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Essence: This article makes a case that advocates of economic liberalization are unintentionally promoting anti-liberal societies and authoritarian regimes. Two widely advocated and adopted systems of communism and capitalism have failed. While the former increased equality and raised living standards of masses, it did so only at the cost of personal liberty. Capitalism fueled the pace of economic growth but failed to ensure equity and ecological sustainability.
Hopelessness arising as a consequence of failed economics is leading to rise of authoritarianism, nationalism, and identity politics. Author prescribes a new form of “Gandhian” democratic socialism along with cooperative economic enterprises to ensure wealth creation with equity and sustainability.
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