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Demonetisation despotic action, undermines trust: Amartya Sen

The Nobel Laureate asserted that if a government promises in promissory note and breaks such promise, then it is a despotic act

Press Trust of India  |  New Delhi 

A customer waits to deposit 1000 Indian rupee banknotes in a cash deposit machine at bank in Mumbai
A customer waits to deposit 1000 Indian rupee banknotes in a cash deposit machine at bank in Mumbai

Nobel Laureate has called Narendra Modi Government's move "action that has struck at the root of economy based on trust".

"It (demonetisation) undermines notes, it undermines bank accounts, it undermines the entire economy of trust. That is the sense in which it is despotic," Sen told NDTV.

He further said his immediate point of view on is on its economic aspect.

"It's (demonetisation) a disaster on economy of trust. In the last 20 years, the country has been growing very fast. But it is all based on acceptance of each other's word. By taking action and saying we had promised but won't fulfil our promise, you hit at the root of this," Sen, also a Bharat Ratna awardee, said.

Noting that capitalism has many successes that have come from having trust in businesses, he said if a government promises in and breaks such promise, then it is a act.

"I am not a great admirer of capitalism. On the other hand, capitalism has many successes... It's in the sense that if a government promises in that when given, we will give you this amount of compensation for it and to break such a promise is a action," Sen, who is currently Thomas W Lamont University Professor at Harvard University, said.

The issue has also rocked Parliament as both Houses have been witnessing disruptions and adjournments due to noisy protests by opposition parties for the past several days.

Demonetisation despotic action, undermines trust: Amartya Sen

The Nobel Laureate asserted that if a government promises in promissory note and breaks such promise, then it is a despotic act

The Nobel Laureate asserted that if a government promises in promissory note and breaks such promise, then it is a despotic act Nobel Laureate has called Narendra Modi Government's move "action that has struck at the root of economy based on trust".

"It (demonetisation) undermines notes, it undermines bank accounts, it undermines the entire economy of trust. That is the sense in which it is despotic," Sen told NDTV.

He further said his immediate point of view on is on its economic aspect.

"It's (demonetisation) a disaster on economy of trust. In the last 20 years, the country has been growing very fast. But it is all based on acceptance of each other's word. By taking action and saying we had promised but won't fulfil our promise, you hit at the root of this," Sen, also a Bharat Ratna awardee, said.

Noting that capitalism has many successes that have come from having trust in businesses, he said if a government promises in and breaks such promise, then it is a act.

"I am not a great admirer of capitalism. On the other hand, capitalism has many successes... It's in the sense that if a government promises in that when given, we will give you this amount of compensation for it and to break such a promise is a action," Sen, who is currently Thomas W Lamont University Professor at Harvard University, said.

The issue has also rocked Parliament as both Houses have been witnessing disruptions and adjournments due to noisy protests by opposition parties for the past several days.
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Business Standard
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Demonetisation despotic action, undermines trust: Amartya Sen

The Nobel Laureate asserted that if a government promises in promissory note and breaks such promise, then it is a despotic act

Nobel Laureate has called Narendra Modi Government's move "action that has struck at the root of economy based on trust".

"It (demonetisation) undermines notes, it undermines bank accounts, it undermines the entire economy of trust. That is the sense in which it is despotic," Sen told NDTV.

He further said his immediate point of view on is on its economic aspect.

"It's (demonetisation) a disaster on economy of trust. In the last 20 years, the country has been growing very fast. But it is all based on acceptance of each other's word. By taking action and saying we had promised but won't fulfil our promise, you hit at the root of this," Sen, also a Bharat Ratna awardee, said.

Noting that capitalism has many successes that have come from having trust in businesses, he said if a government promises in and breaks such promise, then it is a act.

"I am not a great admirer of capitalism. On the other hand, capitalism has many successes... It's in the sense that if a government promises in that when given, we will give you this amount of compensation for it and to break such a promise is a action," Sen, who is currently Thomas W Lamont University Professor at Harvard University, said.

The issue has also rocked Parliament as both Houses have been witnessing disruptions and adjournments due to noisy protests by opposition parties for the past several days.

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Business Standard
177 22

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