Health food stores have always been mysterious places. Back in the late 1970′s, early 1980′s, health food stores occupied a small niche in society that was close to being underground. They came along on the heels of the hippy movement of the 60′s and often served as a place for communes to sell their homegrown wares. The health food stores smelled of herbs, incense and a few other things that generally defied description. There were strange and exotic foods from all over the globe, all of them claiming to be organic or free range. There were things like granola, soymilk, goat’s milk, tofu and wheat grass juice. You could find books on such subjects as natural healing, crystal therapy and composting.

Wild Oats is a franchise in many cities and when you go into the store, you can tell right away that the basic Mom and Pop operation had changed. This particular chain began eighteen years ago in Boulder, Colorado and has expanded over the years to include more than 110 stores in 24 states and British Columbia. It is clear to see how this company became the standard for the organic market industry.

At first glance, their store looks like any other large grocery store, and you can probably find many of the same items that you would in a standard grocery store – but with one twist. Everything is organic. Usually when you hear the word organic, you might think two things; bland and expensive. However, with all the options and improvements in the way of organic foods are produced, there are many items that are very tasty, and the prices have become comparable to those of a conventional grocery store.

The overall concept of the health food store hasn’t changed. They still offer a wide range of organic foods and herbal remedies. They are filled with all kinds of products to heal the body, mind and spirit. You can find aromatherapy candles, essential oils, books, tapes, and DVD’s on meditation and yoga. You can take cooking classes and learn how to make your own herbal remedies. There are still aisles dedicated to environmentally safe products for household cleaning and recycling.

Some additions are a pleasant surprise, though. There can be four different “deli” counters. There is usually a butcher counter with free-range chicken and beef and a plethora of fresh seafood. Another counter may display an array of amazing baked goods (bagels, cakes and pastries), and in many stores there is yet another section that caters full meals for a quick healthy lunch or a dinner party. The modern health food store also had a section for wine and beer, an astounding array of cheeses, and an extensive frozen foods section.

It is good to see how far the basic health food store has come. Sure you can still find the small ones if you look for them, but like so many other things these days, big corporations have taken over and created franchises that offer more for less. Buying in bulk allows the stores to get better discounts and pass the savings on to the consumer.

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If you’re watching videos with your preschooler and would like to do so in a safe, child-friendly environment, please join us at www.sesamestreet.org Cookie Monster raps about healthy food. Sesame Street is a production of Sesame Workshop, a nonprofit educational organization which also produces Pinky Dinky Doo, The Electric Company, and other programs for children around the world.

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Jeff Clare has worked in healthcare and now writes regularly on health related topics including herbal remedies and asbestosis and much more

Venture Capital Fund -Basic Concepts

Mohit Kumar Yadav

VTH YEAR BA.LLB

NEW LAW COLLEGE,

BHARATI VIDYAPEETH UNIVERSITY,PUNE

Introduction:Venture capital is a type of private equity capital typically provided by outside investors to new businesses. Generally made as cash in exchange for shares in the investee company, venture capital investments are usually high risk, but offer the potential for above-average returns. A venture capitalist is a person who makes such investments. A venture capital fund is a pooled investment scheme that primarily invests the financial capital of third-party investors in enterprises that are too risky for the standard capital markets or bank loans. Venture capital can also include managerial and technical expertise. Most venture capital comes from a group of wealthy investors, investment banks and other financial institutions that pool such investments or partnerships. This form of raising capital is popular among new companies, or ventures, with limited operating history, who cannot raise funds through a debt issue. The drawback of this form of entrepreneurship is that the investors get a say in the management of the company apart from the equity holding. Laws relating to venture capital funds in India

SEBI (Venture capital funds) Regulations 1996.

The venture capital fund regulations by the Securities and Exchange Board of India are a comprehensive set of laws to be followed by the venture capital funds in India. From the registration of venture capital funds to the action to be taken in case of default, the regulation has been divided in VI chapters.

Registration Of Venture Capital Funds

A Venture capital fund can either be a fund established as a trust under the Indian trust act or a company as defined under companies act 1956.

The regulations provided for the registration of a company or a trust which either was functioning as a venture capital fund before the commencement of this act or proposed to do so after the commencement of this act.

