Pandit Deendayal’s concept of the search for the third option:
- Capitalism and socialism are the two practical systems followed by the world for achieving economic goals. Pandit Deendayal presented a third option or say a third system that a nation can follow.
He expressed that the methods of production have become quite advanced and so the use of machinery has also increased. ‘
- He believed that although the world has abundant resources, human beings face many complexities and problems that are created due to man’s blind race for prosperity.
- As per him, on one hand the nations have attained economic growth and development by adopting capitalism or socialism but on the other hand these systems have also created the problems of exploitation, inequality, economic instability, class struggle and pollution.
- India blindly followed the western economic system. Hence, in spite the fact that India did good economic planning several economic problems like low productivity in agriculture and industries, insufficient rural infrastructure, poverty, unemployment, inflation, excessive urbanization, pollution, devaluation of rupee, etc. have been always there.
- Pandit Deendayal suggested the system of. ‘an integral economic policy’ which is based on ‘integral humanism’ as a third option to overcome difficulties caused due to capitalism and socialism.
