Saktaah karmanyavidwaamso yathaa kurvanti bhaarata;
Kuryaad vidwaam stathaa saktash chikeershur lokasangraham.
Chapter III Verse 25 Bhagvaat Gita
As the ignorant men act from attachment to action, O Bharata (Arjuna), so should the wise act without attachment, wishing the welfare of the world!
The main teaching of Geeta is based on this cardinal principle of loka sangraha (welfare of the mass). Sri Krishna mentions that ignorant man acts out of attachment .
The modern economic principle, which is promoted by Adam Smith is rooted on this attachment. Smiths philosophy of PCD – Profit , Competition and Self Interest not only ask attachment in work ,but also goes on creating more attachments.
In contrary ,the economic principles of lok sangraha lies at the root of all business houses. Because, business is after all a system of production and distribution of material goods and services with an aim to serve the needs of man. Though the Global financial crisis shows that often business overlook this ideal and create problem for themselves.
The root of the financial crisis is the lack of faith of people in the Business and financial system . That crisis could not be solved totally ,until unless this faith is restored . Stimulus can only help to give a good wrapper of faith . It cannot bring back the real faith. Only business done on the spirit of Loksangraha can bring back the real faith.
The goodwill of the masses, lies at the heart of phenomenal rise of any business house, starting from the chief executive officer down to the workers, all should work in a spirit of lok sangraha so that their company will thrive and prosper. This principles apply both in microeconomic and macroeconomic context.