lead to an inclusive capitalism.
    Along with this, some other potentially beneficial options should also be considered, like—making income tax more progressive, making greater use of property taxes, expanding access to education and health and relying more on active labour market programs and in work social benefits.

    CONCLUSION :
    Karl Marx once said, “Capitalism in excess carries the seeds of its own perils”. Capitalism has guided world economy to unprecedented prosperity, yet it has also roved dysfunctional in many ways. If these costs can’t be controlled, support for capitalism may disapper, and with it humanity’s best hope for economic growth and prosperity.
    If let loose , it can spell doom on the economy by creating huge gradients. Through proper government intervention, this loose stallion can be tied to the carriage of India’s economic development and lead to the percolation of economic growth to all sections of the society. A well monitored capitalism has the potential to become the panacea for inclusive development . it is through well monitored capitalism that Midaspur’s poor will see the light of prosperity.

    As Gandhiji once put it ,” the future depends on what you do today “ !

    • Vivaan Khanna

      1.try to maintain the flow of essay even if u are putting heads.
      2.in definition can write capitalism is a political and economic organisation as later economy part was more talked about.
      3.capitalism and govt didn’t fit together as per me…mixed economy is working then if we talk about schemes and programmes u mentioned…do u want to say give them subsidy today then can leave after some equality is achieved..if yes then makes sense
      4.conclusion..write in simple words please…gandhi ji not connected properly
      dhanyawad

      • Rashmirathi

        yaar yeh flow ka problem har baar hota hai mere essays me:( working on it, agali baar lekar hi aaungi flow ! this isn’t a topic i would ever write on in exam, but kuch bhi likh diya abhi.

        yes you are write about the definition thing, changing that.
        about the third point, i am talking about a capitalism with govt intervention. yes i meant give subsidies for the time being to give them a chance to benefit from the growth and rise up and become independent
        agreed , the conclusion is complicated .

        thanks a lot man 🙂

        • Vivaan Khanna

          hahaha..yes u will bring flow next time and i will review

          • Rashmirathi

            😀

    • yogi

      1. you are the right lines, but u could have written more, with the positives of the capitalism and then the draw the conclusion that well monitored capitalism would bring prosperity
      2.The rich continue getting richer and the poor, poorer.–> Are u sure about it? (i remind of an Hindu article saying that rich are getting richer but poor are not getting poor)
      3. LPG reforms : always write full forms,
      4. tries story, good that u linked that with your conclusion
      5.lat line though very good , but it appear to have been put forcefully, write something very specific to the the theme.(jsut my opinion)
      6. overall a good attempt, just increase the content a bit more
      thanks!

      • Rashmirathi

        1. yes its just 850 words i guess, i should have written more
        2. no i am not sure about poor getting poorer, seems incorrect, flow me likh diya galti se, will change
        3. noted
        4. thanks you
        5. yeah removed the last line

        thanks a lot for reviewing

    • Vinod

      is capitalism a political organisations ?

    • Mistborn

      Hello Rashmirathi! My two cents on your essay:

      ~It is a short essay as Yogi also pointed out. That alone will land you in trouble as it suggests that you are short on content.
      ~I actually felt that you were short on content 😛
      ~There is an absence of a firm stand. Neither have you tried to suggest if capitalism will bring inclusive growth.

      Feel free to disagree 🙂

      PS: you can google stuff before writing an essay. It’s your writing that matters and you should put every effort in improving that for the time being.

  • Isha

    The world is lashing out at capitalism like never before. From being an accepted way of economic life and a harbinger of rapid growth and development, it is now being seen as a decadent system with little sense of social responsibility. All over the world, wealth continues to get concentrated in the hands of a few, organizations privatize profits, losses are socialized, and there is very little consideration for social value. So, it’s high time to look behind the reason for the problem- to delve deeper into the causes for the same.

    The consecration of capitalism comes during the 19th century. With the industrial revolution came Karl Marx who focused on the appropriation of the means of production—and who predicted that capitalism, in its excesses, carried the seeds of its own destruction, the accumulation of capital in the hands of a few, mostly focused on the accumulation of profits, leading to major conflicts, and cyclical crises.

    Most recently, however, capitalism has been characterized by “excess”—in risk-taking, leverage, opacity, complexity, and compensation. It led to massive destruction of value. It has also been associated with high unemployment, rising social tensions, and growing political disillusion – all of this happening in the wake of the Great Recession.

    Citing growing consumerism, widening inequality, unsustainable growth, irreparable damage to the environment and scandals that fly in the face of business ethics, doomsayers are predicting capitalism’s fall and the rise of an alternative cleaner system. The dominant emotion is that profit maximization as the over-riding objective of corporations must give way to a more tempered down, inclusive and responsible growth model.

    Nevertheless, Capitalism can’t be abandoned without giving it the due credit for its share of increased growth in the world economy. In any case, most of the growth that has taken place in the world over the past several decades has been more-or-less the result of capitalism, so in that sense, capitalism is consistent with inclusive growth.

    There has been enormous reduction in inequality at the global level, especially as incomes in large Asian countries – China, India, Indonesia, Vietnam, etc. – have grown faster than incomes in the advanced countries. And here again, most of that faster growth has taken place as a result of the (partial) embrace of markets by those large countries. Changes in inequality within those countries have been mixed. Inequality in India has increased a little, as one might expect in a country that has experienced a lot of skill-demanding growth but has an educational system that focuses all its attention on a small number of the most promising students, and abandons the rest. Nevertheless, poverty rates in India have fallen dramatically as well.

    Capitalism has guided the world economy to unprecedented prosperity. Yet it has also proved dysfunctional in important ways.
    These failings are not just confined to the western world. Closer home, there are ample instances of meteoric growth of a handful of corporations that have not managed to have a positive spillover effects on the communities where they are present. On the contrary, they have often resulted in widening inequalities, creating unprecedented pressure on public infrastructure and other social discomforts. And the organizations clearly aren’t doing enough to help ease social burdens.

    Take the case of Kingfisher Airlines – as the business plummeted, the organization socialized its losses in the way of bad debts for lenders, unpaid taxes and salaries, loss of employment and disgusting tales of mistreatment of people. At international level, we have the example of Brazil and Botswana. While laissez-faire economy has delivered high economic gains but they have not been equitable and had promoted iniquitous society. This led to high Gini coefficient in the society and its attendant problem like social unrest, wide spread distress, lower human development indicators etc.

    These sentiments are a clear indicator of the older system not working. At the same time it will be naïve to believe that this brings us to the death of capitalism, from which will rise the phoenix of a new economic system that will be rid of all evils.

    Fundamentally, excessive inequality makes capitalism less inclusive. It hinders people from participating fully and developing their potential. Disparity also brings division. The principles of solidarity and reciprocity that bind societies together are more likely to erode in excessively unequal societies. History also teaches us that democracy begins to fray at the edges once political battles separate the haves against the have-nots. A greater concentration of wealth could—if unchecked—even undermine the principles of meritocracy and democracy. It could undermine the principle of equal rights proclaimed in the 1948 Universal Declaration of Human
    Rights.

    If these costs can’t be controlled, support for capitalism may disappear – and with it, humanity’s best hope for economic growth and prosperity. It is therefore time to consider new models for capitalism that are emerging around the world, specifically, conscious capitalism, moral capitalism and inclusive capitalism.

    The Alternatives

    Some of the given examples are of state cooperative economies that features greater worker controlled enterprises and mutual-aid organizations. Or the often cited case, founded on mutual aid and collectivism in economic activity. These are good examples of unique and successful experiments, but these are experiments at best. There are questions of scaling up and feasibility when you consider politically and socially diverse countries like India.

    Then there are hybrid capitalism models. In this context, ‘Conscious Capitalism’ merits a special mention that has demonstrated, albeit with a small group of organizations, that profit motive can co-exist with sound business ethics and social responsibility.

    Finally, there are those that completely shun capitalism and advocate for equitable societies with minimum trade, and free of consumerism. The answers are not easy. We cannot go in reverse, for capitalism has created enormous value for mankind and improved quality of life across the board, all we need is a better version of the system.

    So while we clearly can’t sound the death knell for capitalism, what is that other thing that we should be fighting for? What values should we be looking for in the new, evolved system? Take the case of the new Corporate Social Responsibility rules introduced by the Ministry of Corporate Affairs, Government of India that mandates spending a percentage of profit earned by corporations on social development. Considering India’s gaping inequalities and dearth of resources for the development sector, these rules are laudable. But will such state-dictated reforms enable change or create more hindrance, needs to be seen.

    Leaders need to be driven by a bigger, greater purpose and responsibility over self or mere material gains. In the pre-recession era, B-schools of the west and influential thinkers had already started talking about this form of inclusive model, fashionably termed ‘Karma Capitalism.’ It was propagated then; it is time to act now.

    Measures must be taken to limit the modes by which the rich keep getting richer and poor poorer. Capitalism combined with a strong regulatory state could keep growing disparities in check by redistribution of wealth. The state can act as the party that protects the
    interests of the public at large by limiting the negative after-effects of capitalism and regulating the same. While capitalism propels growth and provides job opportunities, the state must take upon itself the role of ensuring that the benefits of such growth and job opportunities reach all the people. While capitalist interests does not concern itself with the marginalized sections of society, the state can encourage capitalism in the economy to a rational extent and focus on ensuring that the ensuing growth is inclusive. Rapid liberalization of areas that remain heavily regulated notably labour, land and education would help immensely.

    India has been unsuccessful at creating jobs in the formal economy, especially manufacturing, in part because of a choking jumble of 200 national and state-level labor laws. The courts hardly provide the solution. Easing those laws clearly makes sense. Other problems persist for investors, like obtaining land with adequate roads and power is a nightmare. A fossilized university system means a lack of skills. Reform in all these area would help in harnessing the benefit of an Inclusive Capitalism.

    • Hey read your essay sometime back it is too good, the kind of language used and the way you wrote about capitalism, instead of alternative models, should have tried to correlate it with inclusive growth or development. I think inclusive growth has not been addressed so well!!

      If you can find sometime take a look at my essay!! Thanks!!

      • Isha

        Hey Krushi! Thanks for the review 🙂
        And now I, too, am able to realize that i should have emphasized upon inclusive growth too. Thanks for pointing it out. Going to review yours!

    • yogi

      1. 1340 words(aur km krne hien abhi)
      2. if u are wrting terms like Gini coeff. then plz explain them too.
      3. shorts paras: good
      4. intro: try to begin with an indirect way, don’t directly jump to the topic
      5. body:- i m a bit confused, first u mentioned the negatives, then positives, then negatives and finally gave suggestions in form of Alternative forms of capitalism (to avoid mixing of things club the the negative together and then make a transition to the alternatives )
      6 the various types of capitalsm was very new for me(thank god u have explained them there:-P
      – this was the best part of your essay
      7. conclusion: seems like u ended it in hurry, as u were giving suggestions for reforms and then suddenly u pulled out by ending it on a very general note
      overall, a good attempt and this was better then the previous one,
      plz review mine as well
      thanks!

      • Isha

        Thanks for the critical review Yogi 🙂 I appreciate it to the core.
        1. Yes, i will.
        2. yeah, forgot to. Thought it is too general- but i will from next time.
        3. Thanks.
        4. Okay, will keep that in mind.
        5. Okay, will work on structure.
        6. Thanks :p
        7. I am always in a hurry to complete essays. This thing u point out everytime. Will work on conclusion.
        Will try to improve these things. Thanks again!

    • Tanu Singhal

      Hey isha
      A very good write up indeed, ur vocabulary is very effectual.

      1. U were focusing on failure of capitalism only that too based on very few issues, as far as Marx destruction theories goes, read SCHUMPETER’S creative destruction, it takes about economic Darwinism..there Marx’s theory seem to be old school
      2. U didn’t cover Indian economy, just saw a glimpse of current economy, try to connect it with our experiences and future prospects
      3.conclusion is just philosophical, not able to , make the reader understand, as to what u r actually trying to say

      We both need to work on conclusion
      Overall, I liked the write up,but for it being a techincal topic, u can add a lot more.
      Keep writing,
      ( I write daily debates, by the time Sunday comes, it feels so lazy to write esaay, but as soon as u ping me, I automatically get that energy back, can’t thank you much for that ) 🙂

      • Isha

        Hi Tanu,
        Thanks for your kind words 🙂
        1. Yeah, it was too general piece of write u- lacking depth. I thought delving too deep into the issue wud eat up much space + get complicated. But I agree that I should have explored other issues too.
        2. After reading many essays over here, I too felt that I missed upon this dimension.
        3. Conclusion- need to seriously work upon it. Actually it is more of a side effect of fatigue than anything else. By the time I reach end, I just want to get rid of it 😀
        And I am really happy to hear this that I am able to motivate a fellow mate to push her limits to the max potential. I would continue to remind you- and even earlier from next sunday! We’ll improve soon. ATB 🙂

        • Tanu Singhal

          Yes.. We both together will keep up the good work.. 😉

          • Isha

            Hi Tanu,
            Ping me when you are done writing 🙂

            • Tanu Singhal

              Sure isha, I actually get stuck at test series every Sunday.
              Hence get late at essay writing

              • Isha

                Take your time. Remind me when you are done- even if it is 12 at night 😛
                I’ll be up 😉

            • Tanu Singhal

              Hey isha m done with mine.. Pls review.

  • Tom Cruise

    Please Review !!

  • yogi

    CAN CAPITALISM BRING INCULSIVE GROWTH?

    A rich couple’s daughter suddenly falls ill. They immediately rush her to the city’s best government hospital and get her admitted in a ward having all facilities. A CT scan is suggested by the doctor for the girl. The hospital has the policy that priority for scan would be given those who are paying for the service and not availing the benefits of the government schemes. Just after five minutes the couple is called for the scan. The couple’s maid, who along with her mother has been waiting since morning for the same scan, will have to come again the next day, as now it’s time for closing of CT scan room.

    Do pictures of poor patients sleeping outside government hospitals’ gates flash in front of your eyes? This is the same story that repeats itself in different form in all spheres of our life grappled with inequalities and lack of availability of the services and the worst sufferer are those who are already poor and marginalised. Can this scenario be changes with the help of private sector participation? Being specific can Capitalism bring inclusive growth ?.These are the questions that we will be dealing in this essay.

    First of all what is inclusive growth?
    In laymen language it is that growth which benefits every section of the society, be it women, farmers, slum dwellers, backwards classes, minorities and of course the already rich people. In short it is “ Sabke Saath Sabka Vikas” (along with all, development of all).

    Now what is capitalism?
    Capitalism is that economic system in which mean of production of goods and services are in the ownership of private firms for profit generation.
    Capitalism has been criticised by many for the materialistic tendencies, repression of the workers and traders, economic instabilities, cut throat competition leaving behind the poor man, profit motive driving the corruption, high prices of goods and services especially in sectors where competition is not very conspicuous, unplanned production leading to fluctuations in prices and many more interconnected set of problems.

    Capitalism also increases dependences of countries on each other and in wake of economic instability in one country the negative impact becomes visible in other countries as well. The Great Economic Depression of 1929 and the 2008 economic crisis are the ample proofs of such fears.

    Despite all these troubles capitalism is still the dominant economic system in the world including many developed countries. The only difference is the form of the capitalism which different countries has adopted as per their requirements owing to various socio-economic and political factors like nature of governance, history of the country and the region, cultural composition. India is no exception to this trend and adopted a “mixed economy” as another form of capitalism where the government and private sector work together avoiding the complete private or complete public form of economy. But we have to analyse whether this capitalism can be the forerunner in bringing inclusive growth.

    To check the efficacy of the capitalism the Telecommunication sector is the best examples. Within decades of government lifting her monopoly over the Telecommunication sector we have witnessed the spectacular growth in the spread of mobile phones to the remotest parts of the country along with relative drop in the call rates. Apart from that the creation of more jobs in ICT adds to its advantage.

    By bringing in competition due to private players participation the laxity of government departments in service delivery has been reduced. By giving more choices to the consumers the cases of exploitation(in form of bribe for petty services) of consumers by earlier monopolistic government goods and service has come down .The government is itself outsourcing the tasks related to data analysis , surveys, awareness campaigns via adds in private owned TV channels, and many such supporting activities.

    Private players have catalysed the government efforts in financial inclusion by investing in supporting infrastructure like banks and ATM booths. Many states have taken help form private forms in procurements process of food grains. Contract farming has given the due profits to the famers for their produce along with the benefits to the food processing industries. Wide coverage of mobile phones (as a result of private players’ participation) has given impetus to the “Digital India” initiative of the government.

    In this discussion of contribution of private sector, we cannot forget the contribution of people like Azim Premzi , Tata groups, et al who have contributed their money for the welfare of the poor people. Apart from this Corporate Social Responsibility (CSR) by firms is also contributing to the inclusive growth.

    All the above mentioned contribution of the private sector are not free form the criticisms and many regards their every action as profit driven. Here comes the role of the government which by acting as a facilitator and supporter can mould the potential of private sector as the driver of inclusive growth. This can be achieved by the mean as discussed below.

    First of all the inequalities existing within the privates sector will have to be done away with. More than 90 % of our workforce in engaged in unorganised sector (which includes contract labours, small private shop runners like tea seller, cycle repairing shop, hawkers, etc. ). What is more worring is that the largest chunk of them are the women, who has to bear the dual repression of social and economic discrimination in wake of absence of assets in their name. So, the government should widen the scope of the social sector schemes like Pradhan Mantri MUDRA Bank Yojana (which give priorities to SCs and STs in case of loan via Micro Finance Institutions), Pradhan Mantri Gram Swarojgar Yojana etc.

    In wake of absence of sufficient vacancies in government sector, educated unemployed youths are willing to start their own business. For these educated youths the schemes similar to “Start-up India Stand up India”, SETU(Self Employment and Talent Utilization ) should be initiated.

    For inclusion of farmers in the growth process government should work in collaboration with the private sector for availing agricultural inputs to farmers and in post harvest procurements. In agricultural research Indian Council of Agricultural Research (ICAR) and State Agricultural Units(SAUs) should collaborate with various privates firms and universities.

    The key strategy is government should give initiation for the potential private players while easing the procedures for establishing business. The growing population and especially the working age group population had to be given jobs , which needs expansion of the employment opportunities. The situation like lakhs of candidates applying for hundreds of class IV jobs in government sector clearly shows that only the private sector can be driver of job creation.

    Thus, the real question will have to be changed form “can capitalism bring inclusive growth?” to “how can the capitalism bring inclusive growth ? So that no more people have to sleep outside the hospitals for availing such basic facilities.

    • NEDSTARK

      Over all good essay with nice points.
      mentioning about depression, govt schemes for inclusive growth and positive effect of capitalism are good.
      Explanation about inclusive growth is also well.
      Essay could be improved by writing it in a more organised way and certain drawbacks of capitalistic economy.

      • Lubna Sehar

        Plz review mine if possible

      • Jaya Swatantra

        please review mine as well

      • yogi

        thanks bhai, will review yours 🙂

        • NEDSTARK

          its ok. i didnt write.

          • yogi

            oh! thanks you for ur time 🙂

    • Ash

      Hi Yogi! 🙂

      Please review mine .. I will review yours in a while! 🙂

      P.S. – I hope we are okay!? 🙂

      • yogi

        aise bade bade platforms pe aise chhoti chhoti baate hote rhte hein 😛
        all good now, will review yours for sure:)

        • Ash

          😛

    • Rashmirathi

      well written. i couldn’t find any flaws except for the conclusion. you are not taking a firm stand as per the topic demands but diverting it.
      rest all is good
      thanks 🙂

      • yogi

        thanks for review, will review yours for sure:)

    • Vivaan Khanna

      until ratan tata i enjoyed reading ur essay..i was like here is a man who justifies capitalism but in last segment u went on to give solutions which i felt was not good here..it became like a gs answer…even if u were giving that should have been small as per me..conclusion again good..keep it up 🙂
      review mine please

      • yogi

        first time answer mein GS try kya tha , and i failed in that attempt 😛
        thanks bhai, will surely review yours, give me some time 🙂

    • Shaktimaan

      hi Yo!! Gi… totally different views till what i read in different essays……..intro main hi govt ko villain bna diya ……….i think that must not be a “welfare govt”……..qki mostly pvt hospital k bahar aisa dekhne ko milta h…….atleast bollywood movies mai to mil hi jaata ha..:P……..main thing is ki wtever u wrote u clarified that……bt one u started with general discussion n then move toward policies that ki kaise yeh capitalism main govt ko use karna h to uske liye aapne directly india k examples diye……qki starting main aisa picture bn raha tha ki world oriented aap baat har rahe ho or fir without hint diye indiya pe jump kiya…………bs yeha pe thoda upr niche hua…………baaki presentation wise, information wise….it is a very execellent eassy……………thank u:):) PReM

      • yogi

        thanks Shaktimaan , will review ur thoda time lagega,:)

    • Aravind Varier

      Dear Yogi 🙂

      well written essay . I find you had a very clear structure in your mind before attempting this essay .

