S. Kalyanaraman

A Theory for Wealth of Nations: Market Economics Overturns Adam Smith and Karl Marx S. Kalyanaraman

A theory for wealth of nations -- Market economics overturns Adam Smith and Karl Marx In the context of economic theories of political economy, market capitalism dominated by a network of corporations defines global capitalism which makes society subservient. Economic history of two millennia provide a framework for delineating a relativist theory for wealth of nations governed by Sreni dharma to cope with greed and corruption. The metaphor of varaha, upholding the earth provides an outline for sustaining wealth of nations. Reviewing holistic-ethical development models and role of social capital, the dominant role has to be assigned to household economics which provides for rebuilding economic theory founded on a global ethic to correct market fundamentalism and to create and strengthen European Community and Indian Ocean Community as Rastram, grouping of nations. Such a theory will promote and sustain wealth of the grouped nations.