Any keen student of current economics would know well that the economic policies of the america, especially during the last few years, have not worked well.However, most people do not realise that the economic problems faced there, emanate not merely from wrong policies, adopted recently. Their roots are hidden in some wrong economic, political and cultural concepts and the models built on them over a period of time. For example, the mounting unemployment and the huge foreign debts are not the phenomena that have sprung up overnight and the phenomenon of estimated 43.1 million Americans, living in poverty, also has not arisen in the short period of only one or two years.
The roots of their sad economic state go at least to as far a period as the end of the World War-II when they adopted a very lavish life-style and an utterly consumeristic attitude and built their economy on militarism, giant industries, transactional and multi-national business corporations, import of raw materials at cheaper rates from the undeveloped countries and export of their goods to such nations and economic capture of foreign markets through their multi-national corporations. In short they thrived on the basis of this economic system as long as other industrial nations did not come up strongly to stand up to them or the weaker nations did not stand up against their economic exploitation or injustice.
Nevertheless, their economic system was not, based on some morally sound and enduring economic principles. As mentioned earlier,it was based on commercialism, competition, consumerism and exploitation of weaker nations and on hot or cold war with an adversary nation, or on considering their nation as the strong military- man of the world, ready for hot or cold war.
It would have, therefore, been appropriate if developing nations like India had learnt some lessons from the failures of the so called developed models of economy and had, instead, kept in mind their own national ethos and ancient heritage which suggests that a right system of economy is one which is based on social justice, and on economising rather than borrowing and deficit-financing.
We must remember that unbridled consumerism and commercialism and also large scale borrowing are against the value-system which is embedded in our spiritual heritage and will, sooner or later, lead us to grave economic crisis. So,let us all learn to lead a life of simplicity and frugality and be honest and just to all.