Rediscovering Gandhian Economics: Implications for sustainable development policies in the 21st century

Abstract

This republication of Gandhian Economics, based on non-possession and no greed, self-employment, and righteous means of living provides a different paradigm to deal with the modern concerns of growing unfairness, endangered environment, and disintegration of societies. Mahatma Gandhi an exponent of Ahimsa and virtue ethics, had economic thoughts that opposed materialist paradigm and industrialization strategies (Gandhi 2021). In other words, Gandhi's vision of economics was about people and the earth and not about those things that make up human desire. If implemented, his schemes of self-organized communities, nature conservation, and ethical manufacturing solve today's problems. Firstly, economic disparity is an unambiguous issue that Gandhian Economics with the help of the concept of Sarvodaya addresses. Gandhi endorsed the use of a commoner approach to wealth creation such that wealth is not accumulated within the pockets of a few influential individuals but within the layers of society. He advocated for a trusteeship system where the wealth creators just hold the money on behalf them as opposed to being owners of the money.