Mention two drawbacks of a nationalized commercial bank in India.
1. Lack of individual initiative: The men who shout these slogans do not always stop to consider if there can be any progress if the individual initiative is stopped. Social philosophers have often pointed out that in a regime of nationalized industries, the spur of individual advancement will never be as powerful as it is today. Men will have a tendency to work in accordance with a dull routine rather than strike out a new path.
2. Lack of freedom: It is only when men can think and act freely as individuals that they can produce new ideas and make new inventions.
3. Lack of Spirit of competition: Then we must not forget that although modern industry is often dominated by monopolies, there is some rivalry among them and the spirit of competition is not entirely dead.
4. Rigid system: State ownership of industries may mean a rigid routine and a dead uniformity.
1. Lack of individual initiative: The men who shout these slogans do not always stop to consider if there can be any progress if the individual initiative is stopped. Social philosophers have often pointed out that in a regime of nationalized industries, the spur of individual advancement will never be as powerful as it is today. Men will have a tendency to work in accordance with a dull routine rather than strike out a new path.
2. Lack of freedom: It is only when men can think and act freely as individuals that they can produce new ideas and make new inventions.
3. Lack of Spirit of competition: Then we must not forget that although modern industry is often dominated by monopolies, there is some rivalry among them and the spirit of competition is not entirely dead.
4. Rigid system: State ownership of industries may mean a rigid routine and a dead uniformity.
