Rethinking Our Economy Can Gandhi help? 11/24/2014 S. Sanjay Aathreyasa (2009C2PS709) Birla Institute of Technology & Science – Pilani, Pilani Campus

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Abstract

Current global socio-economic reality characterized by unequal wealth

distribution and blatant consumerism is posing a serious and imminent

threat to people and planet alike. Time has come to rethink the way we

think about societies, economies and reset priorities, values and

functionalities. In this context, this paper argues that techno-centric

solutions which stand at the forefront of global sustainability debate are

not going to help us much in crossing from crisis to sustainability. It

suggests the need for a radical change in our economic thinking and later

presents Gandhian economic philosophy as an attractive option, not as a

ready-to-go model but as a guiding light, as a paradigm, by discussing its

relevance, practicality and application. However, this paper doesn't

elucidate upon the principles of Gandhian economic philosophy. An

attempt has been made to redefine existing socio-economic ideas like

family, philanthropy, microfinance, deploying Gandhian economic

paradigm. It also highlights potential of alternatives built in Gandhian

spirit such as local currencies and energy farming.

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Acknowledgements

This paper is prepared and submitted as a partial fulfillment for the

course HSS F345 - Gandhian Thoughts during first semester, 2014-15 at

Birla Institute of Technology & Science - Pilani, Pilani Campus. I

sincerely thank Dr. Harikrishnan Gopinadhan Nair for his inspiring and

engaging lectures throughout the semester. I couldn't have imagined a

better introduction to Gandhi: the Man, his thought and actions. I also

thank my fellow classmates for their insightful comments during the

classroom sessions. I should also thank Schumacher Centre for New

Economics, USA (www.centerforneweconomics.org) for their

resourceful online publications which helped me gain in depth

understanding of what it means to alter economic thinking. I alone am

responsible for the shortcomings.

Samudrala Sanjay Aathreyasa

2009C2PS709P

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Table of Contents

Abstract

Acknowledgements

Table of Contents

1.0 Introduction 05

2.0 Constructing Alternatives - What is needed? 07

3.0 Gandhian Economic Paradigm – Relevance 10

4.0 Gandhian Economic Paradigm – Practicality 13

5.0 Gandhian Economic Paradigm – Application 15

5.1 Microfinance 15

5.2 Philanthropy 18

5.3 Joint Family Institutions 21

5.4 Local currencies 22

5.5 Energy from Agriculture 24

6.0 Concluding Thoughts 25

Bibliography

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1.0 Introduction

Capitalism has sure lifted millions of people out of poverty but at the

same time, capitalism has also resulted in unequal wealth distribution,

significant debt at both individual and governmental levels. Events like

Arab Spring, Occupy Wall Street, Los Indignados stand as a testimony for the

anger of those marginalized from system benefits. Not to mention,

terrorist upsurge in various parts of the globe is also a consequence of

skewed wealth distribution and growing unemployment – defining

features of current socio-economic reality.

Figure 1: Gini Index1 World Map as per World Bank data 2014.2

More importantly, corporate and economic interests have gradually

taken away the sense of community and responsibility towards local

ecology. Current must-have, must-buy economy has triggered a perpetual

1 . Gini index is a measure of income inequality. Higher Gini index for a nation means higher income difference between its people. 2 . 2014 Gini Index World Map, income inequality distribution by country per World Bank.svg, © Hunter, Tracy, CC BY- SA 3.0

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assault on the ecological capital of the planet, depleting it at a rate much

higher than the regeneration capacity. Today, we use the equivalent of

1.5 earths to give us the resources we need, and also to absorb our

waste. Several future scenarios suggest that if current business as usual

trends continue, we will need the equivalent of three earths by 2050. (See

Figure 2)

Figure 2: Ecological footprint of humanity3

No sensible global development agenda can be prepared without

attributing paramount importance to sustainability and inclusive growth.

It should be noted that, current environmental crisis is as much a threat

as it is an opportunity to gain control over global financial system. In

such context of increasing adversity on people and planet due to micro

3 . World Footprint, Map courtesy of Global Footprint Network. Retrieved 22 November, 2014, from Global Footprint Network http://www.footprintnetwork.org/en/index.php/GFN/page/world_footprint/

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and macro level economic activities, we as humanity have an imminent

need to rethink our economic arrangement and construct alternatives -

redefining priorities, values, scale and technology. We have both moral

obligation and practical reasons to do so.

