- Gandhiji was of a belief that that neither capitalist nor socialist economic approach would be able to solve the economic problems of India.
- So he gave such alternative economic ideas which contradicted with western capitalist production policies, excessive use of machinery and materialist philosophy.
Gandhiji gave the following main economic thoughts:
- Sarvodaya
- Importance of labour
- Use of machinery
- Decentralized economy
- Simplicity and non-possession
- Doctrine of Trusteeship
Important aspects of Gandhiji’s doctrine of trusteeship:
(a) Convincing the rich (Change of heart)
(b) Duty instead of right
(c) Awareness, referendum and social change
(d) Importance to the interest of the whole society
(e) Compensation to the trustee
(f) Opposition to nationalization
(g) Appointing the successor
(h) State control
