Economics has so much to contribute to any society that somehow it overwhelms other operating powers of any social order. Sometimes history seems to be a product and struggle of economics than of any other reason. The transformation of economic values from the domain of arts to mathematical and scientific frame has given us a challenge to re-think our opinions about the subject. The economic laws governing relationship amongst people of its society and that of the entire globe seems to have undergone intense overhaul during the last few decades or so. It is interesting to observe that the most vigorous development that has to take place in legal arena constitutes those relating to commercial and business relations of people as compared to penal ones. The wheel of civilization has only been mobilized due to the economic goals in the sight. Even if some activity has been out of the instinctual happenings of a person even then, the financial cause has just perfected it.
As we move into the 21st century world, where nations only have the sophisticated tools of economics and commerciality to survive on, there is a need to establish the institutions, which could uphold the economic legacy of mankind and can draft laws that can control the conversion of human demands into detesting desires. It is impossible for us to exclude ourselves from the global economic paradigm. All the emotions that derail us from forming a rational opinion in fact hinder us from our economic growth. Though even economics has to be regulated within the spheres of law and social justice can only be achieved with the supremacy and rule of law but necessarily a selfish instinct embedded in humans and which transcends at the state level has to remain supreme and which can in a best manner achieve financial and economic gains for us both at micro and a macro level. It is important to understand the fact that all dogmas even religious ones aim to guard the relationship amongst men and elaborates the presence of Deity beyond our imagination so as to organize our affairs with others and which might get damage in our economically viable approaches. The strength of monetary, fiscal and other gains is so great that surely at a macro level it defies all the human moral and social norms. Only an equal or stronger economic might, resist the pressure of such a state and thus the two societies co-exist. A common end of economically beneficial value boosts their relations and thus the focal point of every macro relation remains trade, commerce, business and fiscal ones. Though other interests have to be catered but they then have secondary recognition.
The field of economics has broken the shackles of military dependency and today it is the military strength completely dependent on the economic resources of a nation. The world geography has undergone a great renovation in the past century. Some dictums of history remains true, the greatest of all relates to the survival of fittest…. Fittest these days refer to economic fitness and no more the armed one. Gone the days of weapons, which could dominate other resources. And so we have the time when economic powers slowly creeps in other societies with their products and services sparking all around under the guidance of law. Economic imperialism thus prevails; they dominate everyone’s resources not in an unlawful manner but just because of our incapacity to do so. Thus as the world stretch its arms in the new millennium, there is a need to find our place in the world of economics and embrace the realities which are bestowed upon us by the acts of others. Emotional confrontation has little significance, but economic valour crush nations, formulates the global destiny, ensures internal justice and unleashes every other potential of a society.
Materialism has to govern every relation in an environment with economics as a dictating force, but even so such happens where other isms prevail. The Machiavellian world has furnished strong rules as precedents and history has affirmed them entirely. The selfish image of humans at least could be catered in a constructive manner, let our personal economic activity contributes effectively for our national exchequer. With so many forces working all around it is important we realize that the most dominating force enables us to transgress the laws we ourselves have created.
Though the basic definition by Adam Smith has been changed but rightly so its effectiveness has stood there when he said, “Economics is a science of wealth…” Even if not, it can be rightly said today that, “Economics is an art of creating wealth and the countries that could best do so ultimately carries the beacon of humanity.”
(Published in 'The Nation' Business Week)
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