      I liked your criticism on capitalism in a positive way . that should be the strategy . keep it up 🙂

      some Suggestions .

      1) Your focus should have been LESS on various government schemes to make sure your essay does not get a feel of a general studies answer .

      2) your could have added a future aspect to your conclusion to make it better .

      Overall, I liked it , You are favoring capitalism when majority prefer NOT favoring it 🙂

      ALL THE BEST 🙂

      • yogi

        thanks Arvavind:)
        first time i tried to put current affairs and GS in my essay, but i m not able to maintain a balance and i myself did not want to put all that GS here, will try to be cautious form next time 🙂

    • Dark Knight Rising

      Nicely written
      You presented your points and arguments well but in the end it became a bit too much gs oriented .
      Concluding paragraph was very good as it conveyed your theme of essay very clearly.

      • yogi

        thank you for review, will tone down GS for now onward 🙂

    • awaneesh

      nice essay …..plz review mine

    • Pratibha

      Hello…
      U started very well…and flow was good…so was ur content
      in the ending sections you have changed the structure…the sectoral analysis u did, focusing on India…I felt it came abrupt… :/
      At last, I think wen u take a stand it’s gud to substantiate it…
      U connected ur conclusion with starting…it’s good…:)
      And finally, although it’s difficult in this topic, but try to include some brownie points…
      Overall fair attempt!

      And one more thing, as far as I know it’s not correct to directly write that capitalism increases dependency between countries..

      Al the best…:)
      And In case u find tym..pls try to review my answers…hv written just 2 by now..
      🙂

      • yogi

        agreed my transition to India was abrupt,
        it’s not correct to directly write that capitalism increases dependency between countries..-> may be u r right but if u could plz elaborate, sorry for writing that in a casual way (this is my genuine doubt plz reply 🙂
        will review ur answers just a moment 🙂
        thanks for review:)

        • Pratibha

          Capitalism is basically a mode of production….where capital is owned privately…
          Dependency happens bcz of globalised world…capitalist form of production can exist without dependence on others…
          in an expansive manner u can say dat…because the surplus production has to be sold..and domestic markets may not be sufficient…
          But directly writing so…I think will be wrong…
          Again…it’s my understanding and I may be wrong..

          • yogi

            got you now, i should have generalised
            thanks for your prompt reply 🙂

        • Pratibha

          I hope I cud clarify ur doubt…

          • yogi

            yes u did 🙂
            thanks!

      • Hey, can u review my essay??

    • Isha

      Hi yogi! I am late, sorry for that.
      About the essay, intro could me more interesting and so do the conclusion-could be more strong. Take a stand. In the rest part, flow was good. May be you can cut short that definition part and include more problems or benefits accrued by capitalism throughout the world and in India too. Sticking to specifically Telecommunications field- instead of that solely, you may take more sectors. More examples together. Confining to India would not be a safe idea, i guess.
      In the later half, schemes do not feel appealing. May be I am wrong. I feel we require a general approach in solutions.

      about that interconnecting whole world and repercussions point- Free trade is unambiguously good for a country. Integrating with world through the same always benefits the economy and its workforce. So may be you can have a balanced view abt that.

      Keep writing and reviewing. We’ll improve with time 🙂

      • yogi

        thanks for valuable suggestions,
        yes we all will improve 🙂

    • Jaya Swatantra

      So here goes my review….
      After giving explanation of Capitalism broadly ,inclusive growth need to be discussed with a broad heading too,good that you added outsourcing dimension,CSR ,Mudra yojna,SETU(gs use is quite apt very good),please relate how may Capitalism may reduce unorganised work percentage,conclusion needs to be more comprehensive. But overall a nice attempt( we all are improving and will improve … your lines which acts as constant motivation for me too) so keep writing and reviewing… thanks ans All the best….( please sorry if i sounded harsh anywhere…( your lines copied…. :)….)

      • yogi

        hahaha 🙂
        i got how it feel to read the line written after all the best 🙂
        i use those word jst to make sure that there is no misinterpretation of what i have said
        don’t worry from next time will not use them for u 🙂

    • Batman

      Hello Yogi bhai, my views:
      1)Intro- wonderfully crafted-presents the background
      2)Flow was too good, just found it missing at 1-2 places
      3)Economic crisis 2008 and capitalism- the point though correct needs to be elaborated as prima facie it woould be a bit difficult to understand the relationship
      4)In beginning you used what is inclusive and what is capitalism. I feel this could have been presented in better way. I became a Q and A section
      5)India’s part can be reduced i think there is no need to delve too much deeply in context of India
      6)Conclusion came a bit abrupt but it was good as it had two feature-made your stand clear because it showed that you support capitalism as driver of inclusive growth and secondly, it left a question lingering in the mind of reader
      Overall, a very good read!

      • yogi

        thanks bhai, 🙂

  • Lubna Sehar

    “Can capitalism bring inclusive growth?”

    The concept of Inclusive Growth is different from that of mere growth. It’s viewed differently depending on whether the gains of the growth are heaped primarily on a small segment or shared widely by the population. Growth is necessary to eradicate poverty, but it is not a sufficient condition. Growth must not be treated as an end in itself, but as an instrument for spreading prosperity to all.
    India must strive to achieve growth and at the same time we must work to ensure that the weakest segments benefit from the growth.

    Can Capitalism bring the necessary conditions to ensure that more and more people join in the growth process? Can capitalism bring the inclusion of those getting left behind?
    Capitalism is an economic system based on private ownership of the means of production of goods and services for profit.Central characteristics of capitalism include private property, capital accumulation, wage labor and competitive markets. According to some economists capitalism is the most successful system of economy.
    Capitalism can promote the increase in participation of more people. As it is a system of private ownership for profit generation, it opens market for the participation of innovative private entrepreneurs. A healthy Competition in market makes way for innovation of technology and ideas. Expansion of market widens the platform of opportunities for more number of people.
    Eradicates unemployment by increasing employment opportunities. It also Eradicates poverty by increasing income levels and enhances standards of living. Policies like Start-up India are supporting the kick-start of business to the new entrepreneurs.

    On the other hand, the economical system of Capitalism has its own limitations when it comes to the promotion of inclusive growth. The benefits of capitalism can be reaped only with the availability of capital and enough funds to do business. The risk also exists in case if the investments get landed into loss. Reaping the benefits of Capitalism is usually not within the reach of poor.
    The government interference is the must to ensure that the socio-economically disadvantaged sections also get justice. The mixed economy model is the need of situation in India. In an economy like India, the cooperation between private sector and public sector is required. Capitalism does contribute to inclusive growth. But without the cooperation of public sector, capitalism cannot bring inclusive growth The government investment and private investment should complement each to achieve inclusive growth in India

    • NEDSTARK

      you started well. but seems like you didnt complete. more dimensions could be added.

      • Lubna Sehar

        Yes friend. I feel so too. Thanks for your review

    • Leiter The Leader

      Bro…Don’t start off with direct topic ..add introduction.

      You didn’t talked much about either Capitalism or Inclusive growth.

      Your conclusion is flawed….as India is already a Mixed economy.

      Keeping writing you will improve..:)

      • Lubna Sehar

        I am not a Bro…. Thanks for your valuable review.

  • Ash

    ~ PLEASE REVIEW ~

    Baldwins is a school where two friends study together despite their economic divide. Kabir comes from a poor family with limited access to food and good clothing while Zarvick comes from a very rich family. But as they grew older, these divides became visible. Increasing fees increased the stress on Kabir’s mother so Kabir use to work after school while Zarvick could focus more on his studies. Kabir often felt jealous of his friend and his jealousy aggravated when Zarvick topped in the exam while Kabir could not even clear the exam. His mother was upset with him which filled him with more hatred and jealousy for his friend.

    Viewing this example in a wider perspective shows how few get access to opportunities easily and get a higher footing in the society. These people with initial advantage get richer with time while the poor stay where they were. For the nation this may result in increase in GDP but for the society this leads to increase in- poverty, rich-poor divide and rifts. Hence the concept of ‘Inclusive Growth’ was introduced.

    Inclusive growth focuses on providing equal access to opportunities and equal sharing of benefits incurred. In the presence of these opportunities people can avail them and earn which improves their standard of living.

    Having understood the meaning of inclusive growth, let’s try answering the question: Can Capitalism bring Inclusive Growth?

    But before answering this, let’s understand the meaning of Capitalism. The word capitalism originates from a Latin word ‘Caput’ which means possession. Capitalism is an economic system which advocates possession by the private sector. This possession is of rights, resources, capital and independence to produce and distribute based on market mechanism. Capitalism also introduces the concept of laissez faire which means no Government intervention.

    What needs to be analyzed here is capitalists are profit margin driven meaning if they see profit in a field, they are ready to invest. This can be clearly seen from the Indian education system where private players are seen present in urban areas with people having purchasing power and absolute absence in the rural areas. However this also led to commercialization of the entire education system.

    This commercialization has not only seen presence in education system but also in job market. It has been seen that the presence of one employer and many people ready to work leads to ‘monopsony’. This monopsony gives these capitalists freedom to reduce the wages of the poor without the poor revolting. This in turn increases the company’s profit which is not shared with the poor.

    Besides monopsony these firms are also responsible for forming cartels and creating monopoly, driving out competition and controlling production to increase prices. This can be seen almost everywhere from an auto-rickshaw stand to organizations like OPEC.

    This can’t be considered completely wrong because they are working for profits but extremes of this leads to exploitation of the poor. But this is often not realized by these companies. The final nail in the coffin is when these companies start firing people at the time of recession or depression which is detrimental not only for the people but the global economy. Best exemplified by the Great Depression.

    Another problem is most of these firms want to keep only financial relations with their employees. The social needs remain unaddressed. Ex- In professions like Tea plantation which requires labour all around the year, firms expect their employees to stay within the estate. Often the need of adequate school, hospitals remains unaddressed.

    And the scenario worsens when these capitalists evade taxes and indulge in money laundering. Not only do they falter on helping the people directly, they reduce the Government’s revenue avenues.

    All these scenarios lead to ‘Survival of the richest’ like situation where only the needs of people with purchasing power are addressed. This perfectly epitomizes Don Marquis’ adage ‘The chief obstacle to the progress of the human race is the human race’.

    Karl Marx had predicted this and said Capitalism would lead to accumulation of resources in the hands of few. Hence, he introduced the concept of Communism which gives the Government a greater role to play. This makes States the owner of the nation’s resources, in return States equitably distribute resources and profit accrued among its people.

    However, Communism often leads to State taking the ‘Supreme’ authority and dictating the people and the market. Can be easily seen in China’s case where even the birth of children was controlled. This often hampers the idea of ‘free market’ and restricts global participation.

    Moreover, as nations are/being established on republican and democratic lines, Communism does not hold ground. Now the question arises if not communism and not Capitalism, then what?

    To answer this let us again move back to capitalism and analyze the form of capitalism mostly practised. Capitalism has led to accumulation of resources because ‘oligarchic capitalism’ has been wielded where capitalist have focussed on their personal benefits.

    But aren’t we forgetting something here. We definitely are! Many capitalists have been involved in ‘altruism’. Where Ratan Tata even after retirement is ready to serve his nation, the Gates foundation which runs umpteen charitable trusts and organizations (ex- GAVI). So are these steps not towards inclusive growth? They definitely are!

    Additionally the sophisticated technology present with these Capitalists increases production and profit which if shared honestly would bring in inclusive growth as these firms are capable of generating mass employments. This employment gives people purchasing power elevating their standard of living. Ex- Tata Nano Plant in Gujarat.

    Their ‘fair’ competition reduces the commodity prices which again has great potential to bring equality and spur growth. And since these firms are free from State intervention, bureaucratic delays remain minimum providing timely delivery of products and services and in turn the salaries.

    So outrightly saying capitalists cannot bring in inclusive growth would be incorrect. They are definitely capable but outlook needs to be changed. And this is where the Government needs to step in.

    The Government should provide a regulatory framework for these firms and also sensitize and incentivize them since many of these capitalists were poor in their past and having lived in poverty realize the problems associated with it. Definitely, suggesting these enterprises to run into losses would be wrong and will sooner or later hit the economy. Here comes the concept of ‘mixed economy’.

    In a mixed economy, Government acts as a regulator and also as a supplier of public goods. The loss making areas should be covered by the Government alone or on Public Private Partnership basis. To ensure Government does not run into bankruptcy adequate reforms and policies need to be put in place and the Rule of Law should prevail.

    Reforms like progressive taxes, professional taxes, curbing illicit money flow would increase Government’s revenues. Corporate Social Responsibility should not only be based on finances but also on inclusion of these corporate players in decision making. However here nations have progressed. All conventions of Governments, environment, etc include these capitalists. Reasons are not very far to seek.

    After the Paris Conference, a shift from inclusive growth to ‘sustainable inclusive growth’ has taken place. Here these capitalists have a key role to play. If they fail, climate change will aggravate and precious lives would be lost. With their technology, knowledge, capital and global contacts it becomes easier to spur growth on sustainable lines.

    The final point to bear in mind is ‘Capitalism has the potential to bring inclusive growth’ but this would only happen when responsibilities are realized. This realization should also come from the Government because they can’t expect these firms to get bankrupt. From the people, who can’t keep going on strikes and not cooperating and expect returns. And importantly from the capitalists who can’t keep seeking their benefits. So a hand-in-hand approach is needed which points towards a mix of Capitalism and Socialism that is a Mixed economy which would ensure no arm of the economy becomes ‘Supreme’ and there is a check maintained on each.

    Hence, I would conclude with –

    ‘Coming together is a beginning,

    Keeping together is progress,

    Working together is success’. – Henry Ford.

    This working together has to be on every citizen’s part to make the national and the global economy a success not only in terms of GDP but also in terms of Gross Happiness Product.

    • Rashmirathi

      flow is god, connection is there, good examples.
      what is monopsony ? you should have explained the term i feel
      the conclusion seemed a bit weak. thora elaborative likhogi toh would be better.

      feel free to disagree

      thanks 🙂

      have a look at mine please..

    • dumbledore

      ash really nice essay. i think u wrote very well and integrated the current events too. 🙂 i read many essays today but urs is more balanced. just cut short the definition part i guess and add a few more examples ,

    • dumbledore

      u can also cite that in times of economic depression like in 2008 and now , the govt has to lead and step up investments. and other examples of ppp projects not working out because due to cost delays private sector exists because their main motive is profit + the new hybrid annuity model and such examples. overall nice but extend the conclusion a bit.

      • Ash

        Good one Dumbledore … 🙂
        I was crossing the word limit so ended.. I hope the conclusion was not abrupt because usually my conclusions are! 🙂
        Thank you so much for reviewing! 🙂

    • Batman

      Well articulated and elaborated ,sticking to the theme of the essay by focusing more on the ‘making capitalism inclusive’ . However, i think , the one line in the first para ‘Kabir often felt jealous of his friend and his jealousy aggravated when Zarvick topped in the exam’ is unneeded .That seems to convey “Poor and economically deprived people are zealous of seeing the success of those privileged one” .Although, i know,i am exaggerating , by reading too much from that statement .To convey that, is certainly not the intention of that statement you have written :)….

      One opinion , to start your essay, you can probably begin by describing the depth of the ‘wealth inequality that exist in the today’s capitalist system of world economy.And then you can follow this by giving a historical context of the growth of capitalism .

      But ,you have started nicely anyway. There are a lot of unique ways to start an essay and yours is one such :).Nicely written !..

    • Sepoy No 1446

      Best Essay.

      One of the best essays written on Insights Platform.

      I learnt many new things.

      It was well structured..Also I can see “One idea per sentence and one central idea per para” getting implemented with such a finesse.

      Its multi-dimensional with all points adequately justified.Quite a literary also with mentioning of Marx, Don Marquis,monopsony…well done here.
      Also example of Gates, GAVI, Ratan TATA, Nano is nice and they substantiate your point.

      Nothing to suggest.Its a marvelous piece.

      • Ash

        I learned it from you Sepoy! SOLE CREDIT TO ‘YOU’ for One idea per sentence! Thank you so much for being there… I have learned a lot from you … you know! 🙂

      • Tanu Singhal

        I will be honoured and obliged if u could please review my essay.

        • Sepoy No 1446

          will do..gimme sum time.

          • Tanu Singhal

            Ohk sure.. Thanks

        • Profoundis

          hello lawyer madam just review my ..clean judiciary post n reply plz

          • Tanu Singhal

            Sure
            M sorry
            I couldn’t
            I have all ur comments in my notifications , will get back to u asap 🙂

      • DaV!ncI aka draco

        how r u buddy………….hws mains??????

        • Sepoy No 1446

          great buddy..it was great.

    • Shaktimaan

      hey rupnzl!!……it was a nice nd good read……intro was lil different…though it is good but not that much perfect……..yeah it may differ with different perspectives…………then in middle too it is good specially small paras……..gnrally u wrote big ones…………..did jstice with ur stance….i.e making cap inclusive……………brilliant ….like it…………..thank u:):)

    • Vivaan Khanna

      1.Having understood the meaning of inclusive growth, let’s try answering the question: Can Capitalism bring Inclusive Growth?
      But before answering this, let’s understand the meaning of Capitalism..kya tha ye?
      2.a well written piece..however i could not understand one thing which i m facing problem in most of the essays today..do u want to say inclusive capitalism=mixed economy?
      since last two essays ur essays have become so qualitative..keep it up:)

      • Ash

        1.Having understood the meaning of inclusive growth, let’s try answering the question: Can Capitalism bring Inclusive Growth? —- I tried to engage the reader… I always do that! What went wrong here? 🙂
        2. I say capitalism alone can’t do wonders.. Govt’s work can be done by Govt…
        Capitalists can’t replace that hence mixed economy! 🙂
        Hope it clears! 🙂
        Thank you Vivaan! 🙂

        • Vivaan Khanna

          1.here i prepared myself to get answer of the question but u said no let’s define capitalism first..this was the problem..
          2.but u justified capitalism in whole essay na?so? i m confused now..i think i should not have ask for clarification here…

          • Ash

            No I didn’t I have even towards the end suggested a hand in hand approach! READ IT AGAIN! 😛

            • Vivaan Khanna

              :)..find time to review my essay please

        • DaV!ncI aka draco

          well answered………..

    • Affu sdq

      Good one ash…

      • Ash

        Thank you Affu! 🙂

    • Dark Knight Rising

      Very nicely written essay
      Well balanced with one idea leading to another
      One of the best essays i’ve ever read

      • Ash

        HONORED! 🙂

    • Aravind Varier

      Dear ASH 🙂

      WHAT A SURPRISE !!! you really pulled out a BRILLIANT ESSAY Today 🙂 🙂 🙂

      I liked your connection of ideas , I was really impressed with the first part of the essay .

      You have improved your writing skills drastically . Its great to see that !!!

      I remember reading your essays of the last two weeks, but this essay is outstanding .

      Certain suggestions :

      Initially, you started of criticizing capitalism then in the second part you started favoring it a bit . This is the only point you should be careful so that you don’t land up giving a balanced view on the statement .

      How much time did you take to write this essay ?

      ALL THE BEST 🙂

      • Ash

        Hey Aravind! 🙂
        Your being happy with my essay is A PLEASANT SURPRISE !!! 🙂
        You’re among my very critical reviewers and I love it when such reviewers appreciate.. Thank you! 🙂

        I deliberately did that Aravind! I don’t like taking extreme stances.. I usually balance! 🙂
        Quite some time.. Basically I write in my notebook first and then type so screwed some 4 hours writing 🙂

        • Aravind Varier

          Happy to see you Improving in your writing skills 🙂

          Yes , I review critically as well as give suggestions . Only then, we can rectify our mistakes and march towards success . I personally learn from reviewing others Answers 🙂

          I know you are one of the candidates who is struggling hard in the Insights forum asking everyone for their feedback and suggestions .

          Hard work Always Pays ASH 🙂 . continue your good efforts , you will surely crack the civil service exam this year itself .

          ALL THE BEST !!!

          • Ash

            God Bless you words Aravind! Thank you for being so supportive… You’re among the few I reeeeally count upon! 🙂

    • Jaya Swatantra

      Very well articulated,properly linked ….. great attempt Ash!!! keep it up….. 🙂

      • Vivaan Khanna

        u didn’t review my essay ..why?

        • Ash

          She doesn’t want to simple! 😛

          • Vivaan Khanna

            accha ji but i reviewed hers na..even u didn’t review..means even u don’ t want?:P

            • Ash

              I’m enjoying Alfaxia .. lemme get the feel of the city first! 😛

              • Vivaan Khanna

                oh means lengthy review is waiting for me..thank you even before u are done..u catch even my smallest mistake..don’t know how..