2.0 Constructing Alternatives – What is needed?

Renowned French economist Thomas Piketty, in his latest work Capital

in the Twenty First Century, scientifically demonstrates that there is no

reason to believe that capitalism can ever solve the problem of

inequality.4 That said, uprooting Capitalism with its roots and replacing it

with an alternative socio-economic system is a daunting task. With all its

flaws, in my opinion capitalism is the only game in town. What we need

to do is to build on its strengths and do away with its weaknesses. This

might require a radical change in our economic thinking.

As an example, consider global sustainability debate as it is happening

today, led by governments, think tanks, corporate players, multi-lateral

organizations etc. Technology is put at the forefront of sustainability

solutions. No doubt, technology – capitalism‟s favorite child – has

transformed many lives over years. While this is true to an extent,

technology alone cannot be an all answer domain for sustainability- as

global sustainability debate suggests today. Mobile manufacturing

industry is a case in point.

4. Thomas Piketty and Arthur Goldhammer, Capital in the Twenty First Century (Cambridge Massachusetts : The Belknap Press of Harvard University Press, 2014), 109-116.

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Within a time period of two decades, mobile phones have made a

transition from novelties to central objects of our lives. Despite the

know-it-all behavior we share for mobile usage, we know amazingly little

about the impact mobile phone usage is having on our planet. Figure 3

outlines mobile manufacturing industry from environment impact

perspective.

Figure 3: Critical Areas of Environmental Impact in Lifecycle of a Mobile phone5

Environmental impact of mobile phones is of significant magnitude if

viewed across its entire life cycle. As per United Nations Environment

Programme, manufacture of a mobile phone produces about 60kg of

CO2 and usage of a mobile phone for a year produces about 122kg of

CO2. Despite these startling statistics, research focus of mobile phone

5. Tom Berry and James Goodman, “Earth Calling, Environmental Impact of Mobile Telecommunications industry” (Forum for the Future, United Kingdom, 2006) 5-6.

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industry is on consumer experience – driving factor of the demand,

rather than on reducing its ecological footprint.

Similarly, the IT revolution in

past few decades has largely

resulted in products of

contrived demand (Smart

phones, wearable‟s etc.) and

little use of it is made in

bottom of the pyramid

markets.

Figure 4: Eco efficiency of mobile phones6

These two cases drive the point that technology needs direction and

current day capitalism has given it all wrong. Further, latest disruptive

technologies like autonomous driving, 3D printing can result in much

larger damage if not strategically regulated. Technology can be both a

barrier and enabler in welfare economy. Hence, designing sustainability

solutions needs a more fundamental approach than a techno-centric

one. Solutions to some of the serious problems that arise due to

economic behaviors perhaps lie outside economics.

6. Groupe Speciale Mobile, “Environmental Impact of Mobile Communications Devices”, www.gsma.com, 8 May, 2009. Accessed 4 November, 2014. http://www.gsma.com/publicpolicy/wp-content/uploads/2012/03/environmobiledevices.pdf

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3.0 Gandhian Economic Paradigm – Relevance

Sustainable development may not be possible by considering economic

parameters alone. The cause and potential for significant renewal might

well lie much deeper. So let‟s ask ourselves a very fundamental question.

What‟s an economy for?

Textbooks define economics as the study of how to optimize the use of

our scarce resources to satisfy our unlimited human wants. Human

wants, not needs are considered unlimited. Why should this be the case

always? Do we have the same penchant in other domains of human

inquiry? If we accept the prudent limiting of human wants as we do the

limiting of other human proclivities, economics as we know it would

have to change in a fundamental manner.

The problem of economics was famously formulated by Paul Samuelson

as - What to produce, How to produce, and For Whom to produce.7 However,

classical economics with it free market mantra failed to recognize the

central problem as spiritual one.

The central problem of economics is a spiritual one because we can only

answer the What, How, and For Whom in a holistic way by asking first -

„What would be in keeping with human dignity?‟ and second, „What would further

the inner lives of the people involved?‟ Based on these questions it is clear that

the „How‟ of production the first and most important economic problem

7 . Samuelson, Paul A, Foundations of Economic Analysis (Harvard University Press, 1947), 21-24.

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becomes - How do we work? What do we bring to our work? How do we work

with others? How meaningful is our work? These are the central problems,

from this flow - What and For Whom. What is worth wanting? How is it

worth producing? Who is it worth distributing? - These questions provide a

fresh framework to construct alternative economic paradigms.

Classical economy has divided humans into producers and consumers.