A company or trust (which functioned as a venture capital fund before the commencement of these regulations) shall cease to function as a venture capital fund if it does not apply to SEBI for registration within 3 months from the commencement of the regulations.

Procedure to be followed for registration:

i) An application for grant of certificate to be made to SEBI in Form A along with a fee of Rs 25,000.The fee shall be paid through a draft.

ii) There are certain conditions which must be fulfilled before the certificate of registration is granted by SEBI:

a) In case of a company, the MOA of the company shall have the business of venture capital fund as its main object, and invitation to public shall be expressly barred by the MOA and AOA, in addition to this, any officer of the company shall be involved in any litigation connected to the security market or should not have been convicted of an economic offence.

b) In case of a trust, the trust is in form of a deed and has been duly registered under the Indian registration act. Carrying the business of venture capital fund is its primary objective. Any trustee of the trust is not involved in a litigation connected to security market and has not been convicted of any economic offence.

c) In case of a body corporate, it should be formed under the laws of central or state legislature and it is permitted to venture in the field of venture capital funds.

iii) The application for registration shall be complete in all respect. If SEBI discovers any thing in the application that renders it incomplete, it shall give the applicant a time of thirty days to remove the loophole, failing which the application can be rejected by the board.

iv) SEBI after finding the applicant to be eligible, shall inform the

applicant about it, after receiving the information the applicant shall tender to SEBI the registration fee which is Rs 5 lacs, after receiving which SEBI shall issue the Certificate of registration.

Conditions And Restrictions On Investments

The regulation has applied a lot of condition and restriction to the amount of investment to be made in and by the venture capital fund in India.

An investment in the venture capital fund can be made by any person whether Indian, Foreigner or NRI, but no investment which is less than Rs five lacs can be allowed in the venture capital fund. this however does not apply to investment made by the employees, directors or the principal officers of the company or by the trustee where the venture capital fund is a trust.

The investment strategy at the time of registration shall be disclosed by the venture capital fund. The venture capital fund shall also disclose the duration of its life cycle. Not more than 25% of the fund shall be invested in a single venture capital undertaking .Investment to be made in the following manner:

i) At least 66.67% of the fund to be invested shall be invested in unlisted equity shares or other instruments linked to equity shares of the venture capital undertaking.

ii) Not more than 33.33% of the investible fund shall be invested by the way of IPO of a venture capital undertaking whose shares are proposed to be listed, the debt instrument of the venture capital undertaking in which the venture capital fund has already invested, preferential allotment of equity shares of a listed company, equity shares or equity linked instrument of a financially weak company and SPV’s which have been created by the venture capital fund..

No venture capital fund shall get its units listed on any recognized stock exchange till the expiry of thee years from the date when they were issued to the investors by the venture capital fund. The venture capital funds shall also not invite any member of the public by way of advertisement to subscribe to its units. The venture capital fund may receive investments only through private placements of its units.

Placement Memorandum or Subscription Agreement

Every venture capital fund shall issue a placement memorandum which contains all the terms and conditions relating to the scheme through which money is proposed to be raised from the investors. The venture capital fund may also enter into a subscription agreement with the investors which would specify the terms and conditions of the scheme through which money is proposed to be raised. The venture capital fund shall submit a copy of such placement memorandum or subscription agreement with SEBI along with the report of the money actually raised through such agreement or memorandum.

The placement memorandum or the subscription agreement shall have the following essential:

It shall contain the details of the trustee and the trust as well as the details of the directors and the principal officers of the venture capital fund. It shall also stae the minimum amount of money to be raised to start the venture capital fund and the minimum share to be invested in every scheme of the venture capital funds. Tax implications which would be applied to the investors shall also be stated. The manner of subscription to the units of the fund, the period of maturity of the fund if any and the manner in which the fund would be wound up shall also be stated.

Every venture capital fund shall maintain a book of record for a period of eight years which would generate the true picture of the venture capital fund. SEBI at any time can call for information regarding the working of the venture capital fund, the information shall be submitted to SEBI in the specified time period.