                • Ash

                  You just pray to God to give you strength! And now don’t disturb me both of you.. @jayaswatantra:disqus …..You both are so talkative… Disturbing me so much!! Ufff! 😛 🙂

                  • Vivaan Khanna

                    accha look who is talking..ok lets leave it u have written very good essay today..don’t want to spoil it with casual talks…u can come to my essay for this if u want to talk…talkative girl

                    • Ash

                      Challenge Accepted! 😛

        • Jaya Swatantra

          I have to review yours Vivaan….. 🙂

          • Ash

            Don’t review Jaya.. You have my permission! 😛

            • Jaya Swatantra

              Vivaan’s content is a worth read… so going to review.. Ash… 🙂

              • Vivaan Khanna

                yay..she will do

              • Ash

                Nahiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii! Dhokaaaaaaaaaaaaaaaaaaaaaaa!!!
                Vivaan k liye mere saath dhoka Jaya!!!!… Very Bad!!! ;(

                • Jaya Swatantra

                  Ye kya ho raha hai……. 🙂 🙂

                  • Ash

                    Except me .. nobody understands me! Don’t blame yourself… not your fault! 🙂
                    You’re begunah! 😛 🙂

                    • Vivaan Khanna

                      typical bollywood movie scene..lol

                    • Jaya Swatantra

                      Intelligent girl!!!

                • Vivaan Khanna

                  its not dhokha…its justice..she already reviewed yours 😛

                  • Ash

                    Haan! I understood .. y three times… Ohkay done! Battleground shifting to your essay! We will fight there! 😛 🙂

                    • Vivaan Khanna

                      internet connection problem..

                • Vivaan Khanna

                  its not dhokha…its justice..she already reviewed yours :P..

                • Vivaan Khanna

                  its not dhokha…its justice..she already reviewed yours 😛

            • Vivaan Khanna

              no she is not like u who doubts whether i wrote essay or not;P

              • Ash

                You’re inviting trouble… I think you shud act wise and wait until my review.. This way u will make me angry… And I give very bad reviews when I get angry! 😛

                • Vivaan Khanna

                  hehehe..service mein ghusne se pahle hi u are teaching me to do favors and act for favors….no no u know how ethical person i m 😛

      • Ash

        Thank you Jaya! 🙂

    • Batman

      Hi Ash, aaj te tussi chaa gae 😀
      1)Flow, structure, dimensions-all good!
      2)The only issue that I could was the example of “education system in India” i.e. not related to capitalism but to privatization
      Rest all put together very well. Please review mine too 🙂

    • Hey, I may be completely wrong, but let me just say what I think, please choose to ignore if u don’t like the review!!

      1. There is so much data, statistics, concepts about growth development, inclusive growth etc, why start with a story when you can add so much data?

      2. U have expended too many words on defining capitalism,

      3. Communism and socialism, need not have to be death with in such detail.

      4. Government bankruptcy? Better to have mentioned SDGs than Paris conference.

      5. Ratan tata and Gates, not sure if very relevant.

      Flow and all is nice, but I think it could have been better.

      I am only trying to point out what I felt, no offense intended. Thanks!

      • Ash

        Hey Krushi! 🙂

        1. I’m actually experimenting on this part… I’m new to essays so keep experimenting! 🙂
        2. Ohkay!
        3. I didn’t deal with socialism as such.. but since I’m blending and suggesting a mixed economy towards the end I thought I will do justice with the terms! 🙂
        4. Paris because of NDCs.. I wanted to tlk bout how their technologies can help nations achieve their NDCs.
        5. I would disagree here!

        None taken! 🙂
        Thank you for your valuable review! 🙂

    • Also, if you have time, please take a look at mine! TIA

    • Tanu Singhal

      Hey ash , I know many people liked ur essay, but
      I find following points

      *the intro seems quite boring and anticipated, that there would be one poor and other rich kid.
      *u were mixing up concepts, from this definition to that..
      *u could have added many more socio-economic concept, this topic demanded so

      I might be not be soo good at writing essays as of now, but as a reader, it didn’t seem catchy to me.

      Kinldy review mine, really need help of experienced essay writers. 🙂

      ( will be posting mine in a while )

      • awaneesh

        olz review my first essay

        • Tanu Singhal

          Ohkay sure

          I just posted mine.. Pls review 🙂

      • Ash

        Hi-5 Tanu!
        New to essays so my knowledge remains limited too!
        I’m counting on expert reviewers here! 🙂

        I would not promise but would try to.. becoz I have a lot of reviewing already in stack! Thank you for reviewing though! 🙂

        • Tanu Singhal

          I have just posted, if u get time do check, I have written with pure economic aspect,u might get to know about a new topic.

          Hope it will be helpful. 🙂

      • Aravind Varier

        Dear Tanu ,

        I agree to your views 🙂 to a certain extent .

        As, I generally review Ethics Answers and have been reviewing ASH ethics answers too. I personally give Highly critical reviews for ASH Answers . I was surprised as well happy to see ASH write such an essay .

        My appreciation for ASH is the hard work put in to IMPROVE to this level . If ASH put more efforts then , no one can stop ASH reach LBSNAA for the 2017 foundation course of the All India Service Officer trainees .

        • Tanu Singhal

          Yeah definitely..
          I didn’t mean to offend anyone or criticise anyone.

          It was my hidden economist getting biased I guess.
          When I saw the topooic and read her essay, I felt little disappointed. Hence gave a completely honest review.

          Everyone here, writing , is one such deserving candidate, who is bound to be at mussorie.:)

          • Wolverine

            You gave an honest review and this is what is required here.

            I concur with your – (Everyone here, writing , is one such deserving candidate, who is bound to be at mussorie.:))

            • Ash

              You guys are making me look so bad here! Do you realize that!
              Of course I’m not expecting everything to come in a golden platter to me!!!

              • Wolverine

                Don’t feel bad.

                Its for your own good.:-)

            • Tanu Singhal

              Thanks wolverine

              Now that u have been caught, pls review mty essay as well, so that I can become even more deserving.. 😛

              • Wolverine

                Caught.

                HE HE.

                Sure
                Gimme a little time:-)

          • Ash

            I’m fine with your critical reviews here.. In fact I respect it!

            But I don’t know why is this getting dragged! His saying something does not increase my chances or reduce anyone elses!
            Now I feel guilty.. I feel my essay does not deserve to be where it it!

            • Tanu Singhal

              Oh God !!!

              Hahahaha..
              How so very innocent of u dear..

              It was just a point..
              Never ever again doubt yourself. No matter what anyone else says.

              Ur essay is exactly. Where it should be.
              Be proud and happy 🙂

            • Vinod

              Don’t feel like this ur essay is really at the right place where it is must needed and very well explained.

        • Sepoy No 1446

          You write very formal language always..great. 🙂

        • Akshay

          Aravind.. kindly review mine.. I would like to hear from you..

      • DaV!ncI aka draco

        really tanu u right its totally boring through out………….i cant understand what she is trying to say actually………….

        • Tanu Singhal

          No. That was rude..

          For someone is writing, we should appreciate all the effort she has put in..
          And nothing was wrong with her essay, its just that, we couldn’t built up a good connection.
          That happens with good Hindu articles as well.
          U see 🙂

          • DaV!ncI aka draco

            yeah i get it………..u see my above comment what i wrote to her…….n u’ll wat i actually meant………

            • Tanu Singhal

              Okay… 🙂

    • awaneesh

      plz review my essay

    • Tanu Singhal

      The only thing via which capitalism is ideally supposed to bring inclusive growth is TRICKLE DOWN, I didn’t find it in ur essay….

      • Ash

        Hey Tanu…. Trickle down as in??

        These days private sector.. in fact Capitalists in that parlance are getting directly involved take Google’s Project Loon… and there are so many more instances… So I did not find it relevant so did not make a mention of it here!
        Personally I feel, factories owned by these corporates are more efficiently managed… employing more and this is direct impact!
        Share your Trickle down concept .. Wud Love to Learn! 🙂

        • Tanu Singhal

          This is exactly what trickle down effect is..

          The factory is opened.
          Workers get job
          Professionas get job
          Investors get shares and debentures to invest in.
          Eventually the money generated reaches every starta…of the society.

        • Tanu Singhal

          Technically speaking
          The idea is that with a lower tax burden and increased investment, business can produce (or supply) more, increasing employment and worker pay.

          • Ash

            But this could be very dangerous if the Govt duznt have its Anti-Corruption and Anti-Money laundering provisions in place! Which is the case in India!
            Where will the Govt earn from .. and that’s why I have mentioned about reforming policies… I did not get into the nitty-gritty of it I agree.. but that’s due to the word constraint! 🙂

            • Tanu Singhal

              Yeah right, but as far as my hard core economic knowledge goes, whenever we were asked to counter Marx, we had trickle down as the weapon, for this topoic being a economic pne, I think the checker will be looking for it…

              Butveys, ur essay was quite good,

              It’s just that , upsc does assume that we have the knowledge about possible social theories. Marx’s being one famous one, do read it…

              • Ash

                Alright! Tq! 🙂

            • Tanu Singhal

              And its not that dangerous, in pure capitalist regimes the tax system becomes very effective, bcz
              1. Govt has nothing else to do but to collect taxes and taxes only.
              2. The laws are mnade stringent only then capitalism is allowed to survive..
              If u read the USA tax system, u will be glad to domnf that 30-40% of population is honest tax payer while in China its 10-20%
              And we are not even 10%
              Cz of the very reason that we know that our money won’t be used as the way it should be…

              Even the famous ,economist Thomas Picketty , highlighted the same. Recently, whenever he was in Delhi.

    • yogi

      Marvellous!
      1. I can see a proper structure in your answer,
      2. good that u defined every new term when u brought it in your essay, (that made ur essay an joyride with no confusions
      3. limited GS gyan this time, very good, (reverse happened with me here: when i made a blunder by trying to put GS first time in my essay)
      4. short paras with brilliant flow
      5. tried very hard , but could not find any flaw
      everything is perfect
      keep it up 🙂

    • themechanic

      All in all a good essay, but the introduction is very dull and cliched. Try to make your introduction more engaging and refreshing. Thanks…

      • Ash

        I’m struggling with Intros these days.. Will definitely wrk on it! Thanks! 🙂

    • Akhil

      Your essay is good but could have been better. I think you put more focus on capitalism..
      You could have mentioned about inclusive growth a bit more.
      What Indian government is doing for inclusive growth like india has opted for inclusive growth in12th fyp. Could have been mentioned.
      Personal opinion you may differ from my stand

      • Ash

        Hey Akhil! 🙂

        Totally agree! Thank you for reviewing! 🙂

    • upen

      my take Having understood the meaning of inclusive growth, let’s try answering the question: Can Capitalism bring Inclusive Growth? such statement should be avoided, as its an essay from a student
      some essential points-
      capitalism can bring inclusive growth if-
      1- focus shift from wealth to profit
      2- shift from exploitation to competition
      3- need of regulator(regulation)
      4- shift from individual to companies

    • SKB

      grt flow…….i must say u hve just converted simple content into a masterpiece. i really liked ur though processs and structuring it into answers..keep practising.

    • Wolverine

      Well Written Ash,

      As Tanu rightly mentioned, there was mixing of concepts but overall the essay was very nice.

      When I saw it first, I said to myself– Its not for reviewing but for learning.

      I didn’t know about MONOPSONY. Now, know it thanks to you.:-)

      I advice here – Applause can be music but advice is medicine.

      This one is past now, you need not to be overwhelmed by it and instead should focus on the next one now:-)

      • Ash

        I really don’t know why are you guys getting a feel taht I can’t digest Crtical reviews….

        Regarding your this advice – Applause can be music but advice is medicine….

        this is the first time I’m being applauded here and criticism or no reviews is something I bear with everyday!
        And bout digesting criticism .. plz visit Aravind’s profile..Dreamz unlimited’s profile… Batman’s profile.. Sepoy’s profile… Sushmit’s profile and see how they criticize me and how I have taken it!!!!!

        this is the first time on this platform I feel insulted…. even if someone says something.. Its between him and me and not for people to come and write whatever they feel like!!!!

        Aravind reviews my answers and knows how are write .. there are times I have written SHIT and asked him to review… and obviously if a person who writes shitty answers writes a mediocre essay …. I don’t see anything wrong in it!!

        He is not sitting in the interview panel and giving me a seat!! Guys GROW UP!!!!

        • Wolverine

          Hey what happened?

          I didn’t mean to make you feel bad.

          And I also didn’t expect that my words will hurt you.

          I am sorry to both you and Aravind (If I said something wrong against him too).

          Repeating:-

          I didn’t mean to hurt you and Aravind.

          Will be cautious while commenting in the future.

          • Ash

            I’m least bothered about anything else! I talk to you and I know you …. so definitely if you say something it makes a difference!

            I didn’t like what you said here – Applause can be music but advice is medicine!
            I will talk to you tomorrow!
            Gunnyt!

            • Wolverine

              Edit done.
              Gdnyt.

              • Ash

                What did you edit.. What’s wrong with you??
                How does it matter.. plz don’t edit things here!

                I just had a prob with your saying what you said because it shows I can’t take criticism .. I don’t care what ppl read here and what they don’t …. I was pissed with your not even reading my essay and commenting depending on someone else’s judgement… Okay you guys may be good friends.. But I felt very alienated that moment… and then when you write me a review you temme take comments positively!

                Its getting really complicated .. Let’s end it!

                • Wolverine

                  See lady,
                  I only meant to say – that WHEN WE GET MORE AND MORE PEOPLE APPRECIATING US, WE GET OVERWHELMED.

                  I SAID- Applause can be music but advice is medicine which means – PLEASE CONCENTRATE MORE ON ADVICE.

                  I read your essay and then commented and didn’t plagiarized.

                  WHEN I EDITED, I EDITED BECAUSE I THOUGHT IT HURT YOU AND THAT WAS NOT WHAT I INTENDED TO MEAN.

                  I don’t know the other lady let alone being friends.

                  I THINK I AM BETTER NOT TALKING TO YOU AGAIN. AS I DON’T KNOW WHERE I HURT YOU AGAIN.

                  IT WAS NICE TALKING TO YOU ALL THESE DAYS.

                  THANK YOU 🙂

        • Vivaan Khanna

          bubbly ash is feeling bad..all of us will also feel bad…take his criticism in positive way……he may not have meant what u interpreted…still a long way to go na…visit profile of gaurav on wordpress..he took every criticism very calmly..and u wrote an excellent essay today which no person can deny…not every week ash was upvoted by many so why today?because she did well today..cheers my friend..this is also an experience from where u have to learn…you have to do best every week and every day na…

        • Wolverine

          One more thing.

          If you don’t find me on the platform tomorrow, don’t think that Its because of today.

          We are all friends here Ash.

          My words were not wrongly intended.

          KSAWAR 🙂

    • Vikarma

      I just took a cursory reading. When each para should be an idea, you cant have so many paragraphs in an essay of 1000 words. Try to have a look at the essay of Mistborn.
      Don’t be overwhelmed by votes! Good Effort. Good Luck.

      • Ash

        I agree Vikarma! 🙂
        Votes are misleading! 🙂

        I prefer breaking! 🙂

        • Vikarma

          No, don’t break too much. This is the best suggestion for your essay. Believe me.

          • Ash

            I’m kinna experimenting right now! I just started writing essays .. Lemme get a hang of it.. Eventually I will myself understand what is the best approach.. Respect your suggestion though! tq! 🙂

            • Vikarma

              Don’t be offended by my criticism. I criticise only where there is merit.

              • Ash

                I never get offended my criticisms… They make me learn! 🙂

    • DaV!ncI aka draco

      try to be lucid and talk more about inclusive capitalism if u agree with it or not??????? otherwise nice …….keep writing……..u’ll get there……..first do some research on topic………..best of luck!!!!!!!!1

      • Ash

        Hi DaVinci! 🙂
        You really could not understand what I wrote no! 🙂
        I’m sorry about that though .. I’m kinna new to this zone! I have stated capitalism alone would not be very successful and have suggested a hand-in-hand approach! Towards the end! 🙂

        Thank you for your valuable review! 🙂

        • DaV!ncI aka draco

          no worries……….there is always a first time…….i mean i cant the hi-fi language of yours ………nice try dnt be disheartened …….actually keep writing is more imp than not even writing ………keep writing ……..take the comments as a compliment ……..n u see in some time u see ur self at a different level………..one more thing m really impressed with u knowledge ……..really i m………..

          • Ash

            I will say something… Please don’t mind…

            When I don’t like a thing about a person I go to the person directly and I talk it out… I didn’t like your going to someone else and saying ‘ I don’t know what she’s written’

            I would have appreciated your coming to me and saying ‘Ash! This essay is crap’

            Trust me I would have loved it… I have been writing answers here since October… And I don’t have a lot of reviewers… May be 4-5 max… But they are extremely critical about my answers so I’m all use to tough words…

            In future if you read my write ups DaVinci feel free to come and say what YOU feel…. It would be taken positively! 🙂

            Gunnyt! Pleasure talking!

            And thank you for reviewing! 🙂

            • DaV!ncI aka draco

              pleasure is all mine

    • vkdglobetrotter

      really nice essay

    • PJ

      very well written..
      do you used to have a background check before writing an essay??

    • Sushmit Adigon

      Really Good Essay,
      Excellent flow throughout.
      After long , a deserving essay is right at the top.
      Few Additions can be done
      1)Bring Gandhi views on capitalism/trusteeship,,,,,,New Deal….Economic survey!
      2)Why French Revolution,Russian Happened—-class conflict
      3)Solution lies in Mixed economy,,corporates have trust deficiency ,while govt has scale deficiency
      4)Capitalism===Democracy——each individual can do ,what ever he wants!NO state intervention needed
      5)Socialist states had opressive regimes

      • Ash

        Good suggestions! 🙂

        Thank you for coming here and reviewing! 🙂

    • OK

      Small suggestions.
      define inclusive growth as well, would be better.
      content- india heavy. Capitalism is more of western economic form, so explaining its failure and evolution in other economies would be worth mentioning.
      Opening paragraph, story start – stop. no interlinking with rest of the essay. In that sense it is useless. Utilise that space in mentioning many other contemporary issues.

      Overall essay. Very nice. Content is appreciable. Many other points could have been added, but it is an essay not a book 😛 So, you did a good job.

      Just to evoke your thought. Inclusive growth and any economic model (capitalism/socialism/communism), is there any link between them? If yes, then Why India’s progressive socialist model failed?

    • Profoundis

      hello ash !,,hello bcd this is the first time i come across ur post n its like a gesture,,, i would like to congrats u for being so moderate, diplomatic n well balanced with the middle path with little defects which would definitely be corrected if u can ….i will list some

      1. just have a clear picture on great depression , since u mentioned it is bcd of capitalists

      2. china’s communism concept. in china’s case if state has control over resources how could it achieve that much growth where no other communist country even near by with largest foreign investments…? so the concept of “state capitalism “put forwarded by economists for china.

      3.u ignored the monopoly of capitalists on govt in capitalist economy

      4.just avoid the repeatation of the same topic by twisting..

      5. be cautious with words ….like “This commercialization has not only seen presence in education system ” and ” to bear in mind ”

      6.all i have felt was u are dragging the topic so much n thats y it appears like bored…just be straight to the topic n be precise remember crux is imp then words..

      but seriously the points u were mentioned was so worth n what it lacked is framing n structure ..just concentrate on that n just check the errors once ..n correct me if i am wrong in saying so …

      • Akshay

        Hey profoundis.. can you take a look at mine and give your inputs.?

    • anshul sharma

      nice essay ash…:)
      one thing i wud like to point out is that marxism is very much critical of state….he talked about civil society gps doing functions…no state is there in marxism….communism is different from marxism 🙂
      This kind of technical mistakes can have a negative impact on examiner …
      rest good flow and content !
      keep writing…ATB 🙂

    • Profoundis

      i was so delighted to see the word” altruism ” in ur point …..which i dint seen till now in any of my peers , which i learnt it from objectivism philosophy ..by the way u had the sounding vocabulary who puts on time n place..ex….coffin, altruism , umpteen,accrued and cartels( infact for this i been to dictionary even though i understand with sentence) and don’t that vocabulary be suppressed by simple mistakes like ” let us again move back to “……..u would be really blessed if u have consistency i mean it ….

      this point was terrible on the flip side of capitalism

      “Besides monopsony these firms are also responsible for forming cartels and creating monopoly, driving out competition and controlling production to increase prices. This can be seen almost everywhere from an auto-rickshaw stand to organizations like OPEC”

      and i hope ur optional is sociology ..is it?

      keep blessing urself with performance unlike …….

