[Dec 2007, Volume 4 Quarterly Issue] Pdf File size - The IIPM Think ...

MORE MARKETS, LESS GOVERNMENT
reliance on the market can be debilitative
as much as one on the role of the
State to work as the redeemer in view of
its spread and involvement in a majority
of human spheres of activities. A civil
society that is built on representing sectional
interests is yet again a handicap.
The rationale for debates into and about
the interacting relationships is expected
to yield a better perspective about actions
to be taken. In a maturing political
economy, these debates are important
given that ‘these debates form parts of
a collective reflection on the nature of
the conditions which political democracy
requires to take root and flourish.’
23
The market, as it stands, is but a construct.
Taken by itself the market could
be amoral. It is constructed best, and
functions so, when it is mediated by the
State in terms of the coordinates set up
by the civil society. To say so is not to
reduce the entirety of the State, market
and civil society complex as an outcome
of an instrumentalist intervention.
For doing so is not even a good
theoretical exercise, leave alone a matter
of practice.
The State and market conundrum is
an intricate issue and particularly so in
an economy that has had a past of the
type that India has. It is that debates
would address complex body made up
by the State, the market and the civil
society the necessary enabling momentum
to take those steps that would address
needs of the society. That is why
there is a need for debates. And as we
have seen, there have been instances of
such debates influencing the society.
The Indian instance is not exempt
from this.
References
1.
Adam Smith in his ‘An Inquiry into
the Nature and Causes of the Wealth
of Nations’ pointed out that ‘an augmentation
of fortune is the means by
which the greater part of men propose
and wish to better their conditions.’
2.
Weber, Max., ‘The Protestant Ethic
and the “Spirit” of Capitalism and
Other Writings’, Penguin Books, New
York, 2002, p.15.
3.
Hirschman, A., ‘The Passions and the
Interests – Political Arguments for
Capitalism before Its Triumph’, Princeton
University Press, Princeton,
New Jersey, 1997, p.100.
4.
Ibid., p.103
5.
Ibid, p. 120.
6
. Ibid, p. 120.
7.
Watson, P., ‘Ideas – A History from
Fire to Freud’, Widenfield & Nicolson,
London, 2005, p.539.
8.
Ibid., p. 541. Watson herein refers to
the work of Ian Simpson Ross, ‘The
Life of Adam Smith’, Oxford: The Oxford
University Press, 1995.
9.
Ibid., p.541. In this elaboration,
Watson refers to the work of Paul
Langford, ‘A Polite and Commercial
People’, Oxford University Press, Oxford,
1989.
10.
Seligman, A., “Civil Society as Idea
and Ideal”, in Chambers, S and Kymlicka,
W’, (edited)., ‘Alternative Conceptions
of Civil Society’, Princeton
University Press, Princeton, 2002, pp.
13-14.
11.
Ibid., p.14.
12.
Khilnani, S., “The development of
civil society”, in Kaviraj, S and Khilnani,
S, (edited)., ‘Civil Society – History
and Possibilities’, Cambridge
University Press, Foundation Books,
2002, p. 25.
13.
Pomeranz, C., ‘The Great Divergence:
China, Europe and the making of the
Modern World Economy’, Princeton
University Press, Princeton, 2000,
quoted in Watson, P., Ibid.’ p.570.
Also see Frank, Andre Gunder., Review
of ‘The Great Divergence’, Journal
of Asian Studies, at www.rrojasdatabank.org/agfrank/pomeranz.html,
accessed on 19th November 2007.
14.
Naoroji, Dadabhai., ‘Poverty and Un-
British Rule in India’, p.216 and quoted
in Chandra, B, Mukherjee, M,
Mukherjee, A, Panikkar, K. N, and
Mahajan, S., ‘India’s Struggle for Independence
– 1857 – 1947, Penguin
Books, 1991, New Delhi, p.97.
15.
Naoroji, Dadabhai., ‘Speeches’, p.389
and quoted in Chandra, B et al., Op.
cit., p.100.
16.
Naoroji, Dadabhai., ‘Poverty and Un-
British Rule in India’, pp.224-25, Op.
cit., p.99.
17.
Chandra, B et al., Op. cit., p.99.
18.
Jha, Prem Shankar., ‘The Perilous
Road to the Market – The Political
Economy of Reform in Russia, India
and China’, Rupa and Company, New
Delhi, 2002, p. 165.
19
. Ibid., p.165
20.
Kaviraj, S., “In Search of Civil Society”,
in Kaviraj, S and Khilnani, S, (edited).,
Op. cit., p. 314.
21
. Bhagwati, Jagdish., ‘India in Transition
– Freeing the Economy’, Oxford
University Press, New Delhi, 1994,
page. 51.
22
. Ibid., p. 61.
23
.Kaviraj, S., “In Search of Civil
Society”, in Kaviraj, Sudipta and
Khilnani, Sunil, (edited)., Op. cit.,
page. 323.
THE INDIA ECONOMY REVIEW
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