capitalism has brought unprecedentedprosparity in the world but at a sametime it encourages shortsightedness in this context wil it be correct to adopt capitalism to bring inclusive growth in india
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Answer:
Explanation:
Communism has proved an unprecedented failure as far as economic policies are being considered. India, with its unique mix of capitalism and socialism,failed to prop up its economy till it fully embraced capitalism. Capitalism has emerged as preferred ideology by which to guide economics by mere mode of elimination since it is the best of those available. The flaws of capitalism, however, cannot be denied. But, capitalism has proved an effective method of creating wealth and prosperity and this cannot be ignored. Thus, instead of dismissing capitalism in itself, it would be more rational to adopt capitalism and then take measures to counter its adverse side-effects.
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.
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