1 Answers
Option 2 : Interventionism
The above-given quotation from John Stuart Mill's Political Economy refers to the policy of 'Interventionism' adopted by the Company government.
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John Stuart Mill (1806-1873) was an influential philosopher, economist, politician, and senior official in the East India Company.
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A controversial figure in 19th-century Britain, he advocated the use of classical economic theory, philosophical thought, and social awareness in political decision-making and legislation.
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Mill combined economics with philosophy.
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He believed in a moral theory called utilitarianism—that actions that lead to people's happiness are right and that those that lead to suffering are wrong.
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Among economists, he's best-known for his 1848 work, Principles of Political Economy, which became a leading economic textbook for decades after its publication.
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Other significant books include On Liberty, A System of Logic, The Subjection of Women, and Utilitarianism.
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John Stuart Mill also talked about the 'Interventionism' policy adopted by the Company government.
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He believed that in certain circumstances government intervention is necessary to secure the conditions of individual independence.
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In the particular circumstances of a given age or nation, there is scarcely anything really important to the general interest, which it may not be desirable, or even necessary, that the government should take upon itself, not because private individuals cannot effectively perform it, but because they will not.
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At some times and places, there will be no roads, docks, harbors, canals, works of irrigation, hospitals, schools, colleges, or printing presses, unless the government establishes them.
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The public is either too poor to command the necessary resources, or too little advanced in intelligence to appreciate the ends, or not sufficiently practiced in joint action to be capable of the means.
Based on the above discussion, we can conclude that the correct answer is - Interventionism.
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