Economic justice, Line of Wealth approach and development
By
Zulfiqar Shah
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 four pronged: equal rights of all on the natural
resources; public audit and payout on the wealth accumulation beyond certain
limit; equality amongst all haves and have-nots both; and 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 scholar and economist
Roshan Lal Agrawal terms ‘national income’ in his book Line of Wealth should be
utilized for the government requirement, while the remaining revenues or net
saving after government expenditures should equally be 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.
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 select a representative for engaging with the
government.
Human
labor should also be included as major price determining factor.
Besides, the 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 the
price of commodity in the market, which is an inhuman and anti-nature practice.
This cause environmental hazards. Why not such surplus production should be
give to the poorest in the world?
If
analyzed the classical setting of capitalism versus socialism, the Capitalism
gives freedom of vote and expression, while Socialism access to the consumables
to all; however it does not offer political and individual liberties and
freedoms including right to free vote. Similarly, Capitalism does not offer
total 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 for the Southasian economies,
the economies of underdeveloped world as well as a niche for the developed
countries.
This
vision is by economist and scholar Roshan Lal Agrawal, the founder of Economic
Justice Foundation. The vision is extensively expressed in his Hindi book,
“Amiri Rekha Nahi, Gharibi Rekha”. The English version of the book, “Line of
Wealth” soon will be released for the readers. The books will be available with
the book stores in India, res of the Southasia and other countrys of the world.
The online print copy as well e-book and Kindle version will soon be
available on Amazon, Flipkart, INGRAM and other online outlets, and the book
stores in the various countries of the world.
ECONOMIC JUSTICE FOUNDATION
House # 2, 2nd Floor, Mangerman-Ashok Flats near
Tansformer no. 5,
Pooth Kalan, Delhi 11086
Email:econjusticef@gmail.comPhone: +91 93399363844 & +918376876614
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