Depoliticising economy and finance
“Keep inflows more than outflows “
Above is key philosophy which is followed from a house to a large industry to whole country. Failure to fulfill protocols of this key results in default and bankruptcy.
Recent circumstances compelled me to dip in cryptic economy ocean. Trying to figure what are the factors that can be considered out while looking for betterment economy of a country (although i had zero knowledge and education of it😂 )
When finding out many gambits like creating business friendly environment, controlling imports,increasing exports,controlling laundered money,utilizing remittances well and friendly diplomacy etc, i came across a topic which was bit new for me so I thought to delve into it.
For me that seemed to be mother of all stratagems. That solution was
**Depoliticisation of economy **
Political polarisation causes a huges distortion to economy of a state . The reason for it is just contriving such gambits which can yield in short time and trying best to raze those projects,schemes and techniques which are applied by their opponents so that they may win in vote count.In this tug of war , one loses is just economy.
Depoliticisation of economy means to free economy from political patronage. It is actually formulating a structure that is employed for state to serve state and don’t have any political agenda and should not be affected by any political agenda.
It is not like depoliticisation of economy is a new thing infact it is has been applied successfully in many states i.e Sweden ,Singapor,Switzerland and Australia etc. And if we look at stats ,all of them are having mushrooming growth.
Ways to depoliticise economy:
Depoliticisation of economy is actually an intricate process. The states devise their own mechanisms basing on their resources,needs and interests. Here are some of ways which can be processed :
All stakeholders must sit together and devise a plan of minimum 15 years keeping in mind country’s geostrategical position, exports,imports,flaws,merits and future goals. With the passage of time there shouldn’t be any alternation in plan but modification( through democratic process).
A special body should be structured which looks into economy and finances without caring who is keeping reins in his hands. This body should recruit persons basing on their qualifications who don’t have any political patronage.It should be headed by an experienced economy expert not by any ret. general or bureaucrat.Decisions should be made by those who have credentials in field.
This body should look into taxes,remittances,debts(internal and external) and currency as well.The body and the affiliated organization should be given complete autonomy to make decisions basing on plan given by stakeholders. The body should work efficiently and vigilantly with adopted and evoluted decision both in war and peace conditions.
Advantages:
I believe discarding off political patronage will make vision clear . There will be one path ( easy or hard) which will prevent from vacillating decisions.
Depoliticisation of finances will help to curb money laundering and corruption.
Because of not using it as political stunt, long term projects will be introduced than short terms which will pave for boosting economy in longer run.
Depoliticisation will lead to public interference.People from across the country possessing qualifications and skills will contribute to decision making.
Usually economy distorts during interim governments .So, an autonomous body will just stick to its job regardless of caring what’s happening in government.
Disadvantages :
Just like there are thorns with roses ,everything can be misused. As there is nothing bad or good only we make it hood or bad. So this structure can also be compromised like:
If that body is left without accountability there are full might chances that it will indulge more in corruption because of having full control on money leaving economy to more crippled state.
Depoliticisation will cause complete removal of political domain in economy and for introducing new schemes to whom that body doesn’t comply will yield into constitutional lacuna.
Depoliticisation may result in to privation of imported materials as well as it will always look to decrease deficit without caring needa of populace.
Conclusion: As per I perceived depoliticisation of economy is not a bad idea . But there is need to to scrutinise it to which investigates its transparency and efficiency. Instead of complete total depoliticisation, a balanced body can be formulated where plans are from stakeholders,decisions are through body and scrutiny by parliamentarians.As the only motive is to prevent faltering economical situation.
Will you guys like to add in something?