Exploitative capitalism and unproductive communism have proved to be futile

We need an economic model that provides an inclusive, sustainable and equitable prosperity to all. Dr Girish Jakhotiya in his book “Economics of Survival” makes a humble attempt to present such a model.

By: Yatrik Vin

Twitter: @the_news_21

Mumbai: The present world lives in uncertain and unpredictable times. Undesirable Capitalism and unproductive Communism are fast destroying the socio – economic equilibrium of the global community and has created significant disequilibrium in the global society.

In the last two decades or so, we have seen significantly impacting global events both on geo-political side as well as economic including global financial crisis, the first major war in Europe (between Ukraine and Russia) since WWII, Brexit, a once-in-a-century pandemic, rising US-China disturbances, a multipolar world and importantly the weakening economies of the rich countries.

The world today needs a different economic model which should facilitate an inclusive, equitable, ethical and perpetual economic development for all.  Many of the problems that plague our world today require a deeper, big-picture approach with sustainable solutions for the global economy as well as responsible and sustainable use of scarce resources in an incisive manner.

In a veritable magnum opus, Dr. Girish Jakhotiya identifies the major gaps in the current global infrastructure and then condenses his recipe to a few equally relevant ingredients to help redefine our thoughts on the contemporary economic, social and strategic issues like poverty, entrepreneurship with social commitment, development index of a nation, technology vs employment, road towards global economic stability, equality and growth models for some of the major economies.

Dr. Jakhotiya’s perspective provides a mirror about the world we live in, its rising inequality and strife and its potential for economic and social collapse. However, like a dawn after the dark night, it also aims to provide a panacea for the seemingly insurmountable hurdles in our quest towards peace, prosperity and equality, if we only work together.

It keeps social well-being at the centre of all developments. He presents a macro comprehensive canvas of the global economy by connecting all the complex variables, rather than the micro isolated components presently being used by most of the economists.

To my mind this is the most opportune time that Dr. Jakhotiya, after his long research and analysis, has put his life’s work in the hands of the global society, which is in the league of the work done by some of the eminent economists, the reading and understanding of which is an experience by itself!

About the Author: Yatrik Vin is a Group CFO & Head Corporate Affairs at National Stock Exchange of India (NSE).