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“Economic reform must proceed with social conscience. Markets thrive best when regulated by fairness and responsibility. Growth that ignores justice ultimately undermines stability.”

— Shivanshu K. Srivastava

Last update Sept. 26, 2026. History

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“The economic illusion is the belief that social justice is bad for economic growth.”

Robert Kuttner (1943) American journalist

Introduction, p. 1 (First text line.)
The Economic Illusion (1984)

“We must establish the ecological bounds on human activity. We must tackle the systemic inequalities which undermine social progress. We must fix the illiterate economics of relentless growth […] A different economics is achievable. A better and fairer social logic lies within our grasp.”

Tim Jackson book Prosperity Without Growth

Prosperity Without Growth: Foundations for the Economy of Tomorrow, 2017 edition, Routledge, page 227.
Prosperity Without Growth

“Profits, wages and salaries are still determined not by any conditions of national interest or social justice, but by the traditional methods of laisser-faire. Under conditions of full employment, this must result in a continuous inflationary pressure, which undermines the real value of social security and small savings, as well as making our products less competitive in foreign markets and so jeopardising our capacity to maintain the standard of living.”

Richard Crossman (1907–1974) British Member of Parliament

‘Introduction’, New Fabian Essays (1952), pp. 26–27

“Moral: free markets do not stabilize themselves. Zero regulating is vastly suboptimal to rational regulating. Libertarianism is its own worst enemy!”

Paul A. Samuelson (1915–2009) American economist

New millennium, An Enjoyable Life Puzzling Over Modern Finance Theory, 2009

“Writing in 1944, the year of the Bretton Woods Conference, Polanyi suggested that the extension of the institutions of the market over the course of the nineteenth century aroused a political reaction in the form of associations and lobbies that ultimately undermined the stability of the market system. He gave the gold standard a place of prominence among the institutions of laissez faire in response to which this reaction had taken place. And he suggested that the opening of national economic decision making to parties representing working-class interests had contributed to the downfall of that international monetary system. In a sense, this book asks whether Polanyi’s thesis stands the test of time. Can the international monetary history of the second half of the twentieth century be understood as the further unfolding of Polanyian dynamics, in which democratization again came into conflict with economic liberalization in the form of free capital mobility and fixed exchange rates? Or do recent trends toward floating rates and monetary unification point to ways of reconciling freedom and stability in the two domains?”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

“Our combined endeavour should be to ensure that the rate of economic growth is sustained and it is socially inclusive; We must also ensure that every region of the country participates in and benefits from the process of economic growth.”

Pratibha Patil (1934) 12th President of India

Quoted in The Times of India, "Pratibha Patil sworn in as President" http://timesofindia.indiatimes.com/india/Pratibha-Patil-sworn-in-as-President/articleshow/2232871.cms, July 25, 2007.

“On the best view, justice is fairness.”

A. C. Grayling (1949) English philosopher

Source: Life, Sex, and Ideas: The Good Life Without God (2002), Chapter 26, “Protest” (p. 107)

“Wide differences of opinion in matters of religious, political, and social belief must exist if conscience and intellect alike are not to be stunted, if there is to be room for healthy growth.”

Theodore Roosevelt (1858–1919) American politician, 26th president of the United States

Source: The Man In The Arena: Speeches and Essays by Theodore Roosevelt

“We need to have strong growth, fair growth, sustained growth. We also have to look at how we help families balance the responsibilities at home and the responsibilities at business.”

Hillary Clinton (1947) American politician, senator, Secretary of State, First Lady

Presidential campaign (April 12, 2015 – 2016), First presidential debate (September 26, 2016)

“Markets are social organizations, structured and regulated by more or less well-defined social rule systems.”

Tom R. Burns (1937) American sociologist

Source: The shaping of social organization (1987), p. 125.

“Economic reform must proceed with social conscience. Markets thrive best when regulated by fairness and responsibility. Growth that ignores justice ultimately undermines stability.”

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