Investigation

SEBI on receiving a complaint from the investors or suo motu appoint one or more person as investigating officer, who would undertake investigation in relation to the maintenance of the account books of the venture capital fund, compliance of the regulation and the affairs of venture capital funds. A notice of at least ten days shall be given before the investigation is carried on though if SEBI deems it to be in interest of the investors it may not serve a notice at all. It shall be the duty of every officer of the venture capital fund to cooperate with the investigation officers, they shall be provided with all the documents, books etc which are in the custody of the officers of the venture capital fund. The investigation officer shall also be furnished with any statement he demands for. After the completion of investigation the investigation officer shall submit his report to SEBI. The board after considering the investigation and giving the venture capital fund to be heard may direct the venture capital fund not to launch new schemes or prohibiting the concerned person from disposing off the property of the venture capital fund or to refund to any investor any amount of money or asset.

Action In Case Of Default

Any venture capital fund that fails to act in accordance with the regulations, or fails to furnish reports of the affairs of the venture capital fund to SEBI or furnishes report that is not true, does not cooperate in any enquiry instituted by SEBI or fails to act on the complaints made by the investors or does not give a satisfactory reply in this regard to SEBI, shall be dealt with in manner provided in SEBI (procedures for holding enquiry by enquiry officers and imposing penalty) regulations, 2002.

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Government surveillance seems to be on the rise everywhere and it’s no different where I live in Sacramento, California, which is why I’ve been trying to fight increased surveillance with little success as I show in this video. The short clip I use in this video from the predictably positive story about the heavy government surveillance in Bill Gates’ hometown of Medina, Washington, comes from the Fox News program “Happening Now” broadcast on September 24, 2009, currently available on …

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I am a final year student of bharati vidyapeeth new law college, pune.

  Business ethics of Capital Distribution   

By PROF VISWANATHAN

Director,

International Socio-Economic Research Bureau,   

Chennai,India (E Mail: economist@dataone.in)                             

 ”Man  is  born  free,  and  everywhere  he  is  in  chains.  Many  a  one  believes  himself  the  master  of  others,  and  yet  he  is  a  greater  slave  than  they. How  has  this change come  about? I  do  not  know…”   

*–  Rousseau, Jean Jacques – ‘The  Social  Contract’ (p: 100)

  Economic  Slavery  and  Ownership  of  Capital:                                              

Rousseau  reserves  no  hesitation  to  admit  his  inability  because  of  the  reality  that  he  witnessed  the  complications  that  deeply  rooted  in  the  premature  socio-economic  order existing  during  his  time.  But  in  the  midst  of  knowledge  explosion  at  present  I  can  deduce  the  reason  for  the  socio-economic  slavery  of  the  people.   I  know  the  answer  for  the  slavery.  It  is  both  very  simple  and  highly  complicated  to  explain  in  the  present  context  of  permutations  and  combinations  of  socio-economic  orders.  The  answer  is  very  simple  on  the  fact  that  as  soon  as  the  man  surrenders  his  capital  to  a  few  capitalists  in  the  name  of  capitalism  or  to  the  ‘State’  in  the  name  of  ‘Socialism’  especially  after  industrial  revolution  man  has  become  slave  to  the  capitalists  or  the  ‘State’.  On  the  other  hand  the  answer  is  very  complicated   that  requires  deep  acumen  to  find  out  exact  faults  and  defects  that  have  deeply  anchored  in  each  and  every  segments  of  socio-economic  order  like  religion,  customs  and  conventions,  education,  law,  politics,  and  psychological  behavior  of  man;  these  socio-economic  segments  have  still  been  propelling  the  views  and  visions  of  man  to  surrender  his  capital  to  the  capitalists  or  to  the  ‘State’  instead  of  retaining  it  with  himself  to  regain  ‘the  economic  power  of  capital’  to  get  rid  of  any  kind  of  slavery.  The  surrender  of  capital  is  the  utter  ignorance  of  man  that  has  ever  been  witnessed  in  the  long  stretch  of  the  history  of  mankind.

A  new  kind  of  slavery  extensively  known  as  ‘Economic  Slavery’ came  to  surface  over  the  social  fabrication  during  the  Industrial  Revolution.  During  this  period  of  Industrial  Revolution  huge  machines  came  to  play  a  vital  role  in  the  production  of  goods  and  services.  The  owners  of  such  huge  machines  i.e. capital  emerged  as  the  masters  of  the  society  and  the  rest  of  members  of  society,  a  vast  majority  of  workers,  turned  into  ‘economic  slaves’  in  all  the  capitalist  societies.

