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The Financial Meltdown and the Triune Crisis : An Integral Perspective
Column and Opinions Article By: O. P. Dani , Chairman, CAS Corporate Consultants Pvt Ltd., Noida and M.S. Srinivasan, Research Associate, Sri Aurobindo Society, Puducherry.
The casino culture has usurped honest economic enterprise which creates a real wealth for the society. Next to currency trading, the other form of casino is the trading in stocks, the Wall-Street culture of making money without ethics and effort and creating anything useful for the society. John M. Huntsman, chairman and founder of Huntsman Corporation, the world’s largest privately owned chemical company, writing on the Wall-street culture, states:
“There are many professions in which one can find examples of hollow values but nowhere is it more evident than on Wall Street where the ruling ethos seems to be more you deceive the other guy, the more money you make— Wall Street has but one objective and one value. How much money can be made?”7
This brings us to the true purpose of wealth or money. The main problem with the modern economy is that money, instead of being used for enriching the material and economic life of humanity, is being used for making more money through speculative transactions. This is a complete travesty of the true purpose of economics. As the Mother of Sri Aurobindo Ashram points out:
“Money is not meant to make money. The idea that money must make money is a falsehood and a perversion. Money is meant to increase the wealth; prosperity and the productiveness of a group, a country or better, the whole earth.”8
So the first step in resolving the crisis is to get back to the real economy and create an economic order which rewards production of real wealth through enterprise, hard work and innovation. As Juan Samavia, Director-General of International Labour Organization of UN points out:
“We have to come back to the basic legitimate function of finance which is to promote the real economy – to lend so that entrepreneurs can invest, innovate, produce jobs and products” and create “public policies and smart regulation that rewards hard work and enterprise once again.”
FREE-MARKET FUNDAMENTALISM We are now brought to the other major source of instability –the dogmatic and religious faith in the unregulated free market. The hard-core capitalistic thinking which puts a too heavy emphasis on “deregulation” and freedom from all control by the government or any other agency is one of the main causes of the present crisis.
Inspirational Speech by Shri Arabindo: 15th Aug 47
Column and Opinions If Old Age wasnt there We would have been 'Manupanzee
Articles By Shri V M Tiwari By Vishwa Mohan Tiwari, Air Vice Marshal (retd.)
Jaagore!!! Submitted by Vikas on Wed, 02/11/2009 - 21:49.
The contemporary Hindu predicament By Dr. Gautam Sen
Column and Opinions - Insight A Marxist leader evaluates his ideology—VII
Improve standard of English all Sangh supported schools in India. hindu_sthan
Anti-Hindu bias on Wikipedia (Appeal)