Discuss Gandhian Philosophy of Economic Concepts related to Development.

Gandhi developed the following economic ideas and concepts which are consistent with his economic philosophy.

Capital: According to Gandhi, capital is the source of all wealth. It is required for producing commodities and paying wages to the workers.  Capital is of two types: money capital and labour capital. A labourer's skill is his capital. Both money capital and labour capital are necessary  for production. Gandhi observed, 'Just as the capitalist cannot make his capital fmctify without the cooperation of labour, similarly the working  man cannot make his labour fructify without the cooperation of capital.' For better industrial relations, both capital and labour need to be  organized. It is easy to organize capital but not labour. This weakens the workers' bargaining position and increases the possibility of  exploitation of labour. An entrepreneur's power to exploit labour depends upon the extent of concentration of capital in the hands of capitalists.  Gandhi suggested two methods to reduce the evil effects of the concentration of capital. According to him: The ownership of capital should be  decentralized; and If the concentration of capital is considered essential, the state should  have the full control over the use of capital.

Labour: The exploitation of labour is an evil of the capitalist system. It causes unrest among the workers, and, if it persists for a long time, it  rovokes them to revolt against the system. According to Gandhi, the exploitation of __________ _______ _____ _____ _____ _____ ______ _____.
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