Development challenges : need for a new value system

Communism failed mainly because it was unsuccessful in delivering essential consumption goods. Consumerism is failing because it is delivering goods much in excess to fewer and fewer people. The phenomenon of 'secession of the successful' now happening both within the rich and the poor countries and also in a way between these countries, is alienating a large section of humanity. Consequently, development is fast reaching a dead end for many and consequently for all. In this anecdotal presentation, a case for a 'new value system' is presented so that development could be more balanced. The main argument of the book is that from 'compete and conflict for the benefit of a few, the emphasis has to shift to care and share' for the benefit of the majority, not only because resources are finite but also because 'excessive affluence' corrodes human personality. The journey from 'Marx to Market' has to be continued further now-from 'Market to Man.' Development Economists should hasten this process instead of taking the soft option of hiding behind fashionable development models and jargons.

Prof. Hans Singer, Fellow, Institute of Development Studies and Emeritus Professor of University of Sussex, in his Foreword to the Book mentions that "Padmanabhan is not alone in asking for 'a new value system' in development. He is in the intellectual tradition of Alfred Marshall, R.H. Tawney and Bowley. But above all, I would link his book with the thinking of John Maynard Keynes, particularly as expressed in his famous essay 'The Economic Possibilities for our Grand Children'. Both Keynes and Gandhi objected to the accumulation of material assets as an ultimate objective of a society and a test of its success. We obviously want a position half-way between that of Keynes and Gandhi." Singer adds "Internationally, we face this problem in a new form. can the West continue its unbridled material consumption of resources, while a large part of humanity has not enough to satisfy even its basic needs? Padmanabhan's book is therefore extremely timely as well as extremely important. What he argues is in the interest of all of us, West and East as well as South. One can only hope that it will have the strong impact it deserves."