The Political Problem Of The Mankind Is To Combine Three Things: Economic Efficiency, Social Justice And Individual Liberty

Quite often, we think wealth, if not ultimate, is the nearest answer to all exiting problems. But, how can this wealth be created? Of course, it needs a stable political system and a harmonious society, but it's a tough row to hoe. Let's explore through this article, the contradictory contract amongst economic efficiency, social justice, and individual liberty.

Jun 7, 2021 - 02:13
Jun 7, 2021 - 10:23
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The Political Problem Of The Mankind Is To Combine Three Things:  Economic Efficiency, Social Justice And Individual Liberty
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Man is like a center of a circle constituting wealth, harmonious social relations, and individual liberty as its peripheries. If any of the constituents deviate from its point, it will distort the shape of the circle. Therefore their harmonious blend is very important. But, at times it appears very hard to synchronize because the presence of one leads to the absence of the other. For example, Economic efficiency means a large outcome with less investment, but this stands in contradiction to social justice which requires inclusive growth, welfare, and emancipation of the poor. for instance, absentee landlordism may be an effective business choice for the landlord sitting somewhere outside the village but the tenant peasant is exploited and is denied justice as he has to share the big chunk of his hard-earned money with the landowner. Similarly, economic efficiency will also compromise individual liberty like bonded labor, slavery, human trafficking seizes individuals to live life on its own terms.

Likewise, social justice also undermines economic efficiency and individual liberty, for example, License-Quota- Inspector Raj and MRTP act in past denied individual freedom of innovation and one's capacity to maximize potential and make money. It not only leads to staggering growth but also quenches individual capacity to grow, innovate and progress.

Not only this, but individual liberty also acts as a hindrance for economic growth and social justice, for example, workers' right to strike leads to poor production and economic loss to the owner, environmental movements also acts as a bottleneck for economic progress and development.

But to attain political stability, the above three elements need to blend harmoniously.

Politics in its very basic terms means attaining and retaining power, and the major political problem of mankind is to prevent itself from being thrown out or getting ousted. Therefore, to avoid this political problem, the above three elements need to blend harmoniously.  If it does not happen,  people will overthrow the government either through a vote, coup d'état, revolution, or any other similar means.

Therefore, Government needs to find a way out, so that economic efficiency, social justice, and individual liberty can become mutually exclusive. 

Programs and policies like inclusive growth, balanced regional growth, progressive taxation, reservation to socially economically underprivileged, progressive taxation methods, corporate social responsibility, pensions, scholarships, direct benefit transfers, minimum wages, Labor codes, Economic liberalization, etc are the way forward for harmonious and sustained wealth creation with political stability. 

These three elements are like are traffic signals or the tripod stand, failure of one will crumble the entire system. Therefore their sustained balance is the barometer of a progressive society.