Wednesday, August 17th, 2022 13:38:05

Changing Culture Of Market Economy

Updated: November 22, 2014 1:36 pm

We all are witnessing a change in the economy from controlled to mixed market economy. It began with reforms and there were signs of market culture coming up in the country. Long back, we were not used to self-promotion, but those who are born in the present generation and are wedded to market economy want to market everything including the self. The result is that right from the personal relationships to religion and to government; everything got swept in the tide of changing culture. When we had to go out and woo the market, competition became the by-word of the new culture and in this race everyone seemed to push themselves ahead, throwing others behind. No more ‘pehle aap’ culture and no more deference to age and respect for others’ feelings.

When I was young it was taught to us that we have to respect others and not to push ourselves irreverently. Soon we heard boys saying: ‘I am the best’, in movies and outside the actors flaunted that he or she is the top performer. We were taught self praise is not civilised and we should leave it to others to praise us. But it was no longer valid as everyone had to market themselves. When my book Eastern and Cross Cultural Management was published, my publisher wanted to put on the jacket that I was a management guru but I was reluctant. Ultimately, I compromised to write it as a quotation from Hindustan Times or Economic Times that had used it in interviews and these were words of correspondent. When the question of sale came up, I told my publisher that I will not sell it and I will leave it to publisher but he wanted me to sell as all authors do it. It was taught to MBA students but I did not ask them to buy my book. But an author selling books or promoting the publication has become common. I find out on Twitter that authors frequently extol readers to buy their books as they were active in marketing it.

India entered the market economy in a big way as Modi translated his vision to action. Planning Commission—epitome of centralised planning—was abolished. Soon Railways were partially privatised and now the biggest blow to monopoly of government, as privatisation of coal has begyn.UPA would have never done it. Already investment has started pouring in the country and almost all leaders of major economies have signed agreements of cooperation and investment in the country. The economy of the world is clearly feeling the orientation to transformation that is visible in the leadership of Modi government. But the economy is not fully open and capitalistic, as government retains basic regulation and subsidies exist, despite freeing the petrol/diesel prices. Modi will regulate to the extent it is needed to support poor as in WTO and also use Doordarshan or radio to effectively communicate to people. It is mixed model and the same to some extent exists in United States too, who retains state regulation. But Modi is clear on his maxim of less government and more governance. The only problem ahead will be that unbridled of competition and unethical practices that could corrode the values of our culture.

By NK singh

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