By reducing organic relationships between people who engage in

commerce to supply and demand, classical economy traditionally has

dehumanized commerce. Over time, commerce has evolved into a huge

and complex web of interaction and interdependence with dehumanized

character which in a way explains current global socio economic reality.

The current state of affairs calls for a new economic model or rather a

redefinition with human face that shall humanize economy than

materialize human beings. It is here where Gandhian economic

philosophy finds its space. In Gandhian scheme of things, it is the

individual that is central figure as far as societal benefit is concerned.

More importantly, his economic philosophy treats all of creation not just

as means but also ends.

He once said,

Now when we talk of brotherhood of man, we stop there, and feel that all other

life is there for man to exploit for his own purposes. But Hinduism excludes

all exploitation. There is no limit whatsoever to the measure of sacrifice that

one may make in order to realize this oneness with all life, but certainly the

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immensity of the ideal sets a limit to your wants. That you will see is the

antithesis of the position of the modern civilization which says: 'increase your

wants'. Those who hold that belief think that increase of wants means increase

of knowledge whereby you understand the infinite better. On the contrary

Hinduism rules out indulgence and multiplication of wants as these hamper

one's growth to the ultimate identity with Universal Self. 8

This suggests Economics as the study of how to use our abundant resources to

limit our wants and satisfy them overtime in a way that enriches both the resource

and us making self realization possible.

Classical Economics C-M-C

Marx critique of classical economy M-C-M+

Gandhian Economics P-C-P+

C Commodity M Money M+ Enhanced Money

P Person P+ Enhanced Person

Table 1: Mainstream vs. Gandhian economic thought

Gandhian economic philosophy is understandably tagged utopian owing

to its anti-utilitarian ethics and a rigid moral framework. But, what needs

to be observed is the credibility of his ideas and its impact. Consider

George Soros‟s Open Society Foundation or the open source software

movement or development of indicators such as GNHI (Gross National

8. M. K.Gandhi, Harijan, December 26, 1936, p363-364.

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Happiness Index) in Bhutan. All these successful and unconventional

initiatives carry – though not explicitly - Gandhian economic

philosophy, embedded in them. More recent example is the sensational

decision of Elon Musk, CEO, Tesla Motors, to free all of his company‟s

patents for other firms to build on his technology9. This remarkably

signifies scope for alternative thinking even at the core of capitalist

realm. We require more such innovations for us to cross from crisis to

sustainability and Gandhian economic thinking can be a potential

guiding light in this regard.

4.0 Gandhian Economic Paradigm – Practicality

Tim Jackson, Economics commissioner on United Kingdom‟s

sustainable development commission, candidly calculated how much

carbon dioxide human beings will be allowed to emit in 2050 to

stabilize atmospheric greenhouse gases at 450 parts per million. 10

According to him, producing $1,000 worth of goods and services

today emits half a metric ton of carbon dioxide. Adding it all up, some

28 billion tons are currently emitted and that must be reduced to only

5 billion tons by 2050. Assuming 9 billion people by 2050, that means

that each person can emit only 0.6 tons of carbon dioxide annually,

which is lower than the average emissions in India today. In fact, if

one divides the 1360 pounds of carbon dioxide annually allotted in

9 . Elon Musk, "All Our Patent Are Belong To You", Blog, June 12, 2014. Accessed November 16, 2014.

http://www.teslamotors.com/blog/all-our-patent-are-belong-you

10 . Ted. "Tim Jackson: An Economic Reality Check." YouTube Video, 2:21. October 5, 2010. Accessed November 11, 2014. https://www.youtube.com/watch?v=NZsp_EdO2Xk

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2050 to each person by 365 days per year that means each person

would be allowed to emit only 3.6 pounds of carbon dioxide every

day. That is the equivalent of burning less than a quart of gasoline.

Situation gets even worse when we consider global economic growth

in coming years.

Calculation made by Jackson clearly suggests that we cannot rely on

renewable technologies alone to help us avert climate change without

sacrifice to our lifestyles. This message is something Gandhi has

advocated throughout his life. On the eve of India's independence, a

British journalist asked Gandhi whether independent India would follow

the British model of industrial development. In his famous response,

Gandhi said,

“It took Britain half the resources of the planet to achieve prosperity. How

many planets will India require for its development?”

