Page:Indian Journal of Economics Volume 2.djvu/269

 PRINCIPLE8 o F FINANOE It is governed heSS in highly important that every democratically community should realize its inevitable weak- this respect; over it in two ways. be successful, is for the because it is possible to get The first, and least likely to whole community to become familiarized with the rinciples underlying economic development, so that they come thoroughly to understand the need for careful planning and expenditure years in advance of the realization of benefits, and also learn the necessity of subordinating purely local interests to the achievement of ultimate general efficiency. As an illustration of this last point I may instance the common experience in Australia and America where great pressure is brought to bear on the Sate Govern- ment perhaps through the local legislature, to get a particular bridge or branch railway constructed. This may be supplied without regard to future develop- ments which it may rather retard than assist. In India a mistake has been made in handing over the control of making new roads and light railways to District Boards, thereby encouraging the satisfaction of immediate local interests at the expense of delay- ing the general benefit of the commumty which would flow from plans centrally initiated and con- trolled. To educate the whole community to a suffi- cient understanding of the 'principles of economic development for them to be able to control it directly through their elected representatives is a happy ideal which it would be pleasant to see realized. Then every citizen would be discussing the plans' for 'this and that series of' new roads and feeder rail- ways, or electric car lines, and the realization o! these plans in the future would have a high degree o! present marginal utility, so that the people would willingly bear additional taxation to provide the necessary preliminary expenditure and the interest on wait.