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to see that neglect of schools and the comparative disadvantage of women are becoming
politically powerful issues in the practice of democracy in India (though there is still much

neglect of the issue of endemic. non extreme undernourishment which blights the lives the
Indian poor).

Concluding Remarks
Before I stop. let me make a few remarks. gathering together some of the issues on
which I have tried to put particular emphasis in this lecture. The market system has achieved
a great deal in the world in which we live. But it is one institution among many. and even
though it may sometimes look like the dominant feature of a modern society. its role and

functioning cannot be assessed without considering at the same time the operation of other
institutions the government. the legislature. the judiciary, the political parties. the media, and
other social, economic and political institutions. The successes of the market economy are not
achieved single handedly by market alone. There is a crucial need for supplementation from
other isstitutions. This is important to recognise to understand the basis of past successes of
the market economy from classical capitalism of Europe and America to new market based
economic achievements of Japan and other Asian economies (including the remarkable contri-

bution of pre-reform China in the achievement of its post-reform success). The problems and
difficulties that the market economy faces-not least in Asia also relate to the need for further
institutional supplementation.
East and South East Asia, in particular, has made good use of a philosophy of
development based firmly on the recognition of institutional complementarity. It can make
better use still of that philosophy, by applying the same broad vision to the problem of
security. The case for a "new strategy" can be fitted into the basic witsdom underlying the old
strategy (in particular, on the understanding of the need to take serious note of complementarity

of different institutions). but applied even more broadly, covering inter alia protctive security,
participatory politics and transparent accountability.
What is needed is not some new super grand vision whether of the kind of "Asian
values," or in the form various over simple formula that can be crudely described either as
"market mania" or as "market phobia." Pragmatism is essential in evaluating the options that
we have. In doing pracical scrutiny and critical assessment, note has to be taken not only of the
traditional values the have helped to make capitalism such and efficient engine of growth, but

also of the social values of long run equity and most importantly the need for human security
and protection from vulnerability. One of the major lessons to emerge from studies of down-
turns and economic crises is that even when the fortunes of different sections of the popula-
tion move up together. When a downfall comes, people fall in very divided ways. This is the
reason why the achievement of "growth with equity" for which many Asian economies were
rightly praised did not give any kind of immunity from severe insecurity and destitution of
substantial sections of the population. when the process of growth was interrupted.

The lessons that have been learned can certainly be put into practice. They demand