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Mains Test Series

political philosophies like Communism, Capitalism, Socialism etc.— their forms and effect on the society

Q. Discuss the influence of capitalism and socialism on India’s socioeconomic and political development. (150 words)

 

Solutions

Introduction

Capitalism is an economic system in which private players own and control property according to their interests, and supply and demand freely set prices by the markets to serve society’s best interests.

On the other hand, Socialism aims to distribute the wealth in the nation and makes it the state’s responsibility to ensure employment based on capabilities, education, and skills.

Influence of capitalism on India’s socioeconomic and political development:

  • Due to the 1991 financial crisis, the concept of pure capitalism emerged in India by holding the hand of LPG reforms.
  • This further provided scope for the labour force to go for global employment opportunities, which have further shrunk the global boundaries.
  • Now, the allocation of resources is most efficient as the market is more vast.
  • More competition in the market increases the quality of consumer products. Now, the consumer has more choices at a very cheap rate.
  • The role of government is now restricted to only providing and enforcing the rules of law by which the economy operates, but they generally do not interfere with the market. The doctrine of laissez-faire totally changed world politics.

Influence of socialism on India’s socioeconomic and political development:

  • During the independence struggle, India was highly motivated by socialism, so after Independence, India opted for a mixed economy more inclined towards socialism.
  • In the early years of our Independence, the government of India came up with the concept of bank nationalisation, stress on public sector enterprises and so on.
  • As in socialism, profits go to the state, so it is the state’s responsibility to ensure the well-being of the citizens by providing them with public health amenities, ensuring social security, providing quality education, etc.
  • The government is also liable in India to provide free education and skills to its population so that they can contribute to GDP. In this context, the government of India places special focus on DPSPs.

Conclusion:

A blend of two structures,i.e. competitive private ownership and government interference in the required sector, is the need of the hour in order to achieve India’s target of a 5 trillion dollar economy by 2025.

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