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

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On Democracy, Market and Socialism

On 'Democracy, Market and Socialism' Amartya Sen, in his presidential address to the last annual conference of the Indian Economic Association, seems to posit democracy as the fundamental idea of socialism. Holding that the use of market under socialism is but an instrumental step, he underlines that the two cannot be put at par. While he may be correct in terms of formal logic, this does not really shed any light on the basic problem. In reality, both democracy and market are instrumental to socialism, although certainly of different orders.

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