Book Glipmse

Contemporary 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 pronged: equal rights of all on the natural resources; public audit and payout on the wealth accumulation beyond certain limit; and equality amongst all haves and have-nots both as well as post scientific revolution equal economic opportunities for all.  In the absences of economic justice, slavery, unemployment, crime and violence cannot end. Economic justice is when freedom and equality in terms of economy are given to all that in turn will strengthen the freedom and equality in other spheres of life.

Majority in the world is wealthless. “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 in a country. Human persons have this right since the birth.” In a bid to establish economic justice, an approach change is required. World has to withdraw the much touted approach of Line of Poverty. Instead, it requires the approach Line of Wealth. Line of Wealth is simply putting a ceiling on the per capita possession of wealth that should be declared one’s fundamental right and go untaxed. The wealth, more than the ceiling of wealth possession, should heavily be taxed; meanwhile all other forms domestic taxes should be abolished. Thereafter, the revenues generated due to wealth tax, which the author has termed ‘national income’ should be utilized for the government requirement, while the remaining revenues or net saving after government expenditures should equally distributed among the citizens. “An ideal economy is when all means of production together meet the needs of people.”

The new taxation regime of one-tax system levied on the wealth exceeding the ceiling called Line of Wealth will generate extraordinarily more revenues than the existing revenue generation of the countries is. These voluminous revenues are termed by the author as “national income”.

The natural resources today are scarce for the next generation. A fundamental purpose of the economy is to provide consumables in abundances to meet consumption requirement and avert scarcity of consumable … in a bid to avoid scarcity, human has developed science, art, structure and process of economy. “Consumption” causes accumulation of wealth which in turn results into social-disorder. Besides, due to non-existence of economic justice the vested interest of the wealthy globally has started interfering in the electoral sovereignty of various countries. 

It is also essential that a family needs to be registered with the government, and also requires to consensually elect a representative to engage with the government.

Human labor should also be included as major price determining factor. Besides, market malpractices should undergo the check and balance along with educating consumers, traders and producers. The over production of commodities or consumables is mostly discarded by the producer to maintain price of the commodity in the market, which is a inhuman and anti-nature practice. This cause environmental hazards.  Why such surplus production should be give to the poorest in the world?

If analyzed the classical setting of capitalism versus socialism, the Capitalism givers freedom of vote and expression, while Socialism access to the consumables to all; however does offer political and individual liberties and freedoms including right to free vote. Similarly, Capitalism does not offer democracy i-e equality and freedom in the economy.

Taxation in India like many other countries in the world is inappropriate. It favors the wealthy besides causing tax theft through institutional, legal and procedural loop-wholes. Only one-tax system is the way forward for a taxation having human face and justice.

Most of the investors in the world seek loan from the banks, produce commodities and offer services through business based on the loans. They include the interest on the loan in the price of the commodities and service hence consumers pay their loans. Therefore, interest on the loan should be collective and be divided among the all stakeholders.

The unavoidable truth of the human history is everyone in the country has unalienable natural right on the natural resources.

This, the vision of economic justice, will ultimately cause minimal government and maximum governance. This is the only way forward forward for the Southasian economies, the economies of underdeveloped