Introduction

Having discussed utilitarianism and models of economic development this lecture focuses on changes in the organization of capital and its consequences for definition of human destiny. We begin with the concept of welfare state, which goes beyond the concepts of capitalism, socialism and mixed economy. This will be followed by changes in organization of capital. Finally, we will discuss the limits of economic thinking and its consequences for definition of happiness and justice. In this lecture I wish to convey that in the final analysis the concept of justice is increasingly becoming a holistic concept covering both economic and non-economic factors. It is impossible to have a discourse on happiness and justice without referring to the human context and human values.