After  the  Industrial  Revolution  when  these  huge  machines  were  directly  owned  by  the  ‘State’  the  same  workers  in  the  name  of  ‘Socialism’    in  all  socialist  states.

This  is  the  process  of  slavery  what  Rousseau  says  that  man  is  born free  and  everywhere  he  is  in  chains.  How  do  we  have  to  shiver  into  pieces  these  ‘chains  of  slavery’  which  are  still  binding  the  workers  physically  and  mentally   even  in  all  democratic  societies.  The  answer  perches  on  the   elucidation  of  the  people  to  understand  ‘What  is  Capital  Justice? or Business Ethic?‘  and  on  the  finding  out  an  ‘economic  technique’  of  ‘how  to  entrust  the  capital  directly  to  the  people  which  is  solely  created  by  them?’

                     ‘What  is  Capital  Justice?’

I  venture  to  state  the  only  reasonable  approach  to  solve  any  problem  is  first  and  foremost  to  understand  the  problem;  and  to  understand  such  a  problem  we  have  to  stand  under  the  problem   with  perfect  view  and  vision  of  justice  and  without  being  a  traitor  to  our  own  conscience.  So  it  commands  me  to  keep  my  thought  perpetually  in  a  balanced    attitude  without  taking  even  a  least  privilege  neither  towards  capitalism  nor  towards  socialism.  I  believe  myself  I  can  settle  with  this  pre-requisite  condition  before  writing  my  concepts  in  the  interest  of  justice  and  welfare  of  mankind.  And  now  let  me  define  the  idea  of  ‘Capital  Justice and Business Ethic”

 ”‘The  Constitution  of  Natural  laws’  codifies  the  ‘Economic  Justice’  being  the  basic  structure  of  economic  system  on  which  the  beautiful  elements  of  the  super-structure  of  a  well – ordered  society  are  constructed”

Having  the  liberty  of  reason  I  wish  to  state  that  according  to  Economic  Justice of business ethic,  the  capital  of  a  country  is  created  by  the  people  and  for  the  people  and  hence  it  should  be  directly  owned  by  the  people’. Once  the  capital, which is now  owned  by  a  few  or  by  the  State  or  by  the  both,  comes  under  ‘People’s  Direct  Ownership’,  consequently  each  worker  is  assured  a  direct  share  of  national  stock  of  capital.  It  leads  to  ‘Each  Industry  for  All  and  All  Industries  for  Each’.  This  is  the  crux  of  ‘Economic  Justice’.

“On  the  direct  ownership  of  capital  by  the  people  in  conformity  with  ‘Economic  Justice’ ,  a  new  economic  system  known  as  ‘DEMOCRISM’  will  emerge  on  the  basis  of  ‘Economic  Democracy’  demolishing  all  the  socio-economic  evils  that  are  futilely  pervading  in  every  economy  due  to  its  faulty  formulation.  For  the  sake  of  simplicity,  I  am  assuming  the  Capitalism  and  Communism  as  First  and  Second  theories  and  introducing   my  ‘Democrism’  as  ‘Third  Theory’  to  differentiate  it  with  present  theories”.   

                    Right  To  Own  One’s  Due  Capital according to Business Ethic:

The  “Declaration  of  Independence”  of  United  States  of  America  proclaimed  on  4th  July, 1776  states  as  follows:

“We  hold  these  truths  to  be  self-evident  that  all  men  are  created  equal,  that  they  are  endowed  by  their  creator  with  certain  unalienable  Rights,  that  among  these  are  Life,  Liberty  and  the  pursuit  of  Happiness”.

With all  its  mighty  force  the  ‘Declaration’  emphasizes  that  among  all  human  rights,  one’s  ‘Right  to  Live’  is  supreme,  beyond  the  zenith,  that  cannot  be  forfeited  by  any  one  or  by  any  force  without  the  consent  and  confirmation of  Justice.  In  the  name  of  war  or  in  the  name  of  patriotism  or  in  the  name  of  religion  or  in  the  name  of  law  or  in  the  name  of  caste,  creed  and  conventions  no  one  has  any  divine  or  earthly  authority  to  forfeit  one’s  ‘Right  to  Live’  on  the  earth.  Even  if  a  man  dies  due  to  appalling  poverty  it  implies  that  the  man’s  ‘Right  to  Live’  has  been  forfeited  and  the  whole  society  in  which  he  is  a  member  should  take  collective  responsibility.

