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Socialism and India
Socialism means public ownership of the means of mass production of wealth. Capitalism is believed to be the antonym or the opposite of socialism and it means the concentration of wealth in a few hands in every country. After freedom India decided to have a mixed economy in the form of public and private sectors. In India we have capitalism and socialism working side by side.
It is argued that if the income of capitalists is taxed sufficiently by putting a ceiling on the maximum income of capitalists and by introducing legislation for the welfare of labourers and by freezing prices, the aims of socialism will be realised or nearly realised.
In India and in many advanced countries labour laws have been enacted. But proper taxation of capital has not been possible in India where capitalists and other very rich people succeed in hiding their incomes. The price line, which is for most of us the life line, has not been held.
Our public sector also is a prey to many evils. Waste, inefficiency, embezzlement, miscalculation, bribery and corruption, Patronage and nepotism often resulting in a huge loss, are not uncommon in the public sector. It is doubtful weather our experiments with socialism are proving a success.
Our social conscience and our national character are to blame. In Japan, England, France, West Germany and some other countries capitalism has efficiency and a progressive outlook. In Russia,China and other socialist countries great progress had been made. But in India neither capitalism nor socialism is proving up to the mark. The country needs a moral revolution. Our freedom has been deadlocked. How to break this moral deadlock. Echo answers, ‘how’?