    • Tiger

      BEST ESSAY I HAVE EVER READ…

    • mehak

      you have written very well…just one question ….did u write this on the basis of ur previous knowledge or u searched for content before writing…,,.worried about essay stratergy…thats y m asking it….hope to hear from u…tq:)

      • Ash

        I like economics so yeah.. Kind of… A little Google but not much… Don’t get scared Mehak… Even I’m new to essays and usually I make blunders…. Just write what comes to your mind… You’ll eventually learn! 🙂

        Strategy even I’m not qualified enough to talk on… Working on mine… Just write and post here.. Ask for reviews… You also review… You’ll learn this way! 🙂

        • mehak

          Tq fo replying:)

    • Anshuman Rajhans

      Nice one
      Good coherence in ideas
      You can also talk about Gandhiji’s trusteeship model and issues like crony capitalism

    • Rancho

      Hi Ash, superb essay..
      Positive take aways
      1. used lots of connectors. Moving from one para to other is very smooth (I wish I could do the same)
      2. Lot of relevant examples
      3. Final point para before henry ford is well written

      I just did not find opening example well connected with the context. Tweaks in this along with second para would make it perfect. please review mine. thanks 🙂

    • The Next Big Thing

      Marx did not favour state sponsored socialism.

      Capitlaism in its modern sense can be traced back to England in mid 18th century where advent of machines by various technologists like Cartwright, James Watt, Crompton, etc revolutionised the production chain and increased the output to generate trade surpluses. Adam Smith’s Wealth of thr Nations also had a thorugh impact on philosphy. It was furthered by various enhancing factors. For example adequate labour was available due to Enclosure movement by landlords, much wealth had been amassed by Slave Trade, raw materials were available dmoestically, specially iron and coal, as well as from colonies and markets were readily exploitable due to trade practices. Capitlaism advocates production on basis of profit and keeps the entrepreneur at the centre stage woth a large decision making power iver factors of production. It spread from England to Belgium and Germnay. Japan followed late afer Meiji Restoration. US started aggrrsisvely even later.

      Despite surge in production and profits, all was not well with it. It had rspidly grown into a giant which was looking down upon the social inequalityies and further widening them. It had created structures where inequality was evident by dividing society into haves and have nots. It spread its wings over politics and directed colonial ambitions with mutual warring to take control of resources and markets. Lala Lajpat Rai remarked that colonialism and imperialism are twin chidlren of capitlaism. 3rd world nations in Asia, Africa and Americas were ruthlessly exploited and subjugated. Governemnts across the atlas scrambled in militarily supporting their tradr houses and capitlaists made a merry. The Drain of Wealth popularised by Dadabhai Naoroji gives insights to symbolically how the water was squeezed by British sponge from Ganges and put in Thames. Besides there were labour issues. Multiple cities have grown up. Childten were made labourers and worked hours in filth. Enviroemmental concerns were non-existent then. Everuone was after more and more profits regardless of how it came. Corruption, puppet governemnts, cartelization, pushing economic agenda under everything became the norm. World wars were fought due to greed for colonies and no one but profiteering bankers and creditors won over humanity.

      From such filth created by capitlaism philosphy, rose a countercurrent, a reaction to the increasingly unequal world. Socialism or Communism began as a reaction around mid-19th century. Many realised the ethical concerns and 1st Factoris Act was passed. Also the slavery had been legally abolished in Britain by striving of William Wilberforce. Marx et al led the awareness and literary worked to rouse the consciousness of the proletariat. Even though many advocated violent class struggle, the pictire was not exactly the same in 3rd world nations like India.

      We were a British colony and due to bitter experience with capitlaism we gravitated towards Socialism as is evident in Nehru, Bose, Gandhiji, Bhagat Singh, etc. Our foriegn policy too maintianed its distance from the Western Bloc while growing closer to Soviet. We put in structures to ensure social justice like nationalisation of resources like coal, insurance, banking, etc. We put many curbs on ptivate endeavour like Monopolies and Restrictive Trade Practices Act. But gradually we saw problems like red tpaism, falling economy, corruption, labour union issues, stagnation in economy. It all became evident with Chinese Great Leap Forward, Deng Xiaoping reforms and fall of the Soviet and so we embarked on a new path since 1991 reforms.

      This history of tussle between the two opposing philosophies has taught us mnay lessons. Capitlaism may not be able to bring inclusive growth on its own as it has inequality right at its core. It seeks to divide society and alter all forms of identity into one form only which is economic identity. But our socialism experiments also tell us that cpaitlaism is better suited for growth in an economy as the latter gives hope, commensurste rewards for hard work, and places individual at the centre of philosphies. Trickle down effect will gradually happen and no two individuals are equal. But to fulfill the Constitutional directive of equality, justice and socialism we must put in structure that takes care of deficiencies in the cpaitlaism. Here Keynesian ideas do hold good.

      To ensure that cpaitlaism can bring as much inclusiveness as possible we must be wary of unfettered capitlaism. There must be suitable checks and balances. Governemnt intervention in crucial sectors wherd people cannog take care of themsleves is must like health, education, enviroemment, etc. Thsese can be brought about by taxation. Private sector does try to avoid or at times evade taxes. A robust tax to GDP ratio, corporate social responsibility and check on inflationary tendencies is must. Governemnts across the world have realised this . After World War 2, US itslef underwent Great Compression where income inequalities were sharply reduced. No politcial establishemnt can ignore basic issues of population for want of supporting private industry. Our own endeavours after 1991 have shown that Ginni Coefficient of inequality has increased thus pointing in our inability towards a truly inclusive approach.
      In modern era, there can be no doubt that cpaitlaism is the accepted model. In a cut throat competition to attract invesmtent, more and more congenial ambience needs ro be created. But surely profit seeking individuals cannot be trusted with philanthropy or at least not always. There have been attmepts at the international level that signify growing checksto ensure balance in society. For example Common But Differentiated Responsibility under Kyoto Protool, Access and Benefit Sharing under Nagoya Protocol, Base Erosion and Profit Sharing action plan, curbs on Black money, etc. All these point to the fact that while growth is the concern of cpaitlsim, inclusiveness must be the repsonsibility of the govenremnts and together they can indeed work to bring as much inclusiveness as possible. It is the Public Private Partnership of the new century albiet not on conventional terms of profit sharing but mutual benefits for all stakeholders with just space for priavte endeavour and sanctity for individual rights with prevention of negative spillover onto others and coming generations.

    • Strongking

      Lot to learn frm ur essay! Nice one!

    • Ashish Rout

      The best essay so far…no one would find difficulty
      u have provided a solid solution
      and covered all the angles
      if i were a examiner
      i would go for 95/125
      good luck

      • Ash

        Hey Ashish! If you find time.. Please review my today’s essay too! 🙂
        BTW thankz! 🙂

    • soloman

      Great essay ..u hav written …
      But as a starter …. i just need to ask a few questions.
      is it fine to mention someone’s name ?
      or is it imperarive to use such a complex language..?
      i am asking just because if it is so, then really i need to focus on improving my english writing skill.
      in the end , you tried well and keep posting such essays sothat we could be guided by you.
      Gud Luck.

      • Ash

        Hey Solomon! 🙂
        I’m sorry Its an old essay.. what name are you talking about?
        COmplex language? Oh my Gosh! Have I used.. here also?? NOPE! use simple language….. nobody likes looking into the dictionary ten times to read one text not the examiner at least.. I have to tone that down!Use simple English that is grammatically correct! 🙂

        I’m no expert writer Solomon! I’m learning! 🙂
        Keep writing and reviewing (KWAR)! 🙂

        • soloman

          Thanx a lot for ur suggestions.
          it was a really great essay…

      • Ash

        I just posted one.. If you want.. you cud review that! 🙂

    • Anujsmile

      Really nicwly written awesome

    • KARAN BAJAJ

      Essay is good but what is the use of introductory story .which end abruptly in the middle

      • Ash

        Yeah! Actually that was my first experiment of starting an essay with a story so wasn’t experienced then .. later my essays if they had a story.. they maintained a flow… I Promise! 🙂
        Actually many ppl pointed this out so I rectified .. thank you for reviewing! 🙂

        • KARAN BAJAJ

          its ok ..keep it up ..

  • Jaya Swatantra

    please review

    • Vivaan Khanna

      1.jaya please put page numbers in ur sheets..will be easy for duffers like me
      2.not cherishing the idea of liberalised economy India underwent liberalisation but was forced by IMF to do so so that it can get something for its BOP crisis
      3.i found many quoted para written..make sure u remember them in exams..else give up this habit
      4.u were writing on capitalism rather than can it bring inclusive growth..why?definition of capitalism-positives-negatives-conclusion
      5.conclusion is good…try to substantiate it with ur content
      One secret-improvised from previous one..just need more improvement 🙂

    • yogi

      first if picture quality is better this time, continue with same camera 😀
      Nelson Mandela : if u have committed these lines to your memory then it is good, but if u have copied from somewhere then mug them up right now 🙂
      Rich v/s poor right lines this time 🙂
      No need to write Narsimha Rao and all that
      GS loaded essay, avoid this essay should be very simple with limited use of GS knowledge (i too failed on this aspect in my essay)
      I could not relate with WC field’s words
      Conclusion needs improvement, it is very general ending, same is the case with intro , try to bring some innovation, or out of box beginning and endings
      plz review mine critically,
      P.S.: plz excuse my words if i sounded harsh.

      • Jaya Swatantra

        Thanks for your valuable feedback….will improve… give me some time will review yours critically for sure……

  • manda chaitanya

    In capitalistic mode of economic development the means of production are owned by private and Govt doesnt intervene with the market to freely allow the it to develop independently. However with the grave impact of great depression , countries like USA came to realized this mode has some drawbacks that will anyway lead to unsustainable development . Thus began putting regulations on market just enough to steer the economy to sustain economy . Capitalism as a mode of economy born with the idea of Laissez Faire advocated by Adam Smith ,according to whom the economy should be left free . This will lead to competition , efficiency and prosperity and thus economic development. The fruits of development would have a trickle down effect that will benefit the entire population. However the impact of Great depression challenged his idea of trickle down effect. Capitalists with their greed kept on producing and accumulating profits till they reached a point where the demand of goods poduced reached to almost nil . This is because the accumulation of the money of the bottom to the top , instead of trickle down .

    Thus started the mixed economic where Govt has some control of market , and at the same time the capitalism was also promoted . It was however seen that with the intervention of state the economic development pace was slower , and the state led enterprises have generated heavy losses and were inefficient , production was low , costly etc .At the same time the capitalist business was thriving. This led USA in 1980 to ease the regulations to revive the capitalistic growth . Suddenly American economy started booming becoming prosperous rapidly. Whereas at the same time USSR’s economy which was completely owned by state was in deep trouble ,unable to even feed its population . America experienced rise in per capita income , state started collecting more taxes and increased spending on welfare front etc . In this way the capitalistic economies became both prosperous and state became welfare centric . The reduction of poverty levels was also faster in countries in which capitalism is dominant than countries with state playing major role with some exceptions.

    However the question is to what extent they are inclusive ? Economies continue to be stuck in the cycle of boom and bust. The care taken by care on economy has led to the prevention of another recession from happening but recessions have surfaced quite a few times. It is during these times when the demand is very low the bottom and the middle class are the most to get hit. Unemployment , high prices , stock market failures etc make them more vulnerable. Corporates on the other hand stop producing for their sole motive is profits . It is the state which has to again intervene through various policies to revive the economy and keep the economy in cycle of growth . During the 2008 sub prime economic crisis the common people are the major one’s hit. Private Banks , in their greed to earn more and more money started giving highly risky loans in the guise of very low risk loans. Their confidence was that ,the economy in the phase of growth , common people would not default the loans , and started giving multiple loans on single mortagage . The bubble created them eventually burst in 2008 causing a loss of 8 trillion dollars , 10 million unemployed . The money mostly belong to common people .This questions the economic sustainability , as highly stable macro economy of USA could not be stable to the crisis of such a kind .

    The other issue with the capitalism is increasing cost of living . Rapid urbanization is one of the consequence of capitalistic development. In most of the developed countries, that follow capitalistic mode of development , urbanization percentage reached greater than 70 percent . Thus population eventually migrates from country side to cities in search of livelihood. What has been observed is the increasing cost of basic means that are essential to sustain life. The private educational institutions kept on increasing the prices of their services , and in present era of knowledge it is a must , thus making them more costlier to earn more profits. The health service prices keep on increase in prices. The life saving drugs , for which the corporates spend billions of dollars in research , fix exorbitant price which normal citizen cannot afford . In this way the common people get deprived from many of the services which are essential . Hopefully state’s intervene in many occassions to rescue the deprived . However the measures not sufficient to promote inclusive development. Corporates put immense pressure on state’s to frame policies that benefit them .For example Intellectual Property Rights law , that guarantees corporates to exploit their invention to earn huge profits. In this way the gap between the have’s and have not’s keep on increasing.

    Climate change has been the concern of entire world . This in a way is the impact of capitalistic mode of development . Let us see how. The economic development of country depends upon the prosperity of capitalists who keep on enmassing the wealth. The wealth after all is generated by processing the environmental resources and effectively exploiting them economically . Thus is their greed they continuously consume them . But are the environmental resources infinite? Definately not. The prosperity of the countries brought with them immense demand leading to huge consumption . And this demand keeps on increasing , leading to further exploitation of environment . This production is polluting the earth in every imaginable way possible . The global warming’ effect has high impact primarily on the poor , next the other sections . We have already seen their impact on agriculture , new diseases , etc. The corporates are now lobbying states to make concessions at climate summits. Many have invested huge sum’s of money on exploiting of oil and gas etc . If this model of development continues what would be the fate of life on earth is itself a big question.

    Capitalism has also led to increasing economic inequalities in almost all countries. In India top 10% population own close to 40 percent of wealth of the population . This trend unfortunately is increasing continuously . Thus hope of trickle down despite Government regulations seems a distant dream . But , in India too we have seen continuous fall in poverty levels , that too at a rapid phase when Govt started deregulation . However many people also witnesses displacement, vulnerability to commit suicides especially farmers , etc . The impact of capitalism thus have dual effects. However it is to be seen that , it is only after Govt’s intervention the other side is observed . The model of progressive taxation imbibed increased its revenue thus enabled it to spend on welfare measures . Even at the time of Great Depression fraudulent stock market policies and lapses in Federal Bank’s monitoring led to that situation . Thus Capitalism followed by effective and liberal intervention of Govt may bring inclusive development with several issues arising as well . But for sustainable development the present system of economic development would not work well. Ultimately the economic’s working on the principle of demand and supply should be changed to limited aims with maximum satisfaction . This seems utopia , but its the only possible way of sustaining climate issues as world has limited resources . We have proven in the past by leading a tribal life ,let us see can we do it again .

  • Namrata

    Please Review!!

    Capitalism had started emerging in Europe in about 15th century, however the term ‘capitalism’ was used much later in the 19th century by an Englishman, who defined this term to mean “private ownership of money”. Capitalism is the economic system which is governed by market forces of demand and supply, that is, only those goods are produced that are in demand in market. The objective of organisations is maximising profit. Under capitalism, the instruments and means by which goods and services are produced are owned by private individuals while the workers are paid wages and do not own anything. With the advent of Industrial revolution, the world saw an immense rise of capitalism. Undoubtedly, capitalism resulted in improved economic growth. Individual preferences of goods and services formed the backbone of growth of capitalism.

    However, excessive growth of capitalism proved Karl Marx’s fear right in the sense that capitalism started resulting in accumulation of capital and profits in few hands, thereby giving birth to a critical concern of the contemporary world: rising income inequality. Income disparities make capitalism less inclusive as it hinders people from participating fully to realise their potential. It also results in division of society into haves and have-nots and subsequent widening of this gap. Greater concentration of wealth at the top undermines the principle of meritocracy and democracy as well. As highlighted in the research by International Monetary Fund (IMF), unequal countries tend to have lower and less durable economic growth. In recent times, in the wake of the Great Recession, ‘conventional’ capitalism has also come to be associated with increasing unemployment and rising social tensions. In the backdrop of these flaws, the big question is: What then is the alternative to ‘conventional’ capitalism?

    Some people may argue that socialism or communism is the most appropriate form of economic system for a society as it is against the principle of accumulation of private property. Under socialism, the state has control over the means of production as well as distribution of goods and services. The distribution is based on the needs of the people and not on market forces of demand and supply. Thus one can think that socialism is a solution to all the poverty and disparities in the world, thereby propelling inclusive growth. But is it really so? Well, the cases of Soviet Union and China paint a very different picture. Although they could ensure equitable economic development, the economic growth was in fact insufficient to meet the needs of the growing population. Ultimately both went on to introduce the market economic system. While the Soviet Union went the ‘shock therapy’ way, China was more circumspect in administering the transition from socialism to capitalism. This analysis brings forth the same question, though in a different form: If socialist countries like the Soviet Union and China took to capitalism, then is it possible that capitalism itself brings inclusive growth, thereby eliminating its conventional flaws?

    Scholarly sources like IMF comment that capitalism can bring inclusive growth if it is able to address the key concern of extreme income disparities. This can be done by providing improved economic opportunities to the vast working class. For instance, a labour-intensive industry would create numerous employment opportunities. Increase in wages of workers would empower them with the requisite purchasing power, which in turn would result in economic growth by rise in production of goods and services. Implementation of fiscal policies like making income tax systems more progressive, expanding access to education and health and making greater use of property taxes contribute in a huge way in reducing the otherwise widening gap in incomes of the rich and poor.

    Increasing capitalism has caused damage to environment, the harmful brunt of which is borne mainly by the poor. For example, in recent past, production of air conditioners and their consequent possession by the rich resulted in increased concentration of greenhouse gases in the atmosphere. This ultimately caused global warming and consequently extreme climate change. This climate change is reflected in the number of deaths of the homeless and destitute that are recorded every year, especially in winters due to extreme cold climatic conditions. Thus, one can say that capitalism can bring inclusive growth if climate change mitigation and adaptation targets, committed in the recent Paris summit, are adhered to.

    With changing times, it becomes imperative for capitalists to look beyond the age-old objective of ‘profit’ and take up a responsible role in society and aid the government in serving the needy and the poor. The Corporate Social Responsibility (CSR) highlighted in the Indian Companies Act mandates the companies to spend a particular amount towards the inclusive development of the society, in the form of say, providing free education or healthcare. In modern times, women, who have historically been left behind while availing benefits of the economic growth, are also being encouraged to take up higher education as well as employment opportunities like the Self-Help Groups (SHGs). The government had recently mandated certain percentage of top posts in industries to be reserved for women in order to eliminate gender disparity in economic growth. The marketing strategy of companies for their products can also significantly contribute towards creating awareness in the society. For instance, advertisement of ‘Lifebuoy soap’ showing the importance of personal hygiene can go a long way in improving healthcare in the society by reducing the number of diarrhoea cases.

    Thus, capitalism can bring inclusive growth but as seen in all the above examples, they need a regulatory wheel of the government to deliver efficiently towards the needs of the society. It is time that the strict boundaries surrounding the ideologies of capitalism and socialism is dissolved and both act as blades of the same pair of scissors to propagate an all-inclusive economic growth, resulting in the development of all sections of society alike, the poor and the rich, men and women, employers and employees and so on.

    • Batman

      Hi NAMARTA 😛
      my views:
      1)I feel your essay was more suggestive in nature while demand was somewhat different
      2)In the beginning, you mentioned few flaws of the capitalistic model but a proper elaboration is needed for an easy understanding for laymen that how did monopoly cam into picture
      3)The structure with regard to how you painted the picture was going well until you started “Increasing capitalism has caused damage to the environment”. I feel this was something that you have come before as you essay had picked up the tone of being suggestive in the preceding and succeeding paras
      4)Multiple dimensions have been touched and a global view of the problem has been given
      Overall, a good one but the “suggestive” tone can be a problem!

      • Namrata

        yo batman thanks for valuable review ..will keep in mind these views 🙂

  • The invisible hand was believed to bring unintended social benefits in income distribution and production. This was the trust that the father of Economics, Adam Smith had in capitalism, which propagated the idea of self corrective markets. A little over 2 centuries after his proposition today, we live in a world where the top 1% hold half the wealth of the world. The very idea that led to two world wars, the idea that made America the richest country in the world, and the idea that is adopted by most countries in the world in varied degrees.

    Capitalism propagated the philosophy of perfectionism, where the best are supported and the rest are benefited by the actions of the best lot, unintendedly. It has put forward the top down approach, reducing the state to a mere regulator, leaving it to the markets. The growth of economies and the wealth, was the brightest spot of capitalism. With all it’s successes, it failed to feed those 2 billion population, who still live under abject poverty, those 4 million children who die before reaching the age of one year, those children who never happened to go school and those countries whose GDPs are much lesser than the Market Capital of MNCs.

