The idea is wrongly perceived , India at the dawn of independence adopted a mixed economy out of sheer compulsions of weak money position locally. Core sector needed huge funds and a long gestation ,for which the private capital was neither prepared nor willing and thus the public funds were deployed for necessary infra - structural development in coal,steel ,petroleum,power,transportation and what all not. But the real challenge came up when the developed west declined to lend that helping hand and as a result the then PM Mrs. Gandhi , riding high on her wave of popular slogan :GAREEBI - HATTAO , remove poverty - incorporated "socialist" in preamble of our constitution . During the course of nation's journey : private capital got into a nexus with politicians to build upon its base and a hand-full of corporate houses saw their wealth rising phenomenally , thus they just can't be exonerated of cronyism as done by the thought that crony socialism failed India.
So, obviously India never experienced socialism ,as socialism is and what happened it USSR must not be construed as decline or death of socialism .The fact remains that man is a social animal and is dependent on fellow beings with a desire to grow economically ,spiritually and socially .The time and again occurring cycles of recession in market economy is sure an indicator of inherent deficiencies in capitalist mode of growth which plans growth year after year with the sole motive of profit ,instead of social requirements and therefore it becomes much more important to address the weaknesses in the two divergent and conflicting paths. As it is ,life is dynamic and so are theories presented for advancement ,then why ? what is the hitch in creating new and fresh concepts - having best of both the worlds .THE NEW WORLD NEEDS : A NEW ECONOMIC ORDER .
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