Gandhian Philosophy of Wealth Management BBA N107 UNIT IV

UNIT IV
Gandhian Philosophy of Wealth Management
11/22/2012
Prof. Amit Kumar Management Deptt.

The Gandhian Philosophy of Wealth Management is based on the principle that a wealthy man does not truly have the right to hoard wealth solely for the self; the only right he has is that to an honourable livelihood.
11/22/2012

Gandhian
Philosophy of wealth management is based on the Servodaya principles of Truth, Non-Violence and Trusteeship; wherein class harmony between labour and management reigns supreme.
proprietors of business firms are only the trustees of wealth of society.
According to Gandhiji, managers and
11/22/2012
The idea of trusteeship advocated by
Gandhiji, is based on and has its origin in the Bhagaved Gita-in the principles of aparigraha (non-possession) and Sambhawa (equalism) which were ardently followed by Mahatma Gandhi.
Unlike the Utilitarian motto of greatest
good of the greatest number known as Teleology, Gandhijis motto was greatest good of all.
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Gandhijis views on labour management relations

My ideal is that capital and labour should supplement and help each other. They should be a great family living in unity and harmony; capital not only looking to the material welfare of the labourers, but their moral welfare also-capitalists being trustees of the welfare of the labouring classes under them.
11/22/2012 Prof. Amit Kumar Management Deptt. 5
Gandhiji
assigned a paternalist role to management in their dealings with labour
He declared that a strike is an inherent right of
the working man for the purpose of securing justice, but they must be considered a crime immediately the capitalists accepts the principle of arbitration.
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If conflict arises between labour and
management, the weapon proposed by Gandhiji is Satyagraha.

Gandhiji considered trade unions to
be means of workmens material and moral development.
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WHAT IS TRUSTEESHIP
Trust is a fund or asset created to specific
purpose. A wealthy person may set aside some funds for specific purpose and appoint an trustee to manage it and make sure that the benefits are made available to the specific beneficiaries. The beneficiaries are mentioned.
WHAT IS TRUSTEESHIP
The trustee is entitled to take a fee for his
services. He is expected to take care of the fund on his own but he must not take advantage of the fund for his personal benefit.
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Trusteeship of Gandhiji
In the first instance, everything must be
surrendered to God and then out of it one may use only that which is necessary for the service of God's creation, according to one's strict needs When an individual had more than his respective portion, he became a trustee of that portion for God's people. Gandhi suggested this doctrine as an answer to the economic inequalities a kind of nonviolent way of resolving all social and economic conflicts.
Therefore man's dignity, and not his
material prosperity . aims at a distribution of material prosperity keeping only human dignity in view Besides, trusteeship aims at the rising of the morale of the people by giving them a sense of security in the hands of the trustees.
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According to Gandhi, trusteeship is the only ground on
which he can work out an ideal combination of economics and morals. It is as follows:
(i) Trusteeship provides a means of transforming the
present capitalist order of society into an egalitarian one. It gives no quarter to capitalism, but gives the present owning class a chance to reform itself. It is based on the faith that human nature is never beyond redemption.
(ii) It does not recognize any right of private ownership of
property except so far as it may be permitted by society for its own welfare.
(iii) It does not exclude legislation of the ownership and
use of wealth.
(iv) Thus under state regulated trusteeship, an individual
will not be free to hold or use his wealth for selfish satisfaction in disregard to the interests of society.
(v) Just as it is proposed to give a decent minimum living
wage, a limit should be fixed for the maximum income that would be allowed to any person in society. The difference between such minimum and maximum incomes should be reasonable and equitable and variable from time to time, so much so that the tenancy would be towards the obliteration of the difference.
(vi) Under the Gandhian economic order, the character of
production will be determined by social necessity and not by personal greed

AIM
The revolutions that are raised from time to time
in different countries are motivated by the same objectives of human dignity, justice, and equity. It is very clear that the idea is relevant today as it aims at the social, economic, and political changes in the world. Though the Gandhian concept of trusteeship provides us with an idea of how to narrow the class gap.
Indian Corporate Leaders and Trusteeship
WIPRO Cares Foundation, with a targeted corpus of Rs 100 crore for primary education;
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15
Birla foundation with its focus on socio-economic improvement in the lives of the people touched by the corporation. House of the Tatas with their corporatised initiatives for sociocorporate benefits
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16
Infosys, particularly from its former CEO and current chief mentor, Narayana Murthy for creating this company along with a small group of people (better sharing of wealth in society), the involvement of employees in the companys fortunes (through ESOPs) and his contentment with a mere 7% of company stock (he prefers it that way) reflect a deep-rooted commitment towards trusteeship.
TRUSTEESHIP v/s MARXISM

Gandhian theory can be understood only in the
context of certain basic spiritual values of the Indian tradition. Marxian socialism aims at the destruction of the class called capitalists, whereas the Gandhian approach is not to destroy, but to reform it. Gandhian socialism, being ethical, is different from Marxia'" socialism. Man, to him, is an ethical being first and a social being later.
TRUSTEESHIP v/s MARXISM

Marxian socialism harps on violence,
Gandhian socialism aims at a change of heart on the part of the rich
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19
Seven greatest Sins

Politics without principles
Education without character Commerce without morality Pleasure without conscience Wealth without work
Science without humanity

Worship without sacrifice

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Gandhian Philosophy of Wealth Management BBA N107 UNIT IV

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UNIT IV

Gandhian Philosophy of Wealth Management

Prof. Amit Kumar Management Deptt.

Gandhian Philosophy of Wealth Management

Gandhian Philosophy of Wealth Management

According to Gandhiji, managers and

Prof. Amit Kumar Management Deptt.

The idea of trusteeship advocated by

Prof. Amit Kumar Management Deptt.

Gandhijis views on labour management relations

assigned a paternalist role to management in their dealings with labour

He declared that a strike is an inherent right of

Prof. Amit Kumar Management Deptt.

If conflict arises between labour and

management, the weapon proposed by Gandhiji is Satyagraha.

be means of workmens material and moral development.

Prof. Amit Kumar Management Deptt.

Prof. Amit Kumar Management Deptt.

production will be determined by social necessity and not by personal greed

Indian Corporate Leaders and Trusteeship

Prof. Amit Kumar Management Deptt.

Prof. Amit Kumar Management Deptt.

TRUSTEESHIP v/s MARXISM

TRUSTEESHIP v/s MARXISM

Gandhian socialism aims at a change of heart on the part of the rich

Prof. Amit Kumar Management Deptt.

Seven greatest Sins

Science without humanity

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