    The unintended benefits:

    The unintended benefits the are believed to be accrued are growth, innovation, effective utilisation of resources, redistribution of incomes and the benefits of perfect competition in an economy. Capitalism has indeed been successful in bringing about growth, this is evident especially in case of China, which has growth continuously for over three decades and India whose economy has grown over 4 times it’s GDP since liberalisation. It has even led to innovation in every sphere of life,competition has largely prevailed. The distribution of income and the effective utilisation of resources which is at the root of inclusive growth and development remains afar.

    What is hindering the distribution of income and effective utilisation of resources ?

    As Thomas Picketty, in his book Capital in 21st Century points out , the return on capital, is much higher than the growth rates in wages and other factors of production. This led to a situation where wealth has started to accumulate in the hands of a few people. The taxes have been cut down drastically and the tax benefits to the corporates has been increasing significantly. In india for instance, the corporate taxes are at 34%, which is slightly on the higher side but the tax subsidies of over 5,76,000 crore brings down the benefits of growth and the corporate taxes. This accounts to 5% of GDP, which is on par with the social investments in India, which stand at 6% of GDP.

    The effective distribution of resources, has failed owing to the crony capitalism, wrong policies of the governments in allocating resources to the people and allowing their concentration in the hands of a few corporates. This is most evident in the case of Chattisgarh and Jharkhand States, the mineral rich state of india, which are the abode for the poorest in the country.

    Is capitalism at logger heads with inclusive growth?

    The Kuznets curve proposes that in a capitalisist economy first increases and then decreases economic inequality, which is being opposed today. This is evident from the increasing genie index. The gini index has increased to 0.36 post liberalisation in india, this shows increasing inequality and failure to foster inclusive development. This can be attributed to a number of factors such as :

    Lack of effective democratic institutions,
    Lack of effective redistribution mechanisms,
    Lack of absorption capacities and state capabilities,
    Corruption and crony capitalism.

    With effective mechanisms, capitalist policies can effectively foster inclusive growth and also supplement the efforts, through increased incomes and GDP.

    Has india taken necessary steps to foster inclusive growth?

    India has many mechanisms, in place such as the subsidies, the devolution of finances to the Panchayats and local bodies, progressive taxation, social programme such as NREGS, RTE and other accountability mechanisms such as RTI. Along with these the measures, the steps such as rationalisation of tax holidays for corporates, CSR spend of 2% being made mandatory, setting up District Mineral Foundations and cesses for development. While these measures have had both positive and negative impact, their effective implementation can go a long way in fostering inclusive growth in a capitalist economy.

    The fall in poverty levels, increased education health, percapita incomes and indeed reflect that the steps are in the right direction. These have to be more efficient and targeted.

    For capitalism to be effective, inclusive development is must and vice versa :

    Growth has to be comprehensive, in economic, social, human and even the environment. This can only be achieved through inclusive developmental efforts. India has to channelise the benefits of economic growth in developing the social, human and environment. The efforts of skilling and increased spending in the social sector, by increased flexibility to the States in implementation of policies etc. This increases the productivity of the economy as a whole, in turn increasing the consumption across the radar, which forms the basis for capitalism.

    The other major aspect of inclusive development in india is investment in agriculture, as more than 50% are involved in agriculture and reside in the rural areas, growth can be inclusive only if it has a positive impact on agriculture and rural areas.

    India has to a certain reaped the benefits of capitalism and could foster inclusive growth to an extent. For this to be continuous, we should have effective democratic institutions, developed state’s absorption and capabilities with a bottom up approach whereever necessary. While india is moving in the right direction a lot more has to be done.

    • Isha

      Hi Krushi! I must say yours is a perfect piece of work. Perfect segregation into headings, examples and the flow was good too. You have dealt with each and every dimension. Only thing i wud say is work on a strong conclusion and makin your piece of writing an interactive one or may be more interesting as if u are engaging the reader. That wud do wonders 🙂
      Keep Writing and reviewing. ATB!

      • Kind of lost interest in the end, felt like I wasn’t doing the essay right. Issue was didn’t sit down and think through before I started writing, thanks to Ind vs AU’s match, got worse. Thanks so much for the kind words!!!

        • Isha

          Same here, by the time I reach end- i just get too much tired :p
          Dont know why 🙂

    • Raunak Vashisht

      Hi,
      the undermentioned are my personal views, take them only if they help you improve, else u are a pro already 🙂

      1) Unintended benefits ?? In India when we took to Industrialisation over agriculture, these unintended benefits were very much intended to trickle down.
      2) The flow and all are good, seems u r taking good written notes from newspapers, the french economists book stuff and all.
      3) When there is a global cry over rising temps why not mention a few points : Inclusive green growth and Environmental sustainability.

      Rest, m still a naive at economics, learnt a few new things from your write up (Unintended benefit :D)

      U seem to have economics as your optional ?

      Keep writing. Thanks !

      • Thank you!!

      • Also, check the stats, in case u didn’t (am sure u would have). Most are from my memory,

        Haven’t been preparing for a while, so can be old.
        May not be exact,, not betting on my so much. There can be slight difference.

        Thanks!

    • Pratibha

      Hi KrushI.. gudmrng!
      I really liked reading ur essay…flow was very nice..
      U have addressed the topic well…

      Can’t think of any suggestion…I cnt even write lyk dis…
      But I wud say dere is always scope for improvement…so keep writing..:)

      All the best!!

    • Batman

      Hi Does it matter?
      my views:
      1)I find your essay a bit academic because of the terms that have used
      2)How capitalism can bring inclusive growth had been handled in detail but do you think it was required. I think this suggestive argument could have been reduced
      3)Conclusion was a bit abrupt for me
      I have a doubt: Is it essential to focus on India when it hasn’t been mentioned in the topic. Please reply!

      • Thanks bro!

        Academic : whatever I wrote is from what I read in newspapers and some basics of economics, nothing beyond. I just hope, I didn’t over do.

        The detail is because the essay explicitly asks if it can bring or not and substantiation of that requires some stats, I could have gone much deeper but didn’t as length doesn’t permit and not warranted. This is a micro level essay, just one aspect. Suppose the topic was capitalism is the best form, you have a million this to write about u can write about socialism GDP, inclusive growth, human development, etc etc, here your scope is limited, it specifically asks about one aspect. If you talk about other aspects such as how socialism brings it, you are beating around the bush. (I hope am not talking too much)

        Conclusion : Yes could have been much better, just ended it was between the T20 match and other stuff while writing and got bored.

        Focusing on India : See my thought process was to show if capitalism can help or can’t help bring inclusive growth. This can only be done with some facts, to have a strong argument. I chose india because I knew some stats. Even though I did mention US and China it was limited as I didn’t know much there, if you know you can show. At the end, these are all facts, no one can deny facts and if u get the analysis right, you are spot on.

        Essay and in fact answer writing is about playing with what you know (as we wouldn’t know everything about everything.) and the presentation. Doesn’t matter if it’s India or US, as long as u make the point clear to the examiner. And wherever you know some facts, add them to support your answers.

        I never wrote mains, so I have no clue if my method fetches some marks. But this is how I deal with answer writing, I may be completely wrong here. Thanks! BTW, what took you so long to review?? There are few people I ask to review and you are one of them… 😀

      • Also, you know my name now.. :p

  • Mohit Mathur

    Raghuram rajan pointed out in his book fault lines, that an economy can be judged by who its billionaires are. if the billionaires are in information technology, for eg., or retail, or consumer goods – sector relatively free from government interference, & where state support is not what can make the difference between success & failure – then the economy is healthy & competitive. if the billionaires are in the resource – extraction industries – in mining or petroleum say – or in other such sectors where government permission & government regulation are central to making money, then the economy is in trouble. India is very firmly the later.

    What Capitalism Means?

    Capitalism originates from the Latin “caput”, cattle heads, and refers to possessions. Capital is used in the 12th century and designates the use of funds. The term “capitalism” is only used for the first time in 1854 by an Englishman, the novelist William Thackeray—and he simply meant private ownership of money. The consecration of capitalism comes during the 19th century. With the industrial revolution came Karl Marx who focused on the appropriation of the means of production—and who predicted that capitalism, in its excesses, carried the seeds of its own destruction, the accumulation of capital in the hands of a few,mostly focused on the accumulation of profits, leading to major conflicts, and cyclical crises.

    The question here is “Can Capitalism Brings Inclusive Growth”?

    The richest 1% of the world’s population now owns 50% of World’s total wealth, according to a report by Credit Suisse. Fundamentally, excessive inequality makes capitalism less inclusive. It hinders people from participating fully and developing their potential.The disparity also brings division. The principles of solidarity and reciprocity that bind societies together are more likely to erode in excessively unequal societies.

    Why inclusive growth is not possible under capitalism, Here are some reasons:
    -resources which are scare will be in the hand of capitalists only
    -they produce (goods & services) what is demanded in the market
    -capitalist ultimate aim is to make maximum profit by production
    -if in that capitalist economy income inequality already, maximum chance are this inequality will be more (rich more richer & poor more poorer)

    If we take a look at capitalism in indian prepective then in a report by world bank in which it looked at the firms in the US & India, decades apart. In The US, they found that 35-year-old Companies had, on average, grown 10 times as much & employed 10 times as many. But in India, the productivity of 35-year-old from merely doubles, while its headcount falls by a fourth’, its because of our capitalist approach, why? Production increased as well as demand but the firm hasitated to hire more, which ultimately leads to Violation of labour hours & stress, But we lack mechanisms to enforce them because our economy is transforming into a capitalist economy

    with democratic regulations. The Recent Maruti Suzuki Manesar plant unrest which lead to violance & which ultimately lead to suspension of all plant workers, there demands were are not something extraordinary or driven by greed, their demands were nominal pay hike & work hours regulations, it doesn’t mean that suzuki lack resources to fulfil their demands, Suzuki India Operates Under a brand name of maruti suzuki in india, as now government has nothing to do with it as it was in its inception. Suzuki india which constitutes more than 70% income resource to suzuki inc., Japan is a cash rich entity which recieves ?2300+ crores as in 2013 as in royalty for using suzuki name along with maruti, it will took suzuki just a mere of less than 1% of its profits to address its employees demands at manesar plant but they didn’t & our government was just looking & doing nothing, because of government fears capitalist, which not only making government corrupt but also Backchanneling every reform & policy intended for greater good of society for their own benifit which ultimately leads to environmental destruction & sometimes to violance in form of naxalism. we not only need strict regulations but strict enforcement too.

    If one look at history of India from independence, the life of poor has improved after opening up the economy than the later, what matter is if the labor decide to improve their life and risk taking abilities, then there can have better opportunities in a free market than in socialist economy. To do so, we had to:
    -Focus on tranformation rather than simple incarnation
    -Establish environmental sustainability as a new cultural norm
    -Banking regulations as capitalists are intended to make our banks bankrupt, we had to contain our NPAs & move towards enforcement of Basel-III norms by 2019.

    We have no time to lose. As Mahatma Gandhi once put it: “The future depends on what you do today”

  • awaneesh

    Answer-the capitalism implies for such a means of production where capital is
    controlled by the private hands.capitalism focuses on maximisation of profits
    by selling goods so that profit accrued by this sell can be invested for dive-
    rsification and maximization of production.capitalism brings comptetion among the
    enterpreneurs to find advance means of productionn , improvement in technologoes.

    it is said that capitalism can bring inclusive growth.first of all the meaning of inclusive
    growth should be understood. the term inclusive means that every section of the society should
    enjoy the benefits of growth.there must be a level playing field that favours for all not few.

    capitalism is playing important role in bringing inclusive growth in india.many of projects like
    road projects, water suply projects, building, bridge, railways etc done by capitalist are beneficial
    for the poor.along with this the taxe paid by the capitalists is a major source of government revenue.
    capitalists under CSR Act are providing several facilities such as health, education, internet, better
    employment ,tranportation etc to the common people.

    but neative effects of capitalism should also be seen.capitalism is responsible for depriving the people
    of the benefits such clearing of forest areas to set up industries.due to it many of persons specially
    tribals groups are losing their valuable source of livelihoods.due to rampant clearing of forests areas
    the air pollution is increaing and many of diseases are coming to the people due to air pollution.air
    pollution is also threat to climate change.

    capitalism has positive and negative effects to the people and society.but at present capitalism
    is necessary for inclusive grwoth in india.india needs capitalists to provide facilities such as health,
    education, transportation, internet , etc to the common people through PPP model as india can not bear the
    whole expenses of the projects.india is trying to encourage the capitalists to help proveide facilities to
    the people through increasing FDI in several sectors.so it can be said that capitalism can bring inclusive
    grwth.india should try to take help from capitalism to acheive the goal of inclusive growth.

    • Utkarsh Singh

      hey friend….good beginning but way short in length…keep in mind you have to write around “1000 words”. you have written only around 350 words. Your points are very good and you just need to elaborate more…
      you could mention more points in
      *corporate social responsibility(there are many sub points of it so can be expanded more)
      *usefulness of new schemes like Start up india could strengthen private groups and provide inclusive growth through employment etc(could be added as it is relevant scheme in recent times) …
      *expand PPP model more

    • Vivaan Khanna

      whatever u wrote is ok..but not from essay’s point but from GS answer point of view..read others’ essays..u will get many points to write..first essay not bad…keep it up

    • Leiter The Leader

      1.Don’t start off essay with subject itself..add some introduction.
      2.Your didn’t use your word limit yet…You have not talked about Inclusive growth except few lines in the starting.
      3.This not question and answer…so feel free to ope your mind.

  • awaneesh

    PLZZ REVIEW MY FIRST ESSAY….

  • Tanu Singhal

    Capitalism is the economic and market structure where the OWNERSHIP of resources lies within the PRIVATE HANDS. That is, when the govt has no role to play in the resources management and its utilisation or even distribution.
    It is a form of market structure, least favoured in the developing or under developed countries, because of its inherent feature of bringing about an economical divide in a society.
    This form of market structure, is solely based upon the fundamental of economic activities I.e.. PROFIT MAKING, that too at cost of people and society, and even in the worst case scenario, at moral costs and non ethical grounds.
    Here is the labour class, and the owner are so distant, as a social stratay, that even the culture, ethics, households etc. Are differentiated, in any urban set up.
    For it being a feature of mainly the industry driven economy, the huge differences in that same profit making cam be seen, worsening the situation.
    If go back and try to find its roots, we can go back till the renaissance era, and later the birth of bourgeoise and proletariat.

    as KARL MARX, the great , puts it, this system have divided the society amongst HAVES and the HAVE NOTS,for HAVES Being the bourgeois class, with ownership of means of production and HAVE NOTS being the proletariat or the labour class, with no ownership of any means of production.
    His theory, is one such , which revolutionsed the world, the FRENCH REVOLUTION, THE RUSSIAN REVOLUTION, even the wars the many freedom struggles can be traced to have roots form this theory only.

    Moving on, the opposite if this capitalism is SOCIALIST structure, wherein, all the resources are owned, governed, used by the govt. And its the givt only, which decides the distribution.
    Here there remains no divide, because govt acts to rekovce that divide only.

    Socialist system has been back bone of many countries, but if not supported by good infact ample consumption demand, that too domestic it can lead to stagnation and depression.
    This structure mostly depends on domestic trade
    The basic difference pther than the ownership, among socialist and capitalist structure, is that of trade extent.
    If we look intelligently. It was only the quest to accumulate the wealth , capital and more menas of resources the developed nations tried to imperialise the other nations leading to establishment of EAST INDINA COMPANY in india as well.

    For 2 centuries we were a victim of exploitative capitalism.
    Hence when we got independece , we initially chose a socialist structure, but obviously with limited resources, and limited skills, almost no education rate, no industrial knowledge, no infrastructure, our system collapsed.based on Russian five year plans , Nehru had opted this system of planning, but there the goivt was completely anarchist, here, we weren’t.
    Leading to the 1991 crisis, the IMF is accused of bringing the capitalist regime back to India, infact our leaders were reluctant cz of the same reason, towards opening our economy to the world.

    But with 1991 LPG, we entered into the stage of a new era,where the global politics and diplomacy is now being defined in the economical grounds again,but with different ownership structure.
    Toady,india is entering into a stage where is actually need capital accumulation and infrastructure development, along with huge foreign investment. We are inaa need of bringing capitalism, for its very feature of capital accumulation.

    When we talk of any economic structure, we become biased towards the poor, and with that we first about the rationale behind any economic structure, its very fundamental of MONEY AND INCOME CIRCULATION., it works on demand supply cycle and thus the consumption and income cycle, whenever a factory starts, a worker gets money, and this the economy gets a bosst.
    As SAYS law goes SUPPLY CREATES ITS OWN DEMAND, thus the money circulation, reaches the poorest of poor, either via salaries, or via taxe,or via services, or via consumption.

    And TRICKLE DOWN EFFECT sets in, the only thing very logical and obvious with capitalist structure is circulation of money and trickle down effect, ie the growth, taking place is bound to reach the lowest possible strata of the society.
    Although most not that easy to go , it takes longer business cycles but with following measures even India can endure that.

    >Tax slabs to be redefined. To avoid tax evasion.
    >consumption tax can be introduced to check the consumption of rich starta , will directly cutail the back money,thus more resources and money for poors.
    >better coordination with govt and capitalist, to actually channelise the trickle down.
    >effective labour laws.
    > stringent industrial laws.
    > redefining the TRADE DISPUTES Act AndTRADE UNIONS ACT, to actually give just legal measures with labour and other workmen.
    >CSR clause of companies act has to be made an important and compulsory Law of land.
    >the whole companies act, FDI and FII related laws has to be brought in coherence with international standards and at the same time more helpful to labour class, but not biased against the capitalists.
    >services sector is one major of Indian economy, it has to be nurtured well, with even better laws , and rights issues for professional. Such as pension plans.

    India is a country with a great potential, capitalism here, is a far off destination, but with defective measures, even if can bring incsluive growth.
    The social aspect of growth can only be met with capitalism if enough effective incentive SAS well as protection to the whole society is given.

    • upen

      a very nice attempt, less on ways how capitalism can bring inclusive growth.

      some essential points-

      capitalism can bring inclusive growth if-

      1- focus shift from wealth to profit

      2- shift from exploitation to competition

      3- need of regulator(regulation)

      4- shift from individual to companies

      • Tanu Singhal

        Yeah, right could have added,

        Will avoid the long intro..
        Thanks for the review and value addition

    • Sepoy No 1446

      Try to capture your position/stance/view in introduction..there is no need to give such a detailed description of what capitalism means..its better to give max 4-5 lines and then talk about inclusive growth..this way u give an orientation to ur essay and examiner can expect what u are going to talk.

      The examples and content covered by you are wide..but one will have to work hard to find ur stance ..hence better to state in advance or give an indication and then talk about it.

      ur essay has great content..i guess u don’t write essays too often..otherwise with such great contents u can manage a great essay..just need to work on how to approach..read Arvind’s model..He has mentioned somewhere in this page..how to approach essays..

      ATB.

      • Tanu Singhal

        Right, I too felt I carried away with intro…
        Will work on every bit u pointed out.

        Yes I don’t write essays

        Just started since 2016, but have been writing since.
        ( still it makes 4-5 so far , only)

        Ohk thanks, will definitely read his.

    • Wolverine

      Well Written Tanu Singhal,

      There are a lot many Spelling mistakes. Some in prepositions as well which made it difficult for me to read.

      Although I don’t have my syllabus (including NCERTs) completed, I fail to under how FRENCH REVOLUTION can have its root from MARX’s theory.

      I mean Marx lived from 1818 to 1883 and French Revolution took place in 1789

      The Essay is too SUBJECTIVE.

      Please note that we write an OBJETIVE Essay so that the examiner who may not be expert in the subject can enjoy reading and award good marks.

      There was mingling of ideas in some paras.

      But OVERALL IT WAS A NICE ONE.

      Hope to see your Essay Next week.

      KWAR (courtesy Ash) 🙂

      • Tanu Singhal

        Spelling mistakes, I hate writing via tab, but I had to, sorry for the discomfort caused.

        French revolution was earlier, right, but the reasons were same, the class dispute.

        Right
        I too felt that I completely drowned my essay into economics, which shall never be the case.

        Yes , will keep writing, and improving. Thanks 🙂

    • Leiter The Leader

      1.Starting off with direct capitalism is not preferable(acc.to me) you should add some masala..!!
      2.Some historical mistakes….Marx didn’t inspired French revolution.1789,Marx manifesto is in 1848(I’m a P.S Studnet you can’t fool me..:P),India adopted mixed economy not solely socialist as you pointed out.

      Overall nice attempt

      If you have time pls look at my essay

      • Tanu Singhal

        Yes French revolution was way too before him..
        But the class struggle was same, hence pointed out here.

        How can i fool anyone, in the age of Google baba. 😀

        Actually, honestly, as a new writer in essays, I don’t feel comfortable, as to how start..
        I guess practice will help me..