It underlines the deep eco-consciousness of Gandhian economic

thought. But, practicality of what can be called control of wants theory by

Gandhi has always been questioned. A clue regarding the answer can be

found from Professor Kenneth Boulding‟s statement,

"Man requires both heroic and economic elements in his institutions, in his

learning process and in his decision making…” 11

which in a way explains conspicuous consumption – spending of money

on and the acquiring of luxury goods and services to publicly display

economic power – and the Veblen effect. Veblen effect implies

11 . Wilfred Dolfsma, Stephan Kesting. Interdisciplinary Economics: Kenneth E. Boulding's Engagement in the Sciences. (London: Routledge, 2013), p123.

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abnormal market behavior where consumers buy higher priced goods or

services even though lower price substitutes are available.

The Veblen effect is often considered as negative externality of a welfare

economy. The argument here is if the consumers can be influenced by

generating the Veblen demonstration effect, then Gandhian effect too

should find place i.e. Gandhian effect can be a positive externality.

Gandhian effect here implies that after certain levels of consumption

have been reached, additional income does not give rise to any new

demand including leisure. The task here is to internalize Gandhian effect

in the welfare economy. By doing so, we can effectively address unequal

wealth distribution and unsustainable resource consumption – two

major challenges of today‟s global economy.

5.0 Gandhian Economic Paradigm - Application

This part of the paper attempts to redefine certain existing socio-

economic ideas deploying Gandhian economic paradigm. It also

highlights potential for alternatives built in Gandhian spirit.

5.1 Microfinance

There are over 10,000 microfinance institutions serving over 150 million

poor people. Global demand is estimated at 500 million. (See Figure 5)12

The untapped market gives reason enough for us to critically review

12 . responsAbility Investment AG, Microfinance Market Outlook 2014, (Zurich: responsAbility Research Department, 2013.), p1.

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working of MFI13‟s and take necessary corrective measures to effectively

meet the challenge of global poverty eradication.

Figure 5: The Global Microfinance Market

Source: Microfinance Market Outlook 2014 by responsAbility Investments AG.

Despite the novelty of the idea, Microfinance industry is struggling to

increase their reach. This situation can be attributed to GLP -

Globalization, Privatization, and Liberalization. Microfinance as an idea

took birth as an instrument of development but disorganized

commercialization has crippled its impact. Private players like SKS

(India) 14 , Compartamos Banco (Mexico) 15 entering Indirect Public

Offerings (IPO) is an illustrator. IPO benefits the organization but puts

it on trajectory away from pro development lending. Also, policy

environment surrounding microfinance institutions has literally rendered

several microenterprises run by microfinance beneficiaries unviable.

These are nothing but consequences of a purely market based operation

of MFI‟s coupled with unfavorable macro policy environment.

13 . MFI – Microfinance Instiutions. 14. Greg Chen, Stephen Rusmussen, Xavier Reile, Daniel Rozas, “Indian Microfinance Goes Public: The SKS Initial Public Offering,” The Consulative Group to Assist the Poor, September 1, 2010. Accessed November 9, 2014. http://www.cgap.org/publications/indian-microfinance-goes-public-sks-initial-public-offering 15. “Compartamos: From Nonprofit to Profit,” Bloomberg Businessweek Magazine, December 12, 2007. Accessed November 9, 2014. http://www.businessweek.com/stories/2007-12-12/compartamos-from-nonprofit-to-profit

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Gandhian economic philosophy can help us resolve this paradox.

Gandhi‟s concept of development is „Sarvodaya through Antyodaya‟ –

welfare of all through the weakest of the society – which suggests that to

eradicate poverty, purchasing power must be put in the hands of the

poor. Consider microcredit as a case, instead of subsidizing MFI‟s for

prolonged periods, subsidizing agencies including private actors can

support viable microenterprises that provide the poor either wage

employment or self employment, thereby helping them graduate from

survivalists to entrepreneurs. These soon will be considered as future

market incentivizing further support. Similarly, appropriate technologies

that can tap the low/semi-skilled labour of the poor should be

incubated, because by doing so labour of the poor becomes their major

asset.

Also, micro-insurance institutions needs to innovate product lines

targeting the poorest, especially in health and agriculture so that they get

assistance in avoiding poverty traps and progress economically.

Insurance function undeniably contributes to inclusive growth at a very

fundamental level. At the same time, exclusive focus on innovations in

financial space of microfinance does not help. Methods should be

devised to harness other forms of capital – social, institutional, cultural -

formed in the process of microfinance delivery. This would eventually

create a multi dimensional approach to combat poverty.

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5.2 Philanthropy

Philanthropy in current capitalist society has definitely improved lives of

many but it is more a palliative than cure. As much generous and

gracious it may appear to be, it has its limitations. It reinforces the

difference between the giver and the receiver. It breeds dependence. It

exhausts.

