A thriving market economy is imperative for a social democratic government to generate growth and prosperity, but it should keep the market economy on a leash. That entails preventing it from turning into a ‘market society’ where employment is not stable, incomes are less than deserved levels, and communities are continuously marginalised and disrupted by market fluctuations.
Economists Jagdish Bhagwati and Arvind Panagariya, in their 2014 book India’s Tryst with Destiny, have injected the term ‘Gujarat model’ as a metaphor for market-led development model, in contrast to the term ‘Kerala model’, popularised by Amartya Sen and Jean Drèze, which had been used as a metaphor for state-led development. Political moorings aside, it is in the fitness of things to examine the ideological foundations of the debate and what
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