Professional Documents
Culture Documents
by :
DR. T.K. JAIN
AFTERSCHO☺OL
centre for social entrepreneurship
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bikaner 334001 rajasthan, india
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5 DECEMBER 09 www.afterschool.tk 1
WHAT IS RECESSION?
In economics, a recession is a stage in
business cycle which shows contraction, a
general slowdown in economic activity over a
period of time. Generally it comes after a
period of boom or massive unplanned
expansion. There are many characteristics of
recession: 1. reducing demand 2. falling prices
3. closing factories 4. credit defaults 5.
bankruptcies
5 DECEMBER 09 www.afterschool.tk 2
What is capitalism ?
An economic system in which investment in
and ownership of the means of production,
distribution, and exchange of wealth is made
and maintained chiefly by private individuals
or companies. Means of production include
machines, labour, and other factors of
production. Here the investors invest money
primarily to earn profit. The USA, the UK, and
most of the Europe follows Capitalism now.
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BASIC ELEMENTS OF
CAPITALISM
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How recession spread ???
On 15 September 2008, Lehman Brothers filed
an application for bankruptcy.
Many banks failed. Some 2 dozen banks failed
in 2008 and over 4 dozen banks failed in 2009.
FDIC of the USA had to pay $17.6 billion in
2008 alone due to failures of banks.
Investors lost confidence and therefore their
withdrew their money from banks, financial
institutions and stock markets.
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Rescue measures
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IMPACT OF RECESSION
Massive closures
Massive retrenchments
Massive unemployment
US and European banks expected losses $2.8
Trillion
Worldwide 20 Million people suffered directly
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SOLUTIONS
5 DECEMBER 09 www.afterschool.tk 12
ALTERNATIVES . . . .
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GANDHIAN PHILOSOPHY
Gram Swarajya is the basic tenet of Gandhian
Philosophy. Here the basic idea is that each
village should be self sufficient. Each village
should work like an autonomous instituiton and
should be an absolutely democratic institution.
People must promote a truly collaborative and
congenial environment in the villages. This
philosophy gives emphasis on eco-friendly
technology, use of manual labour,
collaborative work etc..
5 DECEMBER 09 www.afterschool.tk 14
Socialism
It refers to the theory of economic organization
advocating either public or direct worker
ownership and administration of the means of
production. Here the means of production like
capital, land, labour etc. Are controlled,
managed and supervised by workers. Thus it is
based on the idea of egalitarian system which
spreads equality. So the true owner of the
factory is the worker working in it.
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Trusteeship
This idea is also given by Gandhi ji. Here each
industrialist has to adopt the ideas of
trusteeship in his life and work. Being trustee
means that each person is a trustee of society
and not the owner of the property. The
property belongs to the society, but a person
merely acts as trustee. Thus industrialists have
to work like trustees of society safeguarding
and using the property for the benefit of
society.
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Welfare state
This concept was first mentioned in 1941. It
was popularised by scholars like Amartya Sen.
The idea is that the government must spend for
the welfare of the people. Thus the poor and
marginalised persons have to be supported by
government. Thus it is the prime responsibility
to spend money for development of the poorest
of the poor. Thus this will bridge the gap
between haves and have-nots and provide
equal oppportunity to all.
5 DECEMBER 09 www.afterschool.tk 17
Indian Philosophy
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