As philanthropy took shape as large global industry, it turned into

business of benevolence. Most of the philanthropic activities as they are

today put heavy weights on quantum of philanthropy than impact of

philanthropy. Significant focus is on „How much to give‟. „Where‟ and „How‟

to give are often ignored. This is evident from disproportionately

concentrated donor focus. 16 Donor efforts and mindshare as well as

efforts of operating entities viz. NGO‟s, Corporate CSR Departments

are heavily concentrated on just few sub sectors. Little attention is paid

to designing impact delivery mechanisms that are likely to bring in

sustainable transformation at scale in chosen area of philanthropy.

Philanthropy sector though not as large and recognized as for-profit

market, is an important component of economic strategy. Hence re-

perceiving philanthropy in Gandhian light can be of help in restructuring

it for greater benefit of humanity. In Gandhian scheme of things, it is

the individual that is the central figure as far as societal good is

16. Ramesh Mangaleswaran, Ramya Venkatraman, Designing Philanthropy for Impact (New York: Mcksiney & Company, October 2013.) p13.

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concerned, which means that the end user needs to be at the centre of

planning and execution design.

User-Centered Design (UCD) rightly fits the bill. UCD is an approach to

design that grounds the process in information about the people who

will use the product. UCD processes focus on users through the

planning, design and development of a product. There is an international

standard (ISO 13407: Human-centered design process) that defines a

general process for including human centered activities throughout a

development lifecycle (See Figure 6). For years, businesses have used

this concept to develop innovative solutions. Why not deploy same

approach to overcome challenges in the philanthropy sector?

Figure 6: User Centered Design Process

Source: Usability Professionals Association

Further, Gandhi‟s concept of bread-labor sets appropriate directive for

philanthropy. Gandhi felt that a man earns his dignity by working and

earning his bread and livelihood. Therefore, philanthropy must

essentially provide trade, not aid so that people in need will seize the

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opportunity to earn a living and integrate into society with self reliance

and pride. The result will be a sustainable working system.

Similarly, Gandhi‟s idea of „Swaraj‟ carries a vital insight to reshape the

way philanthropy is done. Although the word swaraj means self rule,

Gandhi gave it the content of an integral revolution that encompasses all

spheres of life.17

“At the individual level swaraj is vitally connected with the capacity for

dispassionate self assessment, ceaseless self purification and growing self

reliance.”

In other words, it is sovereignty of the people based on pure moral

authority. This asks us the question, why should we perceive

philanthropy as an instrument for few rich individuals or foundations?

Why not democratize philanthropy?

Wikipedia is an outstanding example for democratized philanthropy. It

signifies the potential power of the philanthropy of every individual.

Power of mass collaborations has many advantages - time, effort, money

and ideas. Online philanthropic marketplaces, crowd funding platforms,

innovation funds and impact investing etc. are few other innovations in

philanthropy space, if sustained and developed in line with Gandhian

economic philosophy, can potentially drive inclusive growth – a pre

condition for sustainable development.

17. M.K.Gandhi, Young India, June 28, 1928, p772.

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That said, we should also remember that how we make money in the

first place is more important than how much we give away.

5.3 Joint Family Institutions

Almost all ideas of Gandhi for social welfare emphasize compassion for

fellow being. Also for society to transcend from material pursuit to

spiritual pursuit, individuals must cultivate spiritual lifestyles. It requires

a great deal of effort to truly understand the dynamics of community

living and subtleties of human relationships.

Joint Families being major social institutions can play a key role in

promoting spiritual lifestyles by training and development of faculties

necessary for spiritual living. Ashrams built by Gandhi are great

examples that demonstrate the role of social framework in nurturing

spiritual lifestyles. Pyarelal aptly describes the nature of the joint family

and the human qualities it requires.18

“Where so many people with diverse habits, tastes and temperaments are

cooped up day and night in a narrow space from week to week, month to

month and year to year, it requires no little diplomatic skill, delicacy, tact,

especially on the part of the head of the family, to maintain a healthy and sweet

atmosphere. The members on their part have to develop the attitude of mutual

help and regard, the capacity for give and take, and adjustments to one

another‟s idiosyncrasies. A single tactless remark, a slip of oversight, an

uncouth habit, heedlessness or disregard of another‟s feelings may set people‟s 18. Pyarelal, Mahatma Gandhi – The Last Phase, (Ahmedabad: Navajivan Publishing House, Vol I, February 1956.) p193.