In  the  modern  economic  systems  no  one  can  produce  whatever  he  wants  without  the  help  of  others.  On  the  introduction  of  division  of  labor  in  the  factory  system  of  production,  one  can  produce  only  a  particular  part  of  a  commodity  and  he  has  trained  and  educated  only  to  do  the  particular  job.  Under  these   economic  conditions  one’s  ‘Right  to  Live’  exclusively  depends  on  one’s  ‘permanent  job  opportunity’ or  one’s  “Right  to  work”.  In  turn one’s  job  opportunity  always  remains  as  a  dependent  factor  of  volume  of  capital  or  investment  flow.  If  the  volume  of  capital  becomes  insufficient,  one’s  job  opportunity  will  be  worst  affected  and  consequently  his  ‘Right  to  Live’  will  be  confiscated.  Since  the  supreme  duty  of  every  civilized  society  is  to  provide  ‘Right  to  Live’  to each  and  every  member  of  it  and  moreover  the  ‘Right  to  Live’  is  exclusively  depending  on  the  volume  of  capital,  the  society  should  honestly  and  justifiably  provide  and  allocate  a  due  volume  of  capital  to  uphold  all  its  members  the  unalienable  ‘Right  To  Own  Due  Capital’  as  a  Fundamental  Right  to  ensure  one’s  ‘Right  to Live’.  This  is  basic  concept  of  “Capital  Justice”. (Upholding  equally  ‘people’s  Direct  Ownership  of  Capital’  to  ensure  one’s  ‘Right  to  Live’  with  dignity  and  security  is  the  basis  of  Capital  Justice’)

Generally  in  economics  we  classify  the  goods  produced  as  ‘Consumption  goods  and  Capital  goods’  depending  of  their  usage  by  the  final  consumers.  If  the  goods  like  ‘cars’  are  used    for  personal  usage  by  the  consumers  they  car  called  consumption  goods  whereas  if  the  came  cars  are  used  for ‘hiring  purposes,  as  taxis,  to  earn  income  they  are  called  capital  goods.  I  am  not  erroneous  to  say  that  both  the  consumption  and  capital  goods  are  produced  by  the  workers  as  a  whole.  No  one  dare  enough  to  advocate  that  the  consumption  goods  are  produced  by  the  ‘consumer-workers’  and  the  capital  goods  are  produced  by  the  ‘capitalists’  or  by  the  ‘State’,  in  capitalism  and  socialism  respectively.  Both  kind  of  goods  are  produced  by  the  workers  and  only  by  their  workers  according  to  their  ability  as  per  ‘Work  Justice’ (i.e. work  according  to  ability).

The  Wage  Justice  declares  ‘Wage  according  to  Work’.  The  work  includes  the  production  of  both  consumption  and  capital  goods  as  a  whole.  But  the  workers  are  not  paid  wages   to  equivalent  value  of   the  volume  of  capital  and  consumption  goods  that  they  produced. Both  the  capitalists  and  communists  pay  wages  to  workers  equivalent  to  the  value  of  consumption  goods  only.  They  have  been  nakedly  exploiting  a  huge  volume  of  workers  wages  in  name  of  profit  by  which  they  purchase  capital  goods  which  are  solely  produced  by  the  workers.  No  one  has  derived  neither  ‘divine  authority’  nor  ‘temporal  authority’  to  forfeit  a  part  of  workers’  wages  in  the name  of  ‘capital’  without  the  ‘General  Will’  of  workers  or  legal  approval  of  working  class.

The  capital  not  only  possesses  huge  productive  capacity  to  produce  goods  and  services  but  also  possesses  enormous  ‘economic  power’  like  nuclear  of  an  atom.  With  the  economic  power  both  the  capitalists  and  the  State  can  control  all  the  socio-economic-political  activities  of  the  working  class  and  subjugate  them  as  ‘economic  slaves’  and  always  threaten  their  ‘right  to  live’.

