REV[IV]AL : An Attempt to Re-think of an Ideal Village_Design Dissertation_2021-22

5.2 | DECENTRALIZED ECONOMY A decentralized economic system, also termed as a free market economy, is a system wherein the business interactions carry out directly between the supplier end & the consumer end. Classical economists namely Adam Smith, David Ricardo & Jean-Baptiste Say argued in favor of a free market, that liberalized the industries & businesses of different scales to have a fair amount of profit based on the personal service they provide. A central authority may or may not intervene to monitor the transactions between the two ends, but the major decision making lies in the hands of these two bodies - supplier & consumer. The system runs on the principles of a theory stated as supply & demand, that explains the transactional relation between the supplier & consumer.

Ill.5.2.a Decentralized Economy | Author

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REV[IV]AL : An Attempt to Re-think of an Ideal Village_Design Dissertation_2021-22

Published on Feb 12, 2022

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“India lives not in a handful of its cities, but in her 7,00,000 villages.” - Mohandas Karamchand Gandhi M.K.Gandhi through his writings & speeches always preached about the importance of a decentralized economy wherein the villages forms the foundation of nation building in all aspects. The Gandhian Philosophy of Decentralization aims to envision all the distinct authorization bodies at different levels to be on one equal platform, with equal delegation of authority, unlike the centralized system that follows a hierarchic pattern leading to discrepancies in terms of monetary as well as authorization factors. The enhancement of a decentralized system is a path ahead towards a sustainable habitat of the nation, not just economically, but also to attain a lovable living condition.