According to Professor Singh, the perception that capitalism is the only solution for economic progress came about in the 20th and 21st century.

He said that governments and policy makers of capitalist countries were oblivious to the infirmities in the economic structures.

“A system can succeed only if it promotes inclusive growth of an economy. Society has to move forward as a whole. You cannot have a privileged few continue to prosper while the rest languish and live wretched lives. The market-led growth is not desirable if its benefits do not percolate to the grass root levels,” he said.

Dr Pramod Kumar, director of the institute, said, “The effects of the meltdown are far reaching. On the whole, it is creating a struggle for sustenance. We need to come up with solutions.”

Among others who participated in this round table discussion were Professor Susan George from Transnational Institute from Netherlands and Professor Y K Alagh, former Union Minister for Power and Planning.

The next lecture of this series is scheduled to be held on Tuesday at the IDC premises in Sector 38.

The topic of the discussion is, ‘Security Sector Reforms: Challenges of Terrorism’.