LINE OF WEALTH

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Book Glipmse

C ontemporary economies has accelerated the accumulation of wealth enhancing rich-poor gap and lead world to permanent poverty. Line of Wealth approach only is the way forward. The changes in the modern economy in the post twentieth century scientific advancements have changed the relations around mode of production. This has caused an uneven economic development in the society and economy causing broader accumulation of wealth that results enhanced gap between poor and rich, which even cannot be balanced or undone through re-distribution of the wealth by the existing economic systems in the countries. In fact, the “Consumables” are essential human requirements for survival. Economic disparity has caused accumulation as well as control of consumption with the wealthy and powerful, meanwhile poor is struggling for his survival which essentially is an economic survival of the fittest. Economic justice is basically three p...

IN THE BOOK

S cholar, ideologue and economist Roshan Lal Agrawal has authored a new doctrine in the economics, which is Line of Wealth. This has published in English language book “Line of Wealth.” In fact, his original work is in Hindi, “Gharibi Rekha Naheen, Amiri Rekha”. The doctrine in the book is a new addition in the disciplines of economics including development economics, fiscal economy and taxation. This book, in fact, is the important most treatises after Kark Marx and Engels doctrine of socialism. The book is an expression in a simple yet academic style and manner. This is the chapter wise review, pricy and commentary on the book, which also includes some excerpts as well. Chapter 1: Unfulfilled Desire of Peace Science has changed the life styles and mode of business as well as commerce through modern technology inventions. Inventions in physics mainly communication revolution, robotics and transportation has entirely changed the active life, living pat...

Quotes from the Book

WEALTH OF QUOTES

Roshan Lal Agrawal Writes In The Book:

v The foundation of justice is equality.

v In the human justice, the meaning of Economic Justice is a situation where every human being has equal share on the natural resources. It is not based on the talent, aptitude or effort. It is just beyond that. Economic justice is a fundamental human right, and cannot be violated.

v On the foothold of this rights regime, a person’s right on the wealth can tangibly be measured in a ceiling on the wealth that fall in the fundamental right sphere. The possession of wealth more than the ceiling should be considered outside the fundamental right. This ceiling on the wealth is the average Line of Wealth, and simply can be called average right on the wealth. Any other unequal rights, possession or ownership on the natural resource is injustice.

v Social wellbeing cannot be realized by rejecting the truth.

v … accumulation of wealth (today) is directly proportionate to the scale and quantum of the technology use. If one does not accumulate wealth, one is deprived of benefits through modern technologies.

v Possessing more than line of wealth violates the fundamental wealth rights of weaker or less competent persons, therefore, one part of such wealth should be redistributed among them as social compensation; however rest of the wealth may remain to the accumulator. Besides, accumulation of wealth beyond the average line or ceiling should not violate the fundamental right to the wealth.

v if a system is not based on justice, it will certainly lead the society towards chaos, conflict and violence

v In order to establish justice, all aspects of socio-political economy need to be rethought. Justice is all citizens have equal rights on natural resources of a country. Human persons have this right since the birth.

v Continuous accumulation of wealth is on the toe by the some. This, a very alarming and dangerous situation, can devastate social fabric. Making a just and happy society, the momentous is to adopt Line of Wealth instead of a much touted Line of Poverty indicator for economic development.

v A suitable ecology to utilize competence freely will help support people to work towards a better society.

v An ideal economy is when all means of production together meet the needs of people.

v There needs to be ceiling on wealth possession. A new tax regime of one-tax system should be introduced by taxing the wealth that one possesses beyond the ceiling – a line of wealth. Such taxation should encompass the possession of all forms of wealth in accordance with their market value. The revenues generated from one-tax system should be a kind of royalty for the citizens on the excessive wealth that surpass the ceiling. This royalty has to be charged in larger amount to trickle into down to the people. The hitherto unrealized development has to take place through this alone.

v Every citizen in the country has right to own wealth unlimited extent. It needs to be changed. Wealth rights will have to be divided into two parts: (i) fundamental rights, and (ii) acquired or legal rights. The wealth in fundamental wealth rights should not be taxed, and it should have an average ceiling for all the citizens. Meanwhile, the wealth in the category of acquired or legal wealth rights shall have to be taxed since it is the one that crosses the ceiling for the private wealth holding – the Line of Wealth. Therefore, the owner has to pay tax as a royalty to the citizens for holding excessive property at the prevailing interest rate. And, the owner of that property should be considered the one who is indebted to the society.

v Ideological drawbacks of capitalism are it limelight freedom but undercast equality

v The communist countries’ system did not distinguish between society and the state. State takeover of the property and all means of production due the notion that everything belongs to the people and thereby to the state is a diktat to the society and act to create slaves by power. Therefore, no agency was left to curb powerism and totalitarianism. A small group of people accumulated the power, shared it with each other, took over the resources and had a luxurious lives in the communist countries. The remaining others were powerless and underwent miseries. Therefore, instead of becoming a classless society based on equality, there were ruling class and the oppressed.

v … economic justice vision recognizes the profit earning, it also advocates effective control over accumulation of wealth beyond the average line or ceiling.

v The economy of any country depends on the balance of all its organs. These organs are production, exchange, distribution and consumption. Their imbalance creates a variety of distortions, problems and crime in the society. The ultimate utility or significance of any kind of production is to take it to the consumers.

v A person should have full control on its income, expenditure and consumption. Income should only be taxed when a person saves more than needs, special and futuristic requirements as well as emergencies; however the existing taxation system is not concerned with that.

v In the light of economic justice vision, the tax has to be levied on the property / assets that are above the average line, which ultimately tax handful millionaire. If this is applied, majority of the citizens will get rid of all the taxes. Apart from this, the levies will be more than that of existing tax revenues, therefore besides meeting the government expenditure; each citizen will also be able to receive INR 10000 per month from the annual revenue savings which can be said the lifelong monthly dividend for every citizen. This taxation regime will be true to all parameters of justice based taxation.

v Human desire is to earn maximum consumables with minimum labor. This has developed human civilizations.

v Private property has violated the universality of equal rights of all.

v … human labor should be determining factor for income generation, not the use of technologies

v Fundamental economic rights should also be given to every citizen of the country while he or she born. Without this, one’s life cannot be protected. When a person is unable to have requirements for survival, his political rights becomes meaningless!

v In the light of unbearable realities of contemporary democracy including and especially of India, the fundamental equal economic rights are niche to translate the election based political system into a democracy. A complete democracy with fundamental economic rights along with the political rights would really be the actual justice in our democracies.

v In the big and complex administrative process and laws, common citizens experience extreme problems and get trapped in it. Different laws, their misuse and the centralization of power make common citizens like slave of state.

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