New Turn in Economic Policy- Context and Prospects

New Turn in Economic Policy Context and Prospects Prabhat Patnaik The growth strategy being pursued by the government, it is argued here, apart from its other economic, social and political consequences, does not even promise any great achievements. This is not to plead for a restoration of the earlier economic regime whose contradictions have paved the way for 'liberalisation' in the first place. Rather, these contradictions have to be overcome, but in a manner completely different from, and opposed to, what the World Bank and other agencies have been advocating. Not only must the orientation of economic policy change visibly in favour of the working people, but the implementation of policy must itself be based upon the active participation of the working people. Such a change would also have the effect of raising the working people above their preoccupation with economism and narrow sectional interests.