By Arundhati Roy
From the poisoned rivers, barren wells, and simple forests, to the masses of millions of farmers who've devoted suicide to flee punishing debt, to the loads of hundreds of thousands of people that continue to exist under funds an afternoon, there are ghosts approximately all over you glance in India. India is a state of 1.2 billion, however the country’s a hundred richest humans personal resources comparable to one-fourth of India’s gross household product.
Capitalism: A Ghost Story examines the darkish aspect of democracy in modern India, and exhibits how the calls for of globalized capitalism have subjugated billions of individuals to the top and such a lot severe types of racism and exploitation.
Arundhati Roy is a world-renowned Indian writer and worldwide justice activist. From her celebrated Booker-Prize profitable novel The God of Small issues, to her prolific output of writing on subject matters starting from weather swap to battle, the perils of free-market improvement in India, and the safeguard of the negative, Roy’s voice has develop into fundamental to hundreds of thousands looking a greater international.
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Additional info for Capitalism: A Ghost Story
There is now reasonably respectable formal statistical support, from research in probate court records, for the proposition that inheritance is a major factor in the perpetuation of capital wealth inequality. 2). 36. It is not extravagant to say, on the basis of this evidence, that possibly as much as 60 percent of capital wealth at a person's death is statistically directly attributable to inheritances received. But what of the remaining 40 percent? May this be attributed to 38 GENERAL EQUILIBRIUM EVALUATION the personal merit and social contributions of the capital owners?
Thus this feature of the model is fully realistic given certain undeniable empirical realities. 23 Now that the basjc building blocks which are common to both capitalist and pragmatic market socialist variants of the general equilibrium model have been introduced, namely the production function and the household utility function, it will hereafter be more convenient to deal with the two variants sequentially. Therefore we will complete the description of the capitalist variant, and then proceed on to the pragmatic market socialist variant.
It is certainly within the realm of possibility that the interest elasticity of private saving is indeed positive and numerically appreciable. If this turned out to be the case, social saving out of tax revenue would have to be undertaken to replace the private saving lost because of the abolition of interest payments on private savings. While the government would endeavor (implicitly rather than explicitly) to match up the marginal disutility to the representative taxpayer of paying taxes earmarked for business capital investment to the marginal productivity of capital investment to the representative business enterprise, it would doubtlessly be true that the marginal disutility of paying these taxes to each and every taxpayer would not be equal to the marginal productivity of capital investment to each and every business enterprise.
Capitalism: A Ghost Story by Arundhati Roy