Social Economy and Its Building Blocks: A Contemporary Perspective
DOI:
https://doi.org/10.71093/iqmrj.v1i4.202506Keywords:
social economy in India, labour law history, subsidiarity in governance, income distribution in India, inflation and RBI policiesAbstract
Abstract
This review article critically examines Social Economy and Its Building Blocks: A Contemporary Perspective, a work that explores the dynamics of social justice, economic decentralization, labour reforms and income distribution within the Indian context. The original article presents a nuanced framework that connects economic theory with the real-world implications of policy interventions, such as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), the Public Distribution System (PDS) and Direct Benefit Transfers (DBT). Through a combination of secondary data analysis, historical interpretation and policy critique, this article sheds light on how subsidiarity and wage regulation are essential to achieving inclusive growth. The work also discusses the role of labour movements and legislation in shaping equitable economic outcomes, particularly in the unorganized sector. Furthermore, the paper evaluates inflation management in India through Reserve Bank policies and their consequences for vulnerable populations. While the article is commendable for its interdisciplinary approach and policy relevance, it would benefit from deeper empirical insights, especially into the lived realities of informal workers and comparative global experiences. Overall, the reviewed paper contributes significantly to the discourse on the social economy by bridging constitutional ideals with economic realities, making it relevant for academics, economists, and policymakers seeking to promote sustainable and equitable development in India.
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