{"id":38645,"date":"2016-11-30T13:41:14","date_gmt":"2016-11-30T13:41:14","guid":{"rendered":"http:\/\/greattelangaana.com\/english\/?p=38645"},"modified":"2016-11-30T13:41:27","modified_gmt":"2016-11-30T13:41:27","slug":"demonitisation-a-disaster-on-economy-says-sen","status":"publish","type":"post","link":"https:\/\/greattelangaana.com\/english\/demonitisation-a-disaster-on-economy-says-sen\/","title":{"rendered":"Demonitisation a disaster on economy says Sen"},"content":{"rendered":"<p style=\"text-align: justify;\">Nobel Laureate Amartya Sen has called the Narendra Modi government\u2019s demonetisation move \u201cdespotic action that has struck at the root of economy based on trust.\u201d<\/p>\n<p style=\"text-align: justify;\">Demonetisation undermines notes, it undermines bank accounts, it undermines the entire economy of trust. That is the sense in which it is despotic,\u201d Prof. Sen told to a TV channel.He further said his immediate point of view on demonetisation is on its economic aspect.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s 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\u2019s word. By taking despotic action and saying we had promised but won\u2019t fulfil our promise, you hit at the root of this,\u201d Prof. Sen said.<\/p>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-38646\" src=\"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2016\/11\/AmartyaSen-keTC-621x414@LiveMint.jpg\" alt=\"Demonitisation a disaster on economy says Sen \" width=\"701\" height=\"467\" \/><\/p>\n<p style=\"text-align: justify;\">Noting that capitalism has many successes that have come from having trust in businesses, he said if a government promises in promissory notes and breaks such promise, then it is a despotic act.<\/p>\n<p style=\"text-align: justify;\">\u201cI am not a great admirer of capitalism. On the other hand, capitalism has many successes&#8230; It\u2019s despotic in the sense that if a government promises in promissory note that when given, we will give you this amount of compensation for it and to break such a promise is a despotic action,\u201d Sen, who is currently Thomas W Lamont University Professor at Harvard University, said.<\/p>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-38647\" src=\"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2016\/11\/63513982-Demonetisation_6.jpg\" alt=\"Demonitisation a disaster on economy says Sen \" width=\"645\" height=\"399\" \/><\/p>\n<p style=\"text-align: justify;\">The demonetisation 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nobel Laureate Amartya Sen has called the Narendra Modi government\u2019s demonetisation move \u201cdespotic action that has struck at the root of economy based on trust.\u201d Demonetisation undermines notes, it undermines bank accounts, it undermines the entire economy of trust. That is the sense in which it is despotic,\u201d Prof. Sen told to a TV channel.He [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":38648,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2],"tags":[17873,14775,17293,374,17874,2341,2339,17878,94,17872,5060,40,14417,17876,17879,17875,17877],"class_list":["post-38645","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politicalnews","category-top-stories","tag-amartya-sen","tag-businesses","tag-demonitisation","tag-disaster","tag-economic-aspect","tag-economy","tag-government","tag-harvard-university","tag-narendra-modi","tag-nobel-laureate","tag-opposition-parties","tag-parliament","tag-professor","tag-promissory-notes","tag-sen","tag-successes","tag-thomas-w-lamont-university"],"jetpack_featured_media_url":"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2016\/11\/AMARTYA_SEN_ON_NALA_923611f.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/38645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/comments?post=38645"}],"version-history":[{"count":0,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/38645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media\/38648"}],"wp:attachment":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media?parent=38645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/categories?post=38645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/tags?post=38645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}