‘Coops are also a type of private capitalism´
KATHMANDU April 1st:
Cooperatives are also a type of private capitalism. Cooperatives will help small and unorganised farmers to get organised and access the market. And, among the three pillars to the economy, the private sector is the leading one. There is no doubt about that, said Dr Baburam Bhattarai, former Finance Minister. He was speaking at an interaction organised by Nepal Economic Association (NEA) and Confederation of Nepalese Industries (CNI).
“Our focus is on removing the remnants of feudalism from the existing structure of capitalism. There is no nationalisation policy on the cards for private industries,” he said, expressing that capitalism in Nepal is of feudalistic characteristic not nationalistic.
"State can bring private sector under logical framework through its policies and accelerate growth. State can propel cohesive partnership among private sector, public sector and cooperatives," said Binod Chaudhary, industrialist and president of CNI. The manufacturing sector is now contributing a mere 4 per cent to GDP.
“Growth of the private sector ensures that the revenue is generated that can be spent on social services thus government aspires the growth of this sector,” said Dr Ram Sharan Mahat, former Finance Minister.
“Government has to play the role of a strong state authority that would regulate and maintain law and order, ensure fair competition and develop infrastructure,” he said.
He said classical capitalism and classical socialism do not have relevance in the present world. Economic model should be time relevant. Thus, pragmatism is the way that will incorporate good features of both socialism and capitalism.
“In the absence of strong governance, no economic model can grow as political instability will eventually pose as hurdle in the development process,” he pointed out.
“The private sector and the government are believed to be adversaries while the relationship between the two has to be complementary as demonstrated by East Asian countries, India and also China,” Dr Prakash Chandra Lohani, another former Finance Minister.
“If market is left on its own that also leads to problems, thus regulation is needed. Regulation should not be restrictive but should encourage competition and transparency,” he said.
“Pure socialism without innovation and efficiency can not sustain like former Soviet Union. Also, ‘gung-ho’ capitalism with everything left to market also eventually crashes as portrayed by American sub-prime bubble of 2008,” he pointed.
“Three pillared economic model including public, private and cooperatives sector is not the issue but coordinating them is,” said Economist Dr Bishambher Pyakurel, president of NEA.
Source: THT
Cooperatives are also a type of private capitalism. Cooperatives will help small and unorganised farmers to get organised and access the market. And, among the three pillars to the economy, the private sector is the leading one. There is no doubt about that, said Dr Baburam Bhattarai, former Finance Minister. He was speaking at an interaction organised by Nepal Economic Association (NEA) and Confederation of Nepalese Industries (CNI).
“Our focus is on removing the remnants of feudalism from the existing structure of capitalism. There is no nationalisation policy on the cards for private industries,” he said, expressing that capitalism in Nepal is of feudalistic characteristic not nationalistic.
"State can bring private sector under logical framework through its policies and accelerate growth. State can propel cohesive partnership among private sector, public sector and cooperatives," said Binod Chaudhary, industrialist and president of CNI. The manufacturing sector is now contributing a mere 4 per cent to GDP.
“Growth of the private sector ensures that the revenue is generated that can be spent on social services thus government aspires the growth of this sector,” said Dr Ram Sharan Mahat, former Finance Minister.
“Government has to play the role of a strong state authority that would regulate and maintain law and order, ensure fair competition and develop infrastructure,” he said.
He said classical capitalism and classical socialism do not have relevance in the present world. Economic model should be time relevant. Thus, pragmatism is the way that will incorporate good features of both socialism and capitalism.
“In the absence of strong governance, no economic model can grow as political instability will eventually pose as hurdle in the development process,” he pointed out.
“The private sector and the government are believed to be adversaries while the relationship between the two has to be complementary as demonstrated by East Asian countries, India and also China,” Dr Prakash Chandra Lohani, another former Finance Minister.
“If market is left on its own that also leads to problems, thus regulation is needed. Regulation should not be restrictive but should encourage competition and transparency,” he said.
“Pure socialism without innovation and efficiency can not sustain like former Soviet Union. Also, ‘gung-ho’ capitalism with everything left to market also eventually crashes as portrayed by American sub-prime bubble of 2008,” he pointed.
“Three pillared economic model including public, private and cooperatives sector is not the issue but coordinating them is,” said Economist Dr Bishambher Pyakurel, president of NEA.
Source: THT