        Yeah, I made a mistake, should have written about mixed economy and Indian experience… Got stuck to nehruvian ideology rather,

        Will definitely review urs..
        N thanks for the review.

    • Isha

      Hi Tanu!
      1. Intro was in a layman’ term. Also, you didnt mention abt inclusive growth here. The solutions provided were more focussed on removing impediments of business world. Work on conclusion.
      Review mine if u get time. Keep writing 🙂

      • yogi

        Hi Isha, can u plz review mine i m coming to urs 🙂

    • Profoundis

      i dont understand y everyone is projecting capitalism as only profit making entity ..it is more than profits …..

      it is a “free market enterprise “n allows the market to decide its supply n demand..plays a level playing field for everyone…its drives on darwinian’s survival of the fittest ,,, capitalists are the wealth creators on both ends, with multiplication ( for themselves) and distribution through shares….

      i think most of all looking capitalism through unequal society , of course in any unequal society capitalism appears like exploiter as karl marx rightly put ..but it must be take note of his times n conditions when he wrote “das capital”.. i think in min unequal society it is the capitalism only triumphs than any other form, to achieve that all we need is fair play in min unequal society n different play in unequal society …

      i hope capitalism brought n would bring more inclusive growth than socialist ..see the state of socialist economies n capitalist economies in todays time …
      y ussr disintegrated? y india went for LPG, y south korea has more growth than north korea…

      y usa/japan/china becoming so rich day by day ….

    • U went from capitalism to socialism a communalism, then colonialism. The rest there is too much focus on trickling down and capital formation or accumulation. There is no mention of bottom up or social investments, I hardly found the word inclusive growth. All FDI and other capital formation part mentioned is only about trickle down, which is the reason for inequalities. Take a look at mine, if you have time. Thanks

    • Rancho

      Hi Tanu.. Overall very good essay. Flow of the essay is also worth mentioning. Few hiccups in my opinion:
      1. Defining inclusive growth would help
      2.You wrote: “When we talk of any economic structure, we become biased towards the poor, “. It does not sound politically correct from exam point.
      3. Also one may argue about trickle down theory. Had the money bound to reach the lower strata, we would have not seen such a concentration of wealth and inequality in societies.

      otherwise kudos to essay. please review mine

      • Tanu Singhal

        Will definitely do, just give me sometime.

        Thanks for the review ,:)

  • HHH

    What is Inclusive Growth? : Inclusive growth means growth of the masses. It means that prosperity of a nation should be enjoyed by everyone, irrespective of class difference. Traditionally, growth of a country has always been measured in terms of its economic prosperity. It overlooks the fact whether the growth percolates to every section of the society and leads to a balanced development or not. So we ended up with countries with good economic development but poor human development. It is this discrepancy that inclusive growth seeks to address.

    Inclusive growth will mean that people have access to housing, electricity, health care facilities, education, safe sanitation practices, clean drinking water, clean environment and all other necessities that help in realizing true potential of people. It is the satisfaction of people that counts more than anything. Thus, inclusive growth does not redefine the concept of growth but builds upon it. Economic development must become a means to achieve the end- Human development

    What is Capitalism? : Capitalism is an economic theory which dictates that all economic activities must lead to profit maximization, even at the cost of exploitation of others. This necessarily segregates a society into two classes- capitalist class and worker class. The capitalist class controls the means of production and own the produce while worker class offer labour in exchange for wages. Overtime, capitalist class becomes powerful and grows at the expanse of worker class.

    However, since the motive is profit maximization, capitalism facilitates talent development and thus the distinction between two classes is not rigid. An individual from worker class can move to capitalist class and capitalism will favour such transition if it leads to increased profit.

    Economic Prosperity of a Society for Inclusive Growth: One might wonder whether economic growth of a society is a precondition for inclusive growth or not. Whether ancient and medieval civilizations had inclusive growth before the theories of economics were put forward? It will be outrageous to claim that inclusive growth is a modern phenomenon and that pre-modern period did not have inclusive growth. The answer to this question lies in the way individuals interact with each other in a society.

    In modern times, monetization of activities has taken place. Every useful action of an individual comes with a monetary price attached to it. One cannot imagine to offer basic requirements like food, water etc. free of cost to people. The producer has to be compensated for his work. This makes economic prosperity of a society a precondition to achieve inclusive growth in modern times.

    Different countries have gone for different models to achieve economic growth. Post-independence, USA opted for a capitalist society. It became as one of the most economically prosperous nation by the time World War I broke out, but stark inequality that existed in the society and Economic Depression of 1929 is a testimony for the failure of the system to achieve inclusive growth

    India opted for a socialist form of society post-independence and later shifted towards liberalisation after financial crisis of 1990’s. However, as Human Development Index (HDI) shows, India stands at 135th position in the world and is still not able to provide for inclusive growth.

    Other countries followed an altogether different strategy and relied completely on government to boost production and achieve economic development. USSR opted for communist form of society. It was successful in the beginning to the effect that it did not suffer from the Great Depression of 1930’s but unsustainability of the model to optimize resource utilization led to the collapse. Cuba, for a very long time, has provided for all round human development by following communist ideology. However, the economy is starting to show some signs of underperformance.

    However, none of the countries were able to provide for inclusive growth to its citizens. It is because of the misplaced trust on economic development that a society places and hopes for it to trickle down to all sections of the society (Trickledown Theory). Thus, all we are left with a society where rich get richer and poor get poorer.

    Role of Government in Inclusive Growth: Role of government in inclusive growth becomes clear when one tries to analyse failure of trickledown theory. The necessary link for the economic development to transform into human development is provided by the government in the form of welfare measures. The production is left in the hands of capitalist class which is subjected to regulations by the government. The government makes sure that each and every individual has access to affordable and quality services to lead a happy and well contended life. Consumers come to the forefront and producers compete for market share. This type of economy, called market economy, can provide for inclusive growth. This model of development is adopted by USA post Economic Depression of 1929. The success of USA and western European Nations in providing for inclusive growth highlights the importance of government involvement.

    Conclusion: Inclusive growth, although it focuses on prosperity in all spheres of life, depends heavily on economic growth of a society. Capitalism, by its very nature, always tries to achieve optimum utilization of resources to stimulate economic growth. But in the absence of supervision by the government over capitalist classes and absence of active participation in welfare measures leads to stark inequality in the society between capitalist and worker class and falls short of achieving inclusive growth. From the experience all over the world, we can say that capitalism in itself is not sufficient for inclusive growth. There need to be a fine balance between the government and capitalist class of a society to achieve a bigger objective of peace, prosperity and development for all. A path India has just began to walk on.

    • HHH

      @tanusinghal:disqus @leitertheleader:disqus Can you please review when you get free time?? This is my first essay.
      I read your eassy Leiter, it is fantastic. Tanu, I cannot find your essay but appreciate your thought process in the comments you put in Ash’s essay. Please review…

    • HHH

      Hi guys…
      This is my first essay. Please review and please comment on the structure of the essay besides content.

    • DaV!ncI aka draco

      you wasted almost 300 words just trying to define inclusive growth and capitalism which u can explain in single para……essay doesn’t mean u have to fill up………..but try to justify the topic…….i hope u got the point…….anyways being this is your first essay…….nice try……also before writing try to do some research on the topic……..keep writing ……you’ll see improvement urself………….never ever neglect essay……..best of luck!!!!!!!!!

    • Rancho

      Hi HHH.. essay is good.. as davinvi said intor could have been shorter..otherwise very nice.

  • Gladiator

    CAN CAPITALISM BRING INCLUSIVE GROWTH
    Inclusive growth basically means making everyone to be sure included in growth.Irrespective of class,caste gender ,sex and religion. Inclusive growth is not a new.It define in the eleventh plan of india for growth process.It has to yield broad based benefit and ensure equality of opportunity for all.It stand on equitable development and growth with social justice.So for inclusive growth has been widely used since,yet by reputed multilateral institutions and policy makers.Its main approach is to the production of the employments and the sustainability in long run.In term of, the access of market.It give equality of opportunity to all . By and large, capitalization owned by private owner in an economy.In modern time, capitalism become dominate.Indian has been following mixed economic development. It is in our economy but its form under the government regulations.India had a huge capitalist economic experience in colonial period,During the period india economy was integrated to world economy by capitalist. Meanwhile, British raj who were ruled,made it subordinate economy of the world for their benefit . However the economy of the country drain to England.

    Indian is a democratic country, there should be an equal opportunity to all. When we talk about economic prospective.It should take equal platform in Indian society.But some of class has away from economy still.Why should it by the way some of the classes remain away from the economy of india. In case of india, economy has to walk on social justice.Because diversity of all aspects must take under it place.In fact ,in manner of the Indian context.The tribal are remain away from economy. Moreover, Tribal are primitive and Indian economy is walking on modern technology,each other has gap. Hence, the government’s schemes and programs must reach to tribal and depress classes. It is a view of Indian economy.

    Inclusive growth and its way since
    In the Indian economy,huge mount of the people rely after service sector is to be on the agrarian economy.It taken per annum 3% of GDP after The Green revolution up to mid 1990s and then it dropped merely 2%er annum, during ninth and ten plan.Even though, the growth of food grain fell shortage.meanwhile ,In fact,the society taken its parts of economy,based on the agriculture ,non agriculture,the rural,urban and rich and poor are divided based on region.In case of regional.India is geographical diversity. Some of parts have rich resources like mines and fertile land even the other regional areal are not at all find. However, least benefit for growth and rise prosperity.The economic reform initiative introduced in 1990s.

  • Akshay

    capitalism

    Intro:

    The buzzwords such as trillion dollar economies, per capita incomes, GDP growths are ubiquitous. They are increasingly becoming household words. It is seen across the media platforms, election campaigns and so on. All the governments are talking about the growth lead prosperity and increasingly showcasing of improving financial conditions, their rankings such as ease of doing business, rhetorics of reforms to attract capitalists and their foreign capital.By doing so the governments are increasingly depending on the capitalist investments- sovereign funds,pension funds, cheap foreign funds in the form of institutional or direct investments. With these investments comes with the obligations and risks at the same time making the governments to shy away from the responsibilities of taking care of its citizens. They are increasingly seen taking back seats in the form of facilitators over being the leaders in public and social sector investments.No doubt,Capitalism has truly transformed the world with improvement in quality of life at the same time it has brought numerous questions in its wake. One such question being asked today is that, has it brought inclusive growth? we shall see the effects of capitalism over the course of the next few paragraphs.

    India is in the phase of what experts and leaders of the governments call it Neo-LPG era. The present government has been moving fast about improving the business culture, fast tracking of proposals, liberalization of Foreign Direct Investments(FDIs), Improving the tax culture to favour the investors who are” capitalists” and whose motive is most importantly the profit. Neither are they really interested in improving the living conditions of the poor nor are they want to invest in sectors such as social sector. The government is surely wanting to take advantage of the “Fastest growing economy” tag as being quoted by leading organizations such as IMF and World bank amongst many and the demographic dividend postion that they just cant let that advantage of the youngest population slip out of their fingers. The schemes such as “Make in India”, “Start UP India” are very welcome steps, But their facilitator role should be assumed with not just a pinch of salt but a spoon full of it. The government need to realize that the capitalists are not willing to build our broken health network nor are they willing to bring poor out of extreme poverty. The capitalists are increasingly becoming richer and today they stand at 1:99 percentage in terms of wealth accumulation as per the Oxfam report. The government need to more than willing to spend in social sector not by cutting its spending in so many schemes related to nutrition and health such as ICDS and AIDS.

    Even the burgeoning growth in double digits of the Chinese economy has started to show chinks in its armoury of fast economic growth. The poor working conditions, environmental degradation, inequality amongst growth across its region are some of the major flaws of its GDP based growth model and its export based economy. The country’s slowdown has been affecting the worlds emerging market economies which are increasingly depending on the foreign funds to feed their poor. African nations are suffering largely due to ecomomic slowdown and the fall in commodity prices and lack of demand. This has led to flouting of environmental laws, extremism, alienation, conflicts etc.

    In the name of liberalization and improvement of business culture tweaking of labour laws, land aquistion laws, environmental norms are being diluted. The tribals in the resource rich regions are increasingly facing the wrath of the capitalist curse.

    The governments are shying away from investing in education leading to mushrooming of private schools who in the name of variety of fees plunder the public in the name of international schools. this has lead to also drop in the enrollment ratio in schools and poor quality of education.

    Also, The health and agriculture sectors are taking the beating due to lack of real coviction shown by the governments as well as capitalists. More than 50% of the indian population are directly employed in agriculture and the rate of growth has been dropping due to changing weather and cold shouldering of this sector by the capitalists has led them to increasing povetry and farmer suicides. Also, pushing them towards the cities for employment and they end up becoming unskilled workers doing menial jobs. The Health sector has also been affected due to rising costs due to capitalistic policies such as patents that prevent the pharma companies from making generic drugs that help poor in treatment of numerous disease. Though the countries such as India are TRIPS compliant, the capitalists lobby against generic drug manufacturing and make clauses such as Voluntary licencing(VL) which prevent the pharma companies from selling those drugs in the countries that need the most such as African countries.

    The Governments should take a relook at the FDI or foreign investments as in most cases the black money from the source country are are just being round tripped through various tax havens such as mauritius, caymen islands mostly in the form of P-notes. Thus the FDIs and policies such as Transfer pricing are devoiding governments of its rich tax sources. This chimera of foreign investments have been eating into the tax revenues thus leading to cut in spending from the govt. side towards social sectors mentioned above and making them to beg these caitalists to come and invest in the country. Rather the government should ramp up its tax collection by widening the tax base by bringing in reforms in the taxation laws like GST in india and increase the tax to GDP ratio and following a sensible method of taxing the capitalists and not by the modes of tax terrorism and retrospective taxes as shown in the case of Vodafone and Nokia cases.

    Sure, the capitalism has brought in technology, improvement in efficiency and has drastically improved the quality of living but, only in pockets. But, The capitalists are interested only when the country is going on a fast track growth. The are the first ones to desert the ship if they see the signs of sinking. The growth led approach has shown that only when there is increase in government spending there is signs of private(capitalist) spending.

    Even the latest nobel laureate in economic Mr. Angus Deaton has been a promoter of social sector spending to improve public lives. The world has seen its effect of capitalist policies and increasingly socilaist leaders are gaining importance like democratic party hopeful Bernie Sanders in the US , The Syriza’s rise in Greece and few countries of the capitalistic europe like UK and France.

    Therefore, The governments should tread a cautious path while formulating policies not to get carried away by the lure of capitalistic funds. In the increaingly globalised world capitalists are important for their innovations and keep the competitors on their toes to provide improved service delivery. Hence, the balanced approach of capitalistic investments and government investments should work in tandem complementing each other in their goals. The governmnents should stick to its role mainly as a leader and later as a facilitator. It should concentrate on increasing the revenues by plugging the loop holes of tax evasion by reforming the laws and taking commitments at the international fora for tax evasion like BEPS, at TRIPS and at WTO for fighting against unethical patent policies and faulty regulations that favour rich capitalist countries in trade respectively and showing greater political will to point at the capitalists role in increasing poverty and inequality as the Pope Francis has rightly pointed out.

  • Bipasha Kalita

    My first essay – kindly review.

    Sarita and Ira are two young women pregnant with their first child. They both have loving husbands, with their respective families being very excited about the upcoming arrival of a new family member. But the vital difference was that while Ira delivered a healthy baby in a big private hospital in a city, Sarita succumbed to excessive labour pain and bleeding while being carried on a cot to the nearest public hospital, which was 30 kilometers away from her remote village. Lack of neither adequate medical facilities nearby nor ambulance/transport facilities led to her and her unborn child’s untimely death.

    These kind of heart wrenching instances are very common in today’s world which is experiencing lop-sided development. In India, where 68.8% of the population still resides in rural areas, inclusive growth remains elusive. The 1992 economic reforms paved the way for liberalisation-privatisation-globalisation to boost economic growth, which to an extent has been achieved. Today we boast of growth rate in our GDP in the range of 6-8%, but we still have a big chunk of our population devoid of basic amenities like potable water, electricity, toilets, quality schools to name a few. Hence, the viability of capitalism stares us on our faces.

    The first treatise of Capitalism was Adam Smith’s ‘Wealth of Nations’, which spoke of the ‘invisible hand of the market’. Smith propounded that private players should be allowed to use resources and capital to produce goods and services and distribute them in the market, without undue Government intervention. The idea behind Laissez Faire was that capitalism would lead to efficient allocation of resources. But, this has failed in the world’s foremost capitalist economy i.e. USA. In 2012, eminent economist Alan Krueger noted that since last 3 decades increasing inequality in USA has led to unhealthy division of opportunities, hampering economic growth.

    The first cause of concern is capitalists’ profit-mindedness. Most of the companies’ rules and policies are framed keeping in mind the profit margin. This leads them to being less concerned about employees’ well-being or their responsibility towards society. In their urge to boost profits, private players at times adopt unfair trade practices, evade taxes, indulge in money laundering. Such means hamper the true growth potential of a country. Governments are left with less revenues to invest in social sector schemes to provide basic services to the poor.

    Also, private players are reluctant to expand to small towns or rural areas, which aggravates the rural-urban divide. The city dwellers have better access to modern amenities, while people in rural areas remain divorced from them. Private companies are yet to make their presence felt in the North-East region of India. The region still remains divorced from modern education and healthcare facilities. Many youngsters have to go to bigger cities like Delhi, Bangalore in search of jobs to have a good standard of living.

    Today we witness several private hospitals mushrooming in the urban areas. They boast of modern equipments, specialists, hygienic amenities and efficient services. However, they are exorbitantly expensive and are affordable mostly to the rich and the upper middle class sections. The poor are excluded from their services as they may not have the money to pay for the fees of consulting a specialist. The government hospitals in the villages mostly have absentee doctors who are reluctant to go to rural areas, without adequate beds and equipments.

    In the education sector, private schools in the urban areas have good education curricula and infrastructure. But many a times they adopt corrupt practices to make profits, recent case being the increasing cases of corruption in the private schools of Delhi. RTE’s guidelines to reserve some seats for EWS students are mostly flouted by the private schools, as pointed out by leading think-tank Centre for Civil Society’s ‘Patang’ project.

    Financial inclusion in India is still a far-fetched dream for India. A recent study showed that about 60% of the rural people still borrow money from private moneylenders who charge high interest rates. India houses the world’s largest number of malnourished children in the world. As per Gender Inequality Index, India’s rank of 76 does not paint an impressive picture. Women participation in the labour force in India is still a lowly 24%, amongst the lowest in the world. About 50% of our population still do not have access to toilets and potable water, thus causing adverse health repercussions. Thus, India needs to go a long way towards achieving inclusive growth.

    Though capitalism has its inherent loopholes, it has its own advantages which can be harnessed to facilitate inclusive growth. Thus the need of the hour is ‘capitalism with adequate Government intervention’, as pointed out by John Maynard Keynes.

    The government can partner with the private companies in a PPP mode to cater to the needs of the poor. The capitalists are technologically rich, which can be harnessed by the government to improve the standard of living of the poor. For example, Water ATMs under the ‘Jeevan Amrit Project’ in Rajasthan, which provides 24*7 access to potable water in the arid villages. This is a PPP initiative of Cairn India and Rajasthan Government. Government can partner with ‘Free Basics’ and ‘Project Loon’ projects of Facebook and Google to facilitate internet penetration in the rural hinterlands. The world is on the verge of witnessing the 4th Industrial Revolution, which will be technology-driven. Thus, partnering with the private players to foster inclusive growth will be very crucial.

    Capitalism brings with it great efficiency in work, leading to timely delivery of work. This is opposed to the bureaucratic red-tape and delays which we witness in public sector enterprises. For example, the excellent services provided by the private sector banks. The government should incentivise the private banks to open branches in rural areas so that the poor can also have access to efficient and timely services.

    Government’s mandatory CSR spendings is another step in the right direction towards achieving inclusive growth. Agriculture being the mainstay of Indian economy, private players should be incentivised to involve themselves in the agriculture sector. They can bring in crucial technology in important areas such as food processing, crop insurance to name a few. Government should also encourage the emergence of ‘social entrepreneurs’ to innovate new ideas to foster inclusivity in the Indian growth process.

    One should remember that many of the world’s capitalists are also the biggest philanthropists. Mention can be made of Azim Premji, Shiv Nadar, Ratan Tata, Bill and Melinda Gates Foundation and Chan Zuckerberg Initiative. Their efforts at boosting inclusive growth need to be acknowledged and harnessed adequately.

    Lord Buddha has rightly propounded ‘Madhyama Pratipada’, i.e. to avoid extremes of anything and adopting a middle path in all spheres of life. This middle path logic aptly applies in this context too. Capitalism in totality may not be a boon to reduce inequalities in society, neither a state-led economy which may be restrained by its own inherent inefficiencies. The best way out is adopt the bests of both the systems, i.e. mixed economy. India’s growth story will be complete in the truest sense only when the fruits of growth percolate to the poor. And this can be done successfully when both private players and government join their hands to work towards a better and inclusive society.

