Advertisement
Monday, Oct 25, 2021
Outlook.com

'Liberalisation Isn't Enough'

Renowned economist Amartya Sen, 65, has been called a prophet of his times. In an interview to Sagarika Ghose, the Master of Trinity College, Cambridge, reiterates his commitment to public welfare:

'Liberalisation Isn't Enough'
'Liberalisation Isn't Enough'
outlookindia.com
-0001-11-30T00:00:00+05:53

Almost a decade after economic reforms, the Indian economy is in a recession. Is it now time for a 'third way' in economic policy, away from the excesses of central planning, yet towards a controlled market?

My complaint against economic liberalisation is that in itself it is inadequate. Economic reforms must be accompanied by creation of social opportunities including elementary education, health care and land reform. But I argued for decades that there was a need to remove the licence raj of the pre-reform period. Economic reforms would have been much more successful if there was creation of social opportunities. This, however, is not to say that the present difficulties are because of the lack of social opportunities. The present difficulties are because of more short-term causes.

But increasingly all economic ways are now 'third ways'. No country can go in for a full-fledged market economy. Nor can they opt only for government planning. The US and European economies are based on the market but contain strong elements of government policy. The US has an...

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Drugs, Bollywood And Politics: The Dark Underbelly Of Mumbai

Drugs, Bollywood And Politics: The Dark Underbelly Of Mumbai

Intertwining threads connect the business in illegal drugs with the city’s high and mighty.

Cruise Drugs Case: Video Shows Hotelier Kunal Jani Inside NCB Office While Aryan Khan Was Arrested

Cruise Drugs Case: Video Shows Hotelier Kunal Jani Inside NCB Office While Aryan Khan Was Arrested

Aryan Khan, who is currently lodged in Mumbai's Arthur Road Jail, was arrested on October 2 on a cruise in connection to the possession of illegal drugs.

OUTLOOK EXCLUSIVE: New York Yankees Investors Keen To Buy An IPL Team

OUTLOOK EXCLUSIVE: New York Yankees Investors Keen To Buy An IPL Team

The owners of the two new IPL teams will be named by the BCCI on Monday in Dubai. Three foreign entities, including Manchester United, are in the fray.

Love, Longing And Shah Rukh: Growing Up With DDLJ In The Time Of Mandal And Kamandal

Love, Longing And Shah Rukh: Growing Up With DDLJ In The Time Of Mandal And Kamandal

Shah Rukh Khan called himself a peddler of love. That’s better than the pitches selling religion. Love is all we need now.

Advertisement