GANDHIAN PHILOSOPHY OF WEALTH

MANAGEMENT
Gandhijis life an example of morality and ethics
Philosophy of wealth management
Gandhian philosophy of wealth managemet is grounded on
Sarvodayain his philosophy class harmony between labour
and management is supreme
According to Gandhi ji managers and proprieters are the
trustee of the wealth of the society
Trustee ship refers to the act of holding and managing the
resources of the society on the behalf os the stakeholders
Despite the major hold of the trustee it gives he concept of
equity
Trusteeship propounded by Gandhiji has origi in geets as
aparigrah( non possesion) & sambhav ( equalism )

 Gandhian philosophy is propogating an idea that all resources including human,

finance and technological all belong to society .
The whole approach is macro with long term perspective rather than the short
term micro perspective taking care only of the top management and the major
shareholder
Better balance suggested to be maintained in reward and risk.
Individual and group efforts are aligned with social needs .
Vedas and Upnishad points towards holistic gains ,Arthshastra also explains the
role of a king as trustee.
Swami Vivekanand also taught sustainable progress for all members of society.
Fragmented progress is temporary and illusionary.
Dr SK Chakraborty of IIM Calcutta described the concept of LOK SANGRAH
oriented towards the common good.
Contemporary corporate trusteeship example is of Infosys by Narayan Murthy

 Gandhiji assigned the paternalistic role to management

towards workers
He encouraged trade union development and
participation as a mean and tool of workmen material
and moral development
Gandhiji supported a method of strike after the
legitimate efforts are failed , and only for a just cause
He declared grievance redressed through Strike and
Satyagrah for THE JUST CAUSE

PRINCIPLES OF TRUSTEESHIP
Gandhijis philosophy of wealth management is based on his principle of
trusteeship
He proposed that each capitalist should consider them selve as trustee of
the possessed wealth
If all capitalist would start thinking themselves as custodian than the entire
society will turn to be an egalitarian society where the greatest good of all
could be achieved.
Management is also responsible for the development of spiritual aspects of
the employees
Trusteeship management and consequently the wealth management does
not identify the right to individual property.
The division between HAVES AND HAVE VOT are narrowed down to the
minimum
Indian constitution also does not guarantee the right to private property as
fundamental right
Initially the constitution has included under the Article 19(1) (f) the
fundamental right to property and Article 31 had prohibited the deprivation
of property

 In trusteeship management the right to private

property is abolished and followed by the society to
the extent it is required for the welfare
The private wealth should not be disproportionate
and detrimental of the society
For industrialist, what they produce and release in
5the society should be ascertained by social
necessity and optimum utilization
Workers should also be co trustees with the
management
He wanted workers also being aware about the
righteousness and their existence
He wanted to develop the sense self esteem and
pride amongst workers

Seven Greatest Social Sins

Wealth Without Work

Pleasure Without Conscience
Knowledge Without Character
Commerce (Business) Without Morality
(Ethics)
Science Without Humanity
Religion Without Sacrifice
Politics Without Principle