  • Bipasha Kalita

    My first essay – Kindly review.

    Sarita and Ira are two young women pregnant with their first child. They both have loving husbands, with their respective families being very excited about the upcoming arrival of a new family member. But the vital difference was that while Ira delivered a healthy baby in a big private hospital in a city, Sarita succumbed to excessive labour pain and bleeding while being carried on a cot to the nearest public hospital, which was 30 kilometers away from her remote village. Lack of neither adequate medical facilities nearby nor ambulance/transport facilities led to her and her unborn child’s untimely death.

    These kinds of heart wrenching instances are very common in today’s world which is experiencing lop-sided development. In India, where 68.8% of the population still resides in rural areas, inclusive growth remains elusive. The 1992 economic reforms paved the way for liberalisation-privatisation-globalisation to boost economic growth, which to an extent has been achieved. Today we boast of growth rate in our GDP in the range of 6-8%, but we still have a big chunk of our population devoid of basic amenities like potable water, electricity, toilets, quality schools to name a few. Hence, the viability of capitalism stares us on our faces.

    The first treatise of Capitalism was Adam Smith’s ‘Wealth of Nations’, which spoke of the ‘invisible hand of the market’. Smith propounded that private players should be allowed to use resources and capital to produce goods and services and distribute them in the market, without undue Government intervention. The idea behind Laissez Faire was that capitalism would lead to efficient allocation of resources. But, this has failed in the world’s foremost capitalist economy i.e. USA. In 2012, eminent economist Alan Krueger noted that since last 3 decades increasing inequality in USA has led to unhealthy division of opportunities, hampering economic growth.

    The first cause of concern is capitalists’ profit-mindedness. Most of the companies’ rules and policies are framed keeping in mind the profit margin. This leads them to being less concerned about employees’ well-being or their responsibility towards society. In their urge to boost profits, private players at times adopt unfair trade practices, evade taxes, indulge in money laundering. Such means hamper the true growth potential of a country. Governments are left with less revenues to invest in social sector schemes to provide basic services to the poor.

    Also, private players are reluctant to expand to small towns or rural areas, which aggravates the rural-urban divide. The city dwellers have better access to modern amenities, while people in rural areas remain divorced from them. Private companies are yet to make their presence felt in the North-East region of India. The region still remains divorced from modern education and healthcare facilities. Many youngsters have to go to bigger cities like Delhi, Bangalore in search of jobs to have a good standard of living.

    Today we witness several private hospitals mushrooming in the urban areas. They boast of modern equipments, specialists, hygienic amenities and efficient services. However, they are exorbitantly expensive and are affordable mostly to the rich and the upper middle class sections. The poor are excluded from their services as they may not have the money to pay for the fees of consulting a specialist. The government hospitals in the villages mostly have absentee doctors who are reluctant to go to rural areas, without adequate beds and equipments.

    In the education sector, private schools in the urban areas have good education curricula and infrastructure. But many a times they adopt corrupt practices to make profits, recent case being the increasing cases of corruption in the private schools of Delhi. RTE’s guidelines to reserve some seats for EWS students are mostly flouted by the private schools, as pointed out by leading think-tank Centre for Civil Society’s ‘Patang’ project.

    Financial inclusion in India is still a far-fetched dream for India. A recent study showed that about 60% of the rural people still borrow money from private moneylenders who charge high interest rates. India houses the world’s largest number of malnourished children in the world. As per Gender Inequality Index, India’s rank of 76 does not paint an impressive picture. Women participation in the labour force in India is still a lowly 24%, amongst the lowest in the world. About 50% of our population still do not have access to toilets and potable water, thus causing adverse health repercussions. Thus, India needs to go a long way towards achieving inclusive growth.

    Though capitalism has its inherent loopholes, it has its own advantages which can be harnessed to facilitate inclusive growth. Thus the need of the hour is ‘capitalism with adequate Government intervention’, as pointed out by John Maynard Keynes.

    The government can partner with the private companies in a PPP mode to cater to the needs of the poor. The capitalists are technologically rich, which can be harnessed by the government to improve the standard of living of the poor. For example, Water ATMs under the ‘Jeevan Amrit Project’ in Rajasthan, which provides 24*7 access to potable water in the arid villages. This is a PPP initiative of Cairn India and Rajasthan Government. Government can partner with ‘Free Basics’ and ‘Project Loon’ projects of Facebook and Google to facilitate internet penetration in the rural hinterlands. The world is on the verge of witnessing the 4th Industrial Revolution, which will be technology-driven. Thus, partnering with the private players to foster inclusive growth will be very crucial.

    Capitalism brings with it great efficiency in work, leading to timely delivery of work. This is opposed to the bureaucratic red-tape and delays which we witness in public sector enterprises. For example, the excellent services provided by the private sector banks. The government should incentivise the private banks to open branches in rural areas so that the poor can also have access to efficient and timely services.

    Government’s mandatory CSR spendings is another step in the right direction towards achieving inclusive growth. Agriculture being the mainstay of Indian economy, private players should be incentivised to involve themselves in the agriculture sector. They can bring in crucial technology in important areas such as food processing, crop insurance to name a few. Government should also encourage the emergence of ‘social entrepreneurs’ to innovate new ideas to foster inclusivity in the Indian growth process.

    One should remember that many of the world’s capitalists are also the biggest philanthropists. Mention can be made of Azim Premji, Shiv Nadar, Ratan Tata, Bill and Melinda Gates Foundation and Chan Zuckerberg Initiative. Their efforts at boosting inclusive growth need to be acknowledged and harnessed adequately.

    Lord Buddha has rightly propounded ‘Madhyama Pratipada’, i.e. to avoid extremes of anything and adopting a middle path in all spheres of life. This middle path logic aptly applies in this context too. Capitalism in totality may not be a boon to reduce inequalities in society, neither a state-led economy which may be restrained by its own inherent inefficiencies. The best way out is adopt the bests of both the systems, i.e. mixed economy. India’s growth story will be complete in the truest sense only when the fruits of growth percolate to the poor. And this can be done successfully when both private players and government join their hands to work towards a better and inclusive society.

  • DaV!ncI aka draco

    Growth is inclusive when it allows all members of a society to participate in, and contribute to the growth process on an equal basis
    regardless of their individual circumstances. The concept of capitalism and the associated idea of inclusive growth are about a fundamental recalibration of our understanding of the purposes of capitalism and wealth creation.

    Capitalism has guided the world economy to unprecedented prosperity. Yet it has also proved dysfunctional in important ways. It often encourages short-sightedness, contributes to wide disparities between the rich and poor, and tolerates the reckless treatment of environmental capital.However,It has emerged as preferred ideology by which to guide economics by mere mode of elimination since it is the best of those available.

    Citizens around the world have lost confidence in current form of Capitalism, and it is a possibility support for capitalism may disappear and with it, humanity’s best hope for economic growth and prosperity. for eg. In Thailand, inequality has led to social unrest. The long-running standoff between the “Reds” and “Yellows” is largely about access to the spoils of growth. Many of the rural people, feel excluded from the privileges enjoyed by their urban counterpart.

    capitalism can be seen as central to the innovation and entrepreneurial risk-taking needed for economic growth. But, using conventional tools of economic analysis, there is no automatic, ultimately benign, broad sharing of income and wealth over the development process. Rather, greater inequality which perpetuates itself over generations is the more likely outcome and deepening inequality can fray capitalism’s virtue

    It is therefore time to consider new models for capitalism that are emerging around the world – specifically, inclusive capitalism.
    It is about reconnecting wealth creation and social justice — not only encouraging companies to pursue a corporate social
    responsibility program, but about challenging and supporting them to pursue a culture and a business model that has at its heart a deeply rooted understanding of the common good.The foundations of an inclusive system are given in our nature as human beings. The virtues of creativity, gratuity, solidarity and subsidiarity are fundamental to the pursuit of inclusive capitalism.

    Managing business in this way can also have a positive impact on social and economic development, suggesting a new form of capitalism: one that focuses on the long term and sees business as part of society, not separate from it; one in which companies seek to address the big social and environmental issues that confront humanity; one where the needs of citizens and communities carry the same weight as the demands of shareholders.

    The need for growth – specifically, the kind of inclusive growth that can provide jobs for the vast number of out-of-work young people and combat rising levels of income inequality – has never been more vital. Nevertheless, today’s debates about how to achieve sustainable, inclusive growth are too narrowly focused on the role of governments and policymakers. The role of the private sector – with its multinational reach, vast piles of cash, and ability to innovate – has been neglected.

    There are three main areas to which business should turn its attention if capitalism is to function in a more inclusive way and meet society’s most pressing needs. First, companies should work to overcome skills/jobs mismatches by investing in vocational training and apprenticeships. Rolls-Royce as one example of a company that is training its own work,force.It created an academy because they wanted their future leaders to be trained in all areas of the Rolls Royce business, in quality control and in the values of Rolls-Royce.

    Second, just as a collective effort is needed to strengthen the skills of national workforces, so, too, an industry commitment is required to support small and medium-size enterprises (SMEs) as part of the wider business environment. like Hewlett Packard is an example 10% of everything that they buy will come from SMEs. They are buying furniture, water, pens and pencils from SMEs. for this they earn fabulous public relations and broadening their supply chain.

    Finally, public corporations must be managed for the long term, and should be rewarded by investors for being more inclusive.For example, Unilever has rejected the short-term pressures of capital markets by ending quarterly earnings reporting and broadening its focus to advance greater social interests, rather than just the interests of its shareholders.

    The idea that underlies all of these initiatives, and the notion of inclusive capitalism itself, is that companies must be managed for the long term. Companies that follow this approach are concerned with the skills of their future workforces; seek to build loyal and productive supplier bases; and make investment decisions based on sustainable value creation, not short-term profitability.

    Admittedly, capitalism has led to increased inequality. Measures must be taken to limit the modes by which the rich keep getting richer and poor poorer. Capitalism combined with a strong regulatory state could keep growing disparities in check by redistribution of wealth. The state can act as the party that protects the interests of the public at large by limiting the negative after-effects of capitalism and regulating the same. While capitalism propels growth and provides job opportunities, the state must take upon itself the role of ensuring that the benefits of such growth and job opportunities reach all the people. While capitalist interests does not concern itself with the marginalized sections of society, the state can encourage capitalism in the economy to a rational extent and focus on ensuring that the ensuing growth is inclusive.

    Such efforts at redefining capitalism recognize that businesses must look beyond profit and loss to maintain public support for a market economy. All of them share the assumption that companies must be mindful of their role in society and work to ensure that the benefits of growth are broadly shared and do not impose unacceptable environmental and social costs.

    The mix of two can work together and succeed ,but will fail if tried in absolution.We have no time to lose. As Mahatma Gandhi once put it: “The future depends on what you do today.”

  • Bipasha Kalita

    My first essay – kindly review.

    Sarita and Ira are two young women pregnant with their first child. They both have loving husbands, with their respective families being very excited about the upcoming arrival of a new family member. But the vital difference was that while Ira delivered a healthy baby in a big private hospital in a city, Sarita succumbed to excessive labour pain and bleeding while being carried on a cot to the nearest public hospital, which was 30 kilometers away from her remote village. Lack of neither adequate medical facilities nearby nor ambulance/transport facilities led to Sarita and her unborn child’s untimely death.

    These kind of heart wrenching instances are very common in today’s world which is experiencing lop-sided development. In India, where 68.8% of the population still resides in rural areas, inclusive growth remains elusive. The 1992 economic reforms paved the way for liberalisation-privatisation-globalisation to boost economic growth, which to an extent has been achieved. Today we boast of growth rate in our GDP in the range of 6-8%, but we still have a big chunk of our population devoid of basic amenities like potable water, electricity, toilets, quality schools to name a few. Hence, the viability of capitalism stares us on our faces.

    The first treatise of Capitalism was Adam Smith’s ‘Wealth of Nations’, which spoke of the ‘invisible hand of the market’. Smith propounded that private players should be allowed to use resources and capital to produce goods and services and distribute them in the market, without undue Government intervention. The idea behind Laissez Faire was that capitalism would lead to efficient allocation of resources. But, this has failed in the world’s foremost capitalist economy i.e. USA. In 2012, eminent economist Alan Krueger noted that since last 3 decades increasing inequality in USA has led to unhealthy division of opportunities, hampering economic growth.

    The first cause of concern is capitalists’ profit-mindedness. Most of the companies’ rules and policies are framed keeping in mind the profit margin. This leads them to being less concerned about employees’ well-being or their responsibility towards society. In their urge to boost profits, private players at times adopt unfair trade practices, evade taxes, indulge in money laundering. Such means hamper the true growth potential of a country. Governments are left with less revenues to invest in social sector schemes to provide basic services to the poor.

    Also, private players are reluctant to expand to small towns or rural areas, which aggravates the rural-urban divide. The city dwellers have better access to modern amenities, while people in rural areas remain divorced from them. Private companies are yet to make their presence felt in the North-East region of India. The region still remains divorced from modern education and healthcare facilities. Many youngsters have to go to bigger cities like Delhi, Bangalore in search of jobs to have a good standard of living.

    Today we witness several private hospitals mushrooming in the urban areas. They boast of modern equipments, specialists, hygienic amenities and efficient services. However, they are exorbitantly expensive and are affordable mostly to the rich and the upper middle class sections. The poor are excluded from their services as they may not have the money to pay for the fees of consulting a specialist. The government hospitals in the villages mostly have absentee doctors who are reluctant to go to rural areas, without adequate beds and equipments.

    In the education sector, private schools in the urban areas have good education curricula and infrastructure. But many a times they adopt corrupt practices to make profits, recent case being the increasing cases of corruption in the private schools of Delhi. RTE’s guidelines to reserve some seats for EWS students are mostly flouted by the private schools, as pointed out by leading think-tank Centre for Civil Society’s ‘Patang’ project.

    Financial inclusion in India is still a far-fetched dream for India. A recent study showed that about 60% of the rural people still borrow money from private moneylenders who charge high interest rates. India houses the world’s largest number of malnourished children in the world. As per Gender Inequality Index, India’s rank of 127 does not paint an impressive picture. Women participation in the labour force in India is still a lowly 24%, amongst the lowest in the world. About 50% of our population still do not have access to toilets and potable water, thus causing adverse health repercussions. Thus, India needs to go a long way towards achieving inclusive growth.

    Though capitalism has its inherent loopholes, it has its own advantages which can be harnessed to facilitate inclusive growth. Thus the need of the hour is ‘capitalism with adequate Government intervention’, as pointed out by John Maynard Keynes.

    The government can partner with the private companies in a PPP mode to cater to the needs of the poor. The capitalists are technologically rich, which can be harnessed by the government to improve the standard of living of the poor. For example, Water ATMs under the ‘Jeevan Amrit Project’ in Rajasthan, which provides 24*7 access to potable water in the arid villages. This is a PPP initiative of Cairn India and Rajasthan Government. Government can partner with ‘Free Basics’ and ‘Project Loon’ projects of Facebook and Google to facilitate internet penetration in the rural hinterlands. The world is on the verge of witnessing the 4th Industrial Revolution, which will be technology-driven. Thus, partnering with the private players to foster inclusive growth will be very crucial.

    Capitalism brings with it great efficiency in work, leading to timely delivery of work. This is opposed to the bureaucratic red-tape and delays which we witness in public sector enterprises. For example, the excellent services provided by the private sector banks. The government should incentivise the private banks to open branches in rural areas so that the poor can also have access to efficient and timely services.

    Government’s mandatory CSR spendings is another step in the right direction towards achieving inclusive growth. Agriculture being the mainstay of Indian economy, private players should be incentivised to involve themselves in the agriculture sector. They can bring in crucial technology in important areas such as food processing, crop insurance to name a few. Government should also encourage the emergence of ‘social entrepreneurs’ to innovate new ideas to foster inclusivity in the Indian growth process.

    One should remember that many of the world’s capitalists are also the biggest philanthropists. Mention can be made of Azim Premji, Shiv Nadar, Ratan Tata, Bill and Melinda Gates Foundation and Chan Zuckerberg Initiative. Their efforts at boosting inclusive growth need to be acknowledged and harnessed adequately.

    Lord Buddha has rightly propounded ‘Madhyama Pratipada’, i.e. to avoid extremes of anything and adopting a middle path in all spheres of life. This middle path logic aptly applies in this context too. Capitalism in totality may not be a boon to reduce inequalities in society, neither a state-led economy which may be restrained by its own inherent inefficiencies. The best way out is adopt the bests of both the systems, i.e. mixed economy. India’s growth story will be complete in the truest sense only when the fruits of growth percolate to the poor. And this can be done successfully when both private players and government join their hands to work towards a better and inclusive society.

  • Bipasha Kalita

    Sarita and Ira are two young women pregnant with their first child. They both have loving husbands, with their respective families being very excited about the upcoming arrival of a new family member. But the vital difference was that while Ira delivered a healthy baby in a big private hospital in a city, Sarita succumbed to excessive labour pain and bleeding while being carried on a cot to the nearest public hospital, which was 30 kilometers away from her remote village. Lack of neither adequate medical facilities nearby nor ambulance/transport facilities led to Sarita and her unborn child’s untimely death.

    These kind of heart wrenching instances are very common in today’s world which is experiencing lop-sided development. In India, where 68.8% of the population still resides in rural areas, inclusive growth remains elusive. The 1992 economic reforms paved the way for liberalisation-privatisation-globalisation to boost economic growth, which to an extent has been achieved. Today we boast of growth rate in our GDP in the range of 6-8%, but we still have a big chunk of our population devoid of basic amenities like potable water, electricity, toilets, quality schools to name a few. Hence, the viability of capitalism stares us on our faces.

    The first treatise of Capitalism was Adam Smith’s ‘Wealth of Nations’, which spoke of the ‘invisible hand of the market’. Smith propounded that private players should be allowed to use resources and capital to produce goods and services and distribute them in the market, without undue Government intervention. The idea behind Laissez Faire was that capitalism would lead to efficient allocation of resources. But, this has failed in the world’s foremost capitalist economy i.e. USA. In 2012, eminent economist Alan Krueger noted that since last 3 decades increasing inequality in USA has led to unhealthy division of opportunities, hampering economic growth.

    The first cause of concern is capitalists’ profit-mindedness. Most of the companies’ rules and policies are framed keeping in mind the profit margin. This leads them to being less concerned about employees’ well-being or their responsibility towards society. In their urge to boost profits, private players at times adopt unfair trade practices, evade taxes, indulge in money laundering. Such means hamper the true growth potential of a country. Governments are left with less revenues to invest in social sector schemes to provide basic services to the poor.

    Also, private players are reluctant to expand to small towns or rural areas, which aggravates the rural-urban divide. The city dwellers have better access to modern amenities, while people in rural areas remain divorced from them. Private companies are yet to make their presence felt in the North-East region of India. The region still remains divorced from modern education and healthcare facilities. Many youngsters have to go to bigger cities like Delhi, Bangalore in search of jobs to have a good standard of living.

    Today we witness several private hospitals mushrooming in the urban areas. They boast of modern equipments, specialists, hygienic amenities and efficient services. However, they are exorbitantly expensive and are affordable mostly to the rich and the upper middle class sections. The poor are excluded from their services as they may not have the money to pay for the fees of consulting a specialist. The government hospitals in the villages mostly have absentee doctors who are reluctant to go to rural areas, without adequate beds and equipments.

    In the education sector, private schools in the urban areas have good education curricula and infrastructure. But many a times they adopt corrupt practices to make profits, recent case being the increasing cases of corruption in the private schools of Delhi. RTE’s guidelines to reserve some seats for EWS students are mostly flouted by the private schools, as pointed out by leading think-tank Centre for Civil Society’s ‘Patang’ project.

    Financial inclusion in India is still a far-fetched dream for India. A recent study showed that about 60% of the rural people still borrow money from private moneylenders who charge high interest rates. India houses the world’s largest number of malnourished children in the world. As per Gender Inequality Index, India’s rank of 127 does not paint an impressive picture. Women participation in the labour force in India is still a lowly 24%, amongst the lowest in the world. About 50% of our population still do not have access to toilets and potable water, thus causing adverse health repercussions. Thus, India needs to go a long way towards achieving inclusive growth.

    Though capitalism has its inherent loopholes, it has its own advantages which can be harnessed to facilitate inclusive growth. Thus the need of the hour is ‘capitalism with adequate Government intervention’, as pointed out by John Maynard Keynes.

