Wealth belongs to society and it should be held in trust for the benefit of all members of the community as advocated by Mahatma Gandhi is not only relevant today but also maybe the solution to the global economic crisis, noted economist, alumnus of Andhra University and Director-General of Administrative Staff College of India S.K. Rao said.
Delivering the Second Professor Bhavaraju Sarveswara Rao Memorial Oration, organised by the Gayatri Vidya Parishad here on Sunday, he said that the global economic crisis was fuelled by the culture of bonus that was widespread in the capitalist developed countries. The obsession with performance of the economic operators in the United States of America and the capitalist western countries led to the collapse of the banking systems and the economy there.
The Keynesian economics too have failed to revive the economies and Communism is discredited after the collapse of the Soviet Union, he noted. There is a need to go back to our roots and look at how the traditional village communities and bonding between people have a solution for the global downturn. Gandhiji’s concept of wealth as a property of the community is very relevant and we need to explore how to make it a reality if we have to turnaround the global economy, he said. He lavished praise on the Gayatri Vidya Parishad for continuing to stick to ethics and inculcate traditional value system among the students and society which goes a long way in cultivating a sense of trust among the people.
Earlier, former chairman of Bar Council of India and president of the Parishad D.V. Subba Rao welcomed the speaker and recalled the efforts of the late Bhavaraju Sarveswara Rao in building the institution. B.V. Sarma, former president of parishad B.S. Swamy, former V-C of Nagarjuna University Balamohan Das, director of Centre for Policy Studies A. Prasanna Kumar, secretary GVP P. Somaraju, secretary of Venkata Ratnam Foundation Subba Rao Bhavaraju and other prominent citizens of the city and academics were also present.
