What is the first principle of a decentralized economy?
A. All the resources in a socio-economic unit should be controlled by the local people. Particularly the resources required to produce the minimum requirements must be in local hands. All industries based on these resources must be controlled entirely by local people. 91. Define local people. A. Local people are those who have merged their individual socio-economic interests with the socio-economic interests of the socio-economic unit they live in. It has nothing to do with physical complexion, race, caste, creed, language or birthplace. The main issue is whether or not each person or family has identified their individual socio-economic interests with the collective interests of that socio-economic unit. Those who have not done so should be branded as outsiders.