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nerve on edge and make life hell for the whole family. Competition in this

narrow world is keen; even the youngsters feel the edge of it; little things assume

big proportions; the slightest suggestion of unfairness or partiality gives rise to

petty rivalries, jealousies and intrigues. To smooth them requires infinite

patience, resourcefulness and knowledge of human nature. Delicate and

conscientious care in the minutiae of everyday life or its lack can make in the

narrow confines of the joint family all the difference between peace and

discontent, happiness and misery.”

The important point here is that joint living not only requires negotiating

skills but also a basic capacity to caring, loving, giving and forgiving. It is

this capacity to love, to give and to serve that is necessary for spiritual

life. If we were to align our social and economic behaviors with current

sustainable agenda, we should begin with building more joint family

institutions.

5.4 Local Currencies

Economist E.F. Schumacher, on whom Gandhian economic philosophy

had profound influence, argued in his famous work Small is Beautiful:

Economics as if people mattered, that

„From a truly economic point of view the most rational way to produce is from

local resources, for local needs.‟19

This thought of Schumacher‟s can potentially redefine the way we

envision regional economic development. It suggests that the prime

19. E.F. Schumacher, Small is Beautiful: Economics as if people mattered, (Random House, 2011) p43.

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agenda of regional economic development should be to expand local

employment on a long term basis by creating local markets for locally

produced goods and services.

Local currencies can be a step forward in this direction. Current

centralized banking system is depriving local population of their

purchasing power as money from small local banks move away to urban

centers where higher interest rate can be demanded from money

markets through which big corporations and governments borrow.

Local currencies can bring back the purchasing power. As they circulate

locally and do not leave the region, they bring business to local

businesses. More importantly, credit instruments can innovated with

effectively lesser interest rates than currently affordable by small scale

business owners. Thus, when regions begin assuming power to support

their business needs by issuing their own currency, regional economy

that is more self reliant and secure can be seen developing.

Practicality of such exchange instruments can be established from the

performance of those already in use. The Swiss WIR complementary

currency has an annual turnover of 1.2 billion Swiss Francs, serving

62,000 SMEs and supported by the central bank, the Brazilian Banco

Palmas currency and community bank has been replicated over 100

times.20

20. “Community Currencies in Action,” New Economics Foundation. Retrieved November 12, 2014. http://www.neweconomics.org/issues/entry/community-currencies

24

Commodity based currencies i.e. currency whose value is indexed against

a real commodity can be equally beneficial. But, the choice of the

commodity is important. It should hold significant relevance to the

region.

5.5 Energy from Agriculture

With increasing food requirements of growing population, and adverse

environmental impact of non renewable energy usage there is an

imminent need to alter the relationship between agriculture and energy.

Apart from focusing on improving energy efficiency of food production

and distribution, developing alternative energy sources that can meet

energy requirement of agriculture is necessary.

Agricultural residues which are currently being disposed as waste can be

turned into tremendous source of energy with technologies such as

lignocelluloses conversion. India itself produces 572.106 tons of

agricultural residues per year which if turned to biomass based power

plants, around 80,000 MW of electricity can be produced- which is

nearly 50% of India‟s total installed capacity.21

Besides increasing energy independence, biomass energy production as

an industry has huge scope for rural employment. Moreover, if the

energy products pricing is right, farmers can get substantial income out

of the residue which effectively makes agriculture more remunerative. 21. Anil K. Rajvanshi, “Sustainable Development – the Gandhian Way”, in Timeless Inspirator – Reliving Gandhi, ed. Raghunath Malshekar (Pune: Sakal Papers Ltd., July 2010.)

25

This can potentially revitalize rural economy. Farming for food and

energy increases the utility of farms manifold creating wealth and

employment in rural areas and thereby enabling us to push the

development agenda in Gandhian way.

6.0 Concluding Thoughts

We have an imminent need to create a new economic reality from

bottom up and redefine rules to support values and institutions of the

emergent new reality. Gandhian economic philosophy can be a major

enabling condition, working as it does within consciousness itself, for

the change we envision. While Gandhian economic thought cannot be a

readymade model in strict sense, it can be a beacon to redefine and

restructure economic activities that we engage in today.

More importantly Gandhian economic thought intrinsically puts „Planet

First‟ approach, which is a prop for any kind of economic system to

prosper. We have had enough discussions and debates as countries and

currencies, it‟s time we have one as species. After all, as Albert Einstein

once said, “A problem cannot be solved with the same level of consciousness that

created it.”

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