(A) Gandhiji:

• Mohandas Karamchand Gandhi was born in Porbandar, Gujarat. He had a very strong will power and was a firm believer of his ideals. He urged for a realistic and practical approach towards life.
• Truth and non-violence were the two major principles of his ideology.
• He practised his ideologies so that he could remove the difference between a person’s thoughts and deeds.
• He put a strong emphasis on religion and ethics for individual and social life.
• Besides, he also made endless efforts for eradicating untouchability, persuading people not to consume alcohol, attaining communal harmony and empowering women.

(B) Gandhism:

• Gandhiji’s way of life was based on ethics. Hence, he accepted ethical science as the base of the science of politics and economics.
• Gandhiji’s simple way of life in social, economic and political terms is popularly known as ‘Gandhism’.
• However, unlike other economists Gandhiji did not give a specific ideology or principles of economics. Also, he did not classify his ideology into any ‘ specific categories.
• He neither wanted to promote ‘Gandhism’ nor wished to have his own followers.
• He did not claim that he had discovered any new theory or ideology. He simply tried to apply the eternal truths as solutions to life’s routine problems.
• Based on these facts, Gandhism has become a part of economic thought process.