ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Calcutta Diary

THE world is being made to pay a terrible price all because those in charge made a hash of things in east Europe. For some while, any outrage committed anywhere in the name of economic liberalisation and the free market will pass muster. Memories, after all, have a short life span. It is because the free market was responsible for some of the grossest im- proprieties in social relationships that the role of the state in regulating economic affairs assumed importance over time. Collec- tivist measures, such as planning, attracted attention for the same reason. In case parties who encounter one another in competitive bargaining are of unequal bargaining capabilities, the market fails to ensure equity and justice; it instead provides enormous scope for exploitation of the society's poor by the society's rich. In such circumstances, the state has to intervene.

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