Socialism never took off the theoritical stages and only remained in the text books of Economics Pundits.
Communism lived a short life, failed and collapsed
And now capitalism too seems to be on the way to the burial ground.
Then what next ???????
Is the Nehruvian Concept of 'MIXED ECONOMY" stronger and relevant than all the above ideologies.?
As India entered the planning era in the early fifties, Jawaharlal Nehru , the Prime Minister was under heavy pressure from the leftists as well as the rightists for the adoption of their dogmas in the policy. The leftists known as "Fellow Travellers" represented by vocal radicals like V.K.Krishna Menon, Prof. Mohalanobis amd others were for total state control and ownership of production, while the rightists comprising passionates like C.Rajagopalachari, Sardar Patel, Minoo Masani and Prof. Ranga and the like were all fior an economy free from any kind of state control. Even with his leftist bias, Nehru had to accept the rightists view point and hence emerged the concept of Mixed economy.
Futher dilutions were incorporated in the Avadi Congess Session and indutrial policies of 1948 , modified in 1973,1977 , 1980 but substantially modified in and since 1990.The concept of Mixed Economy has helped India march forward.
Can the world now adopt the Nehuvian concept of Mixed Economy, as both communism and capitalism have failed?
[The world has to move forward, not backwards. History is only for learning from and not for going back to. So let's forget Nehruvian concepts. The world has changed absolutely radically since then in all respects and spheres.
One belief I have is that the concept of democracy is still evolving. As it evolves, some solutions will emerge.
Am curious to read what others feel. Vinay]