India: A conglomeration of economic philosophies -Prof. Pritam Kharat
India: A conglomeration of economic philosophies. Author: Pritam Kharat kharatpritam@gmail.com The dawn of 20 th century was seeded with “ Industrial revolution”. As Industrial revolution gathered pace, need for wider markets to sell produced goods was eventual. Rising aspirations to dominate whole world lead to policy of colonization to many empires. But, this revolution has negative impactts also. Industries oversaw rise of capitalists which resulted in exploitation of lower class or workers .Thereafter financial divide between upper class and lower class was going to be ever increasing . In this situation Karl Marx enumerated theory of “COMMUNISM”. Communism is based on common ownership of means of production . In 0 contrast , CAPITALISM, promotes profit driven private ownership of means of production. Journey from capitalism to communism has to pass through a phase of socialsm . Socialism is a cau...