    The government can partner with the private companies in a PPP mode to cater to the needs of the poor. The capitalists are technologically rich, which can be harnessed by the government to improve the standard of living of the poor. For example, Water ATMs under the ‘Jeevan Amrit Project’ in Rajasthan, which provides 24*7 access to potable water in the arid villages. This is a PPP initiative of Cairn India and Rajasthan Government. Government can partner with ‘Free Basics’ and ‘Project Loon’ projects of Facebook and Google to facilitate internet penetration in the rural hinterlands. The world is on the verge of witnessing the 4th Industrial Revolution, which will be technology-driven. Thus, partnering with the private players to foster inclusive growth will be very crucial.

    Capitalism brings with it great efficiency in work, leading to timely delivery of work. This is opposed to the bureaucratic red-tape and delays which we witness in public sector enterprises. For example, the excellent services provided by the private sector banks. The government should incentivise the private banks to open branches in rural areas so that the poor can also have access to efficient and timely services.

    Government’s mandatory CSR spendings is another step in the right direction towards achieving inclusive growth. Agriculture being the mainstay of Indian economy, private players should be incentivised to involve themselves in the agriculture sector. They can bring in crucial technology in important areas such as food processing, crop insurance to name a few. Government should also encourage the emergence of ‘social entrepreneurs’ to innovate new ideas to foster inclusivity in the Indian growth process.

    One should remember that many of the world’s capitalists are also the biggest philanthropists. Mention can be made of Azim Premji, Shiv Nadar, Ratan Tata, Bill and Melinda Gates Foundation and Chan Zuckerberg Initiative. Their efforts at boosting inclusive growth need to be acknowledged and harnessed adequately.

    Lord Buddha has rightly propounded ‘Madhyama Pratipada’, i.e. to avoid extremes of anything and adopting a middle path in all spheres of life. This middle path logic aptly applies in this context too. Capitalism in totality may not be a boon to reduce inequalities in society, neither a state-led economy which may be restrained by its own inherent inefficiencies. The best way out is adopt the bests of both the systems, i.e. mixed economy. India’s growth story will be complete in the truest sense only when the fruits of growth percolate to the poor. And this can be done successfully when both private players and government join their hands to work towards a better and inclusive society.

  • Mahipalsinh.chudasama979

    As capitalism is traditionally seems to be against
    the socialism but as in our constitution mention
    which type of socialism is needed and suited for our country is more important as supreme court mention in its observation we need quasi-socialist structure where economic growth and poverty eliminated work run parallel to each other so by discarding capitalism only socialism couldn’t thrive in country like India where 50% of its population still depending on agricultural (primary sector) we need our industries to grow so employment shift from primary to secondary and tertiary sector,logic for transition is productivity which is very low in primary sector and demographic divident is wasted so only capitalism can provide that thrust which can managed this much of population with ease and same time remove poverty as well so for India capitalism is inevitable but what bad about it is that the economic inequality created by it which should be checked by govt

  • Bipasha Kalita

    My first essay – please review.

    Sarita and Ira are two young women pregnant with their first child. They both have loving husbands, with their respective families being very excited about the upcoming arrival of a new family member. But the vital difference was that while Ira delivered a healthy baby in a big private hospital in a city, Sarita succumbed to excessive labour pain and bleeding while being carried on a cot to the nearest public hospital, which was 30 kilometers away from her remote village. Lack of neither adequate medical facilities nearby nor ambulance/transport facilities led to Sarita and her unborn child’s untimely death.

    These kind of heart wrenching instances are very common in today’s world which is experiencing lop-sided development. In India, where 68.8% of the population still resides in rural areas, inclusive growth remains elusive. The 1992 economic reforms paved the way for liberalisation-privatisation-globalisation to boost economic growth, which to an extent has been achieved. Today we boast of growth rate in our GDP in the range of 6-8%, but we still have a big chunk of our population devoid of basic amenities like potable water, electricity, toilets, quality schools to name a few. Hence, the viability of capitalism stares us on our faces.

    The first treatise of Capitalism was Adam Smith’s ‘Wealth of Nations’, which spoke of the ‘invisible hand of the market’. Smith propounded that private players should be allowed to use resources and capital to produce goods and services and distribute them in the market, without undue Government intervention. The idea behind Laissez Faire was that capitalism would lead to efficient allocation of resources. But, this has failed in the world’s foremost capitalist economy i.e. USA. In 2012, eminent economist Alan Krueger noted that since last 3 decades increasing inequality in USA has led to unhealthy division of opportunities, hampering economic growth.

    The first cause of concern is capitalists’ profit-mindedness. Most of the companies’ rules and policies are framed keeping in mind the profit margin. This leads them to being less concerned about employees’ well-being or their responsibility towards society. In their urge to boost profits, private players at times adopt unfair trade practices, evade taxes, indulge in money laundering. Such means hamper the true growth potential of a country. Governments are left with less revenues to invest in social sector schemes to provide basic services to the poor.

    Also, private players are reluctant to expand to small towns or rural areas, which aggravates the rural-urban divide. The city dwellers have better access to modern amenities, while people in rural areas remain divorced from them. Private companies are yet to make their presence felt in the North-East region of India. The region still remains divorced from modern education and healthcare facilities. Many youngsters have to go to bigger cities like Delhi, Bangalore in search of jobs to have a good standard of living.

    Today we witness several private hospitals mushrooming in the urban areas. They boast of modern equipments, specialists, hygienic amenities and efficient services. However, they are exorbitantly expensive and are affordable mostly to the rich and the upper middle class sections. The poor are excluded from their services as they may not have the money to pay for the fees of consulting a specialist. The government hospitals in the villages mostly have absentee doctors who are reluctant to go to rural areas, without adequate beds and equipments.

    In the education sector, private schools in the urban areas have good education curricula and infrastructure. But many a times they adopt corrupt practices to make profits, recent case being the increasing cases of corruption in the private schools of Delhi. RTE’s guidelines to reserve some seats for EWS students are mostly flouted by the private schools, as pointed out by leading think-tank Centre for Civil Society’s ‘Patang’ project.

    Financial inclusion in India is still a far-fetched dream for India. A recent study showed that about 60% of the rural people still borrow money from private moneylenders who charge high interest rates. India houses the world’s largest number of malnourished children in the world. As per Gender Inequality Index, India’s rank of 127 does not paint an impressive picture. Women participation in the labour force in India is still a lowly 24%, amongst the lowest in the world. About 50% of our population still do not have access to toilets and potable water, thus causing adverse health repercussions. Thus, India needs to go a long way towards achieving inclusive growth.

    Though capitalism has its inherent loopholes, it has its own advantages which can be harnessed to facilitate inclusive growth. Thus the need of the hour is ‘capitalism with adequate Government intervention’, as pointed out by John Maynard Keynes.

    The government can partner with the private companies in a PPP mode to cater to the needs of the poor. The capitalists are technologically rich, which can be harnessed by the government to improve the standard of living of the poor. For example, Water ATMs under the ‘Jeevan Amrit Project’ in Rajasthan, which provides 24*7 access to potable water in the arid villages. This is a PPP initiative of Cairn India and Rajasthan Government. Government can partner with ‘Free Basics’ and ‘Project Loon’ projects of Facebook and Google to facilitate internet penetration in the rural hinterlands. The world is on the verge of witnessing the 4th Industrial Revolution, which will be technology-driven. Thus, partnering with the private players to foster inclusive growth will be very crucial.

    Capitalism brings with it great efficiency in work, leading to timely delivery of work. This is opposed to the bureaucratic red-tape and delays which we witness in public sector enterprises. For example, the excellent services provided by the private sector banks. The government should incentivise the private banks to open branches in rural areas so that the poor can also have access to efficient and timely services.

    Government’s mandatory CSR spendings is another step in the right direction towards achieving inclusive growth. Agriculture being the mainstay of Indian economy, private players should be incentivised to involve themselves in the agriculture sector. They can bring in crucial technology in important areas such as food processing, crop insurance to name a few. Government should also encourage the emergence of ‘social entrepreneurs’ to innovate new ideas to foster inclusivity in the Indian growth process.

    One should remember that many of the world’s capitalists are also the biggest philanthropists. Mention can be made of Azim Premji, Shiv Nadar, Ratan Tata, Bill and Melinda Gates Foundation and Chan Zuckerberg Initiative. Their efforts at boosting inclusive growth need to be acknowledged and harnessed adequately.

    Lord Buddha has rightly propounded ‘Madhyama Pratipada’, i.e. to avoid extremes of anything and adopting a middle path in all spheres of life. This middle path logic aptly applies in this context too. Capitalism in totality may not be a boon to reduce inequalities in society, neither a state-led economy which may be restrained by its own inherent inefficiencies. The best way out is adopt the bests of both the systems, i.e. mixed economy. India’s growth story will be complete in the truest sense only when the fruits of growth percolate to the poor. And this can be done successfully when both private players and government join their hands to work towards a better and inclusive society.

  • Anshuman Rajhans

    PLEASE REVIEW

    Capitalism is an economic system based on private ownership of means of production and creation of goods and services for profit.The mains determinants of capitalism are private property, free trade, economic independence , competitive markets , laissez faire among others.

    Inclusive growth is the growth which strives for equal opportunities for all the economic participants either rich or poor. Initially the countries used to focus on growth but the benefits could not be accrued to all class of people. The trickle down theory did not work for many countries especially India . It led to the emergence of huge inequalities between rich and poor. It can be proved from the very fact that the Gini cofficient of India is 0.33 which is far worse than many developing countries like Pakistan (World Bank WDR Report 2012).The top 1% of population in India owns 50% of wealth. The agenda of inclusive growth is to reduce the existing inequalities.

    HISTORICAL BACKGROUND

    Industrial Revolution started in Europe in late 18th century. Industrial Revolution led to concentration of wealth in few hands and created wide disparities between rich and poor. The economic system called capitalism then came into picture. It is known to all of us that how the profit motive of capitalist forces led to colonisation of many regions in search for new markets. In reaction to capitalism the new systems like socialism and Marx’s communism gained momentum.

    Capitalism was supported by Adam Smith in his ‘ Free Hand’ principle i.e. economic independence and argued that the true growth of mankind can also be possible with capitalism as it infuses competition among the economic players. But with the Great Depression in 1930s , the Keynesian concept came into picture which argued that capitalism is good but without state intervention it’s disastrous. The Washington Consensus of 1980s also argued that the need of the hour is more economic independence backed with proper state intervention in areas of fiscal discipline , taxation policies, etc.

    Communism in its true principle could not be followed because it was too idealistic and utopian. Its major issue was equality of outcome. So, the system was incapable of incentivising the economic particapants to increase their productivity.As a result socialism and mixed economy pictured into prominence. Mixed economy is the amalgamation of the principles of capitalism and communism like presence of both public and private ownership of means of production, free market and state intervention. In India after independence we followed the principles of mixed economy.

    PROBLEMS OF MIXED ECONOMY AND NEED FOR CAPITALISM

    In Independent India we followed planned economy. The major focus was given to agriculture and PSUs. Heavy subsidy was provided to agricultural sector . Minimum Support Price (MSP) for different crops are announced before every sowing season . It is good to protect the interests of farmers but it discourages efficiency and negates any effort to cut the cost of production. Likewise , many PSUs are underperforming because they lack the level of expertise, technology and managerial skills which are with the private players. Such quality resources can become available to PSUs through disinvestment and privatisation.

    The tax to GDP ratio in India is mere 11% which is much lower than the world average i.e. 15%. If we will have greater tax to GDP ratio then the Government will have more money to spend for ameliorating the livelihoods of citizens through better education, healthcare, infrastuctural development , Research and Development base, etcfoe more inclusive growth. Such increased tax to GDP ratio is possible if more capitalists enter into the economic domain.To do so , the need of ththe hour is labour law reforms, reducing red tapism , enhancing ease of doing business, incentivising start-ups , protecting investor interest and skilling the workforce.

    Demographic transition is taking place in India. If we have to properly reap the benefits of demographic dividend then there is need of increased employment opportunities and skill levels. The government can provide proper skills to workforce through Skills India Mission but the skills provided need to be in tune with the needs of the market. Here the need of capitalists is felt who better understand the demands of market forces. With regard to employment opportunities , the level to which the state can provide is limited and everyone cannot go for entrepreneurship. If more corporate houses are there then there will be more employment opportunities and chances of better wages for the workforce. MNREGA is avenue provided for unskilled workers so that their livelihoods can be secured. But if India has to strive for more growth that too of inclusive nature then employment opportunities in corporate houses has to to be tapped. The need of the hour is investor and business friendly labour laws to enhance the ease of doing business so that more private players can pop up but without compromising the interests of the workforce.

    If an economy has to sustain its growth momentum then huge investments are required of both types i.e. public and private. There is a limit to public investment as it could not exceed the total tax collection ( if the economy is fiscally consolidated as most strong economies are) . So the need is for more private investment is felt. So is the need of FDIs and FIIs. If infrastructure, R & D , insurance have to be developed and made more widened and comprehensive, the growth of private investment is must. Private players has the potential to provide nearly universal health coverage as private players can build health infrastructure in rural areas and charge fees nearly equivalent to what is charged in nearby urban area and the Government would provide subsidy/allowance to BPL and marginalised through DBT. But clear cut regulation is would be required such that private players could not indulge in corrupt practices.

    Gandhi also articulated a model called trusteeship on the lines of capitalism in which the corporates will be trustees of trust of common people.The other benefits of capitalism is philanthropy on a large scale such as GAVI alliance striving hard to enhance the health indicators .

    PROBLEMS WITH CAPITALISM

    Capitalism is always linked with the motive of profit . Corporate scams and crony capitalism have become a common phenomena because of excessive profit motive .

    Private colleges have started popping up without proper teaching and research infrastructure. They charge exorbitant fees and are mostly situated in well off areas . As a result only the children of well off families can get into it. Marginalised sections are left behind.

    Recently the whims of workforce in plantation sector came into limelight when plantation workers in Malabar region went into strikes and demanded proper attention from Central Government to look into their grievances. The wages paid are very low and are made to work for longer number of hours by the plantation owners . Housing , sanitation , Health of the workers are not taken care of .

    The cropping up of large number of industries has dilapidated the ecology. The land nearby industries have turned into wasteland and the sewerage is dumped into rivers without prior proper treatment. Industries are one of the major sources of pollution.

    PPP projects are muddled with time delays and hefty corruption.

    The number of unskilled workers is very large. The industries can get cheap labour very easily and manipulating their wages is at the hands of these industries. This has led to widened the inequalities between well off and marginalised sections of society. With the development of technology the employment opportunities can be surrendered to robots and this would again be a setback. ‘Survival of the Fittest’ has now become ‘Survival of the Richest’.

    THE WAY FORWARD

    Capitalism has huge potential to tread a new path in the direction of India’s inclusive growth . .The need of the hour is of proper regulation from the Government side to diminish the ills of capitalism. Labour laws need to be reformed to incentivise the private players but together taking care of workforce interests like better wages . Strong grievances redressal mechanism need to be set up. Binding the companies to follow the Corporate Code is very much necessary. State intervention is necessary to make the firms climate smart by providing stringent norms and tax incentives.The Government while regulating the industries should focus on balanced regional gowth. The Government should provide some incentives so that private players can set up industries in backward regions.

    • Rancho

      Hi Anshuman..good essay friend. Few observations:

      1. Your language, way of writing and flow is superb for intro and historical background. I think this will be an idle start.

      2. However I feel flow is lost afterwards. You have mentioned few problems of mixed economy like MSP and MNREGA etc. In my opinion they are good measures to reduce inequality. We can question their implementation not their intentions. They can never be portrayed as an hurdle for inclusive growth.

      Also, from conclusion you are suggesting an capitalist economy with proper regulatory safeguards for marginalised sections which is kind of mixed economy. Instead of putting problems with mixed economy you could give account of problems with capitalism and then suggest measures to remedy them as you have put in your conclusion. I think you will also improve on your word limits if you make “problem with mixed economy” more crisp and relevant.

      thanks..:) please review mine

  • Rancho

    Pls review mine

  • Rancho

    Please review mine..

  • The Next Big Thing

    Capitlaism in its modern sense can be traced back to England in mid 18th century where advent of machines by various technologists like Cartwright, James Watt, Crompton, etc revolutionised the production chain and increased the output to generate trade surpluses. Adam Smith’s Wealth of thr Nations also had a thorugh impact on philosphy. It was furthered by various enhancing factors. For example adequate labour was available due to Enclosure movement by landlords, much wealth had been amassed by Slave Trade, raw materials were available dmoestically, specially iron and coal, as well as from colonies and markets were readily exploitable due to trade practices. Capitlaism advocates production on basis of profit and keeps the entrepreneur at the centre stage woth a large decision making power iver factors of production. It spread from England to Belgium and Germnay. Japan followed late afer Meiji Restoration. US started aggrrsisvely even later.

    Despite surge in production and profits, all was not well with it. It had rspidly grown into a giant which was looking down upon the social inequalityies and further widening them. It had created structures where inequality was evident by dividing society into haves and have nots. It spread its wings over politics and directed colonial ambitions with mutual warring to take control of resources and markets. Lala Lajpat Rai remarked that colonialism and imperialism are twin chidlren of capitlaism. 3rd world nations in Asia, Africa and Americas were ruthlessly exploited and subjugated. Governemnts across the atlas scrambled in militarily supporting their tradr houses and capitlaists made a merry. The Drain of Wealth popularised by Dadabhai Naoroji gives insights to symbolically how the water was squeezed by British sponge from Ganges and put in Thames. Besides there were labour issues. Multiple cities have grown up. Childten were made labourers and worked hours in filth. Enviroemmental concerns were non-existent then. Everuone was after more and more profits regardless of how it came. Corruption, puppet governemnts, cartelization, pushing economic agenda under everything became the norm. World wars were fought due to greed for colonies and no one but profiteering bankers and creditors won over humanity.

    From such filth created by capitlaism philosphy, rose a countercurrent, a reaction to the increasingly unequal world. Socialism or Communism began as a reaction around mid-19th century. Many realised the ethical concerns and 1st Factoris Act was passed. Also the slavery had been legally abolished in Britain by striving of William Wilberforce. Marx et al led the awareness and literary worked to rouse the consciousness of the proletariat. Even though many advocated violent class struggle, the pictire was not exactly the same in 3rd world nations like India.

    We were a British colony and due to bitter experience with capitlaism we gravitated towards Socialism as is evident in Nehru, Bose, Gandhiji, Bhagat Singh, etc. Our foriegn policy too maintianed its distance from the Western Bloc while growing closer to Soviet. We put in structures to ensure social justice like nationalisation of resources like coal, insurance, banking, etc. We put many curbs on ptivate endeavour like Monopolies and Restrictive Trade Practices Act. But gradually we saw problems like red tpaism, falling economy, corruption, labour union issues, stagnation in economy. It all became evident with Chinese Great Leap Forward, Deng Xiaoping reforms and fall of the Soviet and so we embarked on a new path since 1991 reforms.

    This history of tussle between the two opposing philosophies has taught us mnay lessons. Capitlaism may not be able to bring inclusive growth on its own as it has inequality right at its core. It seeks to divide society and alter all forms of identity into one form only which is economic identity. But our socialism experiments also tell us that cpaitlaism is better suited for growth in an economy as the latter gives hope, commensurste rewards for hard work, and places individual at the centre of philosphies. Trickle down effect will gradually happen and no two individuals are equal. But to fulfill the Constitutional directive of equality, justice and socialism we must put in structure that takes care of deficiencies in the cpaitlaism. Here Keynesian ideas do hold good.

    To ensure that cpaitlaism can bring as much inclusiveness as possible we must be wary of unfettered capitlaism. There must be suitable checks and balances. Governemnt intervention in crucial sectors wherd people cannog take care of themsleves is must like health, education, enviroemment, etc. Thsese can be brought about by taxation. Private sector does try to avoid or at times evade taxes. A robust tax to GDP ratio, corporate social responsibility and check on inflationary tendencies is must. Governemnts across the world have realised this . After World War 2, US itslef underwent Great Compression where income inequalities were sharply reduced. No politcial establishemnt can ignore basic issues of population for want of supporting private industry. Our own endeavours after 1991 have shown that Ginni Coefficient of inequality has increased thus pointing in our inability towards a truly inclusive approach.
    In modern era, there can be no doubt that cpaitlaism is the accepted model. In a cut throat competition to attract invesmtent, more and more congenial ambience needs ro be created. But surely profit seeking individuals cannot be trusted with philanthropy or at least not always. There have been attmepts at the international level that signify growing checksto ensure balance in society. For example Common But Differentiated Responsibility under Kyoto Protool, Access and Benefit Sharing under Nagoya Protocol, Base Erosion and Profit Sharing action plan, curbs on Black money, etc. All these point to the fact that while growth is the concern of cpaitlsim, inclusiveness must be the repsonsibility of the govenremnts and together they can indeed work to bring as much inclusiveness as possible. It is the Public Private Partnership of the new century albiet not on conventional terms of profit sharing but mutual benefits.