Market Fundamentalism

The Nobel Laureate Amartya Sen’s denouncement and the usage of the phrase “Market Fundamentalism” are not in good taste with all respect to his stature and knowledge in economics. In saying so he has only blindly sided with protagonists of wanton Liberalisation. Under the present dispensation prevailing all over the world there is little resistance to the reforms. Even the Communist China has no qualms in embracing the globalisation wholeheartedly. The only grudge is that the reforms should be implemented with a human face. Stray opposition to the globalisation in a democratic way and occasional dissenting voices should not be construed as “Market Fundamentalism” brushing below the carpet the real issues concerning the poor and the affected. Such show of protests is healthy in a democratic set-up for the well being of the system and the hoi polloi of a state.

In a candid admission the Administrator of the UNDP (United Nations Development Programme), Kemal Dervis admitted recently that the poorest are not benefiting from the Globalisation. In fact, the UN has been politely pointing out to the member nations to adopt a rationale approach while liberalising their economy. No Country should unleash the demon of Liberalisation without doing proper home work and studying the impact of opening up the economy on the marginalized sections of the society. The nations and the national leaders have a great responsibility in ensuring that the poorest of the poor are not deprived of their legitimate share in the ongoing development. The fruits of the globalisation must percolate down to the poorest of the poor. The ownership of a country’s wealth cannot be entrusted to a few influential hands of the industrialists. Such developments are far from advisable.

Any uneven growth in wealth is likely to lead to avoidable social tensions and frictions at all levels. Therefore, the public and private capitalists must be told in no uncertain terms to ensure that the poor and the under privileged are also included in the shrinking list of stake-holders.

The UN must take more initiatives to impress upon the member nations to work in this direction.