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Keynes’ and Friedman’s style of economics has a common missing link — spirituality. Capitalism and communism, as defined by a Madras academic, are two sides of the same coin. Both are materialistic in pursuit but differ in ownership.

Both the economic models — liberal democratic capitalism or regulated autocratic communism — lack a moral framework.

An economic model with a spiritual foundation is the right prescription for the current economic doom. Any remedy within the existing paradigm will only prolong the crisis. The US, it seems, needs a social bailout that restores primacy to ethical practices, rather than just a financial bailout.

S. Vaidhyasubramaniam, Thanjavur

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