I  find  no  words  to  register  my  mental  agony  that a  great  ‘distributive  injustice’  has  been  enforced  on  working  class  by  negating  distribution   of  capital  against  legal  and  moral  grounds.  This  ‘distributive  injustice’  exhibits  the  inherent  defects  that  have  been  deeply  rooted  in  our  economic  systems.  Invariably  all  the  economic  and  social  thinkers  have  fiercely  demonstrated   such  defects  and  distributive  injustice.  For  instance  John  Maynard   Keynes,  who  is  still  considered  to  be  the  most  intelligent  among  the  economic  thinkers, writes  in  his  revolutionary  book,  “The  General  Theory”  as  follows:

 ”The  outstanding  faults  of  economic  society  in  which  we  live  are  its  failure  to  provide  for  full  employment  and  its  arbitrary  and  inequitable  distribution   of   wealth  and  income”

Keynes  has  established  thought  in  his  words  and  justifiable  views  in  his  vision  that  the  capital  too  should  be  equally  distributed  among  the  people  to  rectify  the  grave  faults  of  our  economic  systems.  I  dare  to  say  if  both  the  consumption  and  capital  goods  are  distributed  among  the  people  in  satisfaction  of  justifiable  views  and  visions  of  Keynes,  it  would  beyond  all  doubts,  lead  the  society  for  the  establishment  of  ‘Democratic  Economy’  or  ‘DEMOCRISM’,  a  new  economic  system  which  I  advocate  for  the  establishment  of  an  ‘Ideal  Society’.

It  will  be  the  ultimate  fact  that  when  the  capital  is  distributed  among  the  people  in  coordination  with  ‘Distributive  Justice’  “All  Industries  will  be  owned  by  Each  Worker  and  Each  Industry  will  be  owned  by All  Workers”.  In  the  establishment  of  such  industries  neither  the  capitalists  nor  the  state  would  be  allowed  to  claim  any  capital  ownership.  The  creation  of  all  the  industries  would  be   “by  the  people,  for  the  people  and  of  the  people”  This  would  be  called  as  ‘Democratic  Economy’  or  “DEMOCRISM”  -  The  Third  Theory -  assuming  Capitalism  and  communism  are  first  and  second  theories.                                                                

 Understanding  of  Capital  Justice  or  Democrism i.e Business Ethic:                 

The  crux  of  the  problem  of  understanding  “DEMOCRISM” i.e business ethic, rests  on  the  two  theoretical  pillars :   Firstly  the  process  of  distribution  of  national  Capital  (i.e. Capital  Stock  of  a  nation)  to  the  people  and  secondly  the  creation  of  ‘new  investment’  of  the  people,  by  the  people  and  for  the  people. 

The  distribution  of  national  capital  will  ensure  the  people  the  ‘Economic  Justice’  of  ‘Each  industry  for  all  and  all  industries  for  each’  and  the  ‘creation  of  new  industry’  will  enable  the  working  class  to  contribute  a  share  of  their  wage  in  the  form  of  ‘share’  for the  establishment  of  new  industries  in  which  a  worker  will  have  a  share  in  all  industries  and  all  the  workers  will  have  a  share  in  every  industry  to  uphold  ‘Investment  Justice’.  I  will  explain  the  ‘Investment  Justice’  in  forth  coming  chapters.

First  let  me  explain  the  distribution  of  national  capital  to  the  people  for  the  establishment  of  “Democracy  in  Economy”  i.e.  the  “Economic  System  of  Democrism” (The  Third  Theory)  with  an  hypothetical  example.

Capital – Output  Ratio:  Suppose  the  national  capital  of  country  amounts  to  $ 3,000  billion  with  the  help  of  this  capital  stock  the  country  produces  $ 1,000  billion  worth  goods  and  services.  It  indicates  the  Capital : Output Ratio  of  the  country  is  3 : 1. In  other  words  in  order  to  produce  $ 1 dollar  of  goods  the  country  requires  $ 3  dollar  worth  of  capital.                                         

Again  let  me  assume  the  annual  income  of  a  ‘hypothetical  worker’  is  $100,000  and  he  spends  all  his  income  for  the  purchase  of  consumption  goods.  Since  the  capital : output  ratio  is    3 : 1   for  the  production  of  $ 100,000  worth  of  consumption  goods,  $ 300,000  worth  of  capital  goods  would  have  been  used.  Similarly  according  to  the   total  income  of  all  the  workers  a  capital  stock    should  have  been  used  three  time  of  income.  Generally  speaking  for  the