Economics is the process through which facilities and commodities that are necessary to satisfy the three needs and provide the three protections are produced, stored, distributed and enjoyed. Politics is merely the machinery through which this economic process is made to function efficiently, correctly and successfully. If man has no hunger, no need for clothing and shelter, no excretory forces to be satisfied, if there are no natural disasters or accidents, if all living beings in this world live in amity and peace, there will be no need for any government or political institutions, as there will be no economic policy to be carried out.

Hence it is these needs to resolve the possible conflicts that may arise between an individual and another in sharing; fulfilling these needs have brought out the economic and political institutions available in this world today. As the present economic and political institutions have failed to ensure peace and harmony in life for the mankind reformation in economic policy is must and it is high time to form a system which ensures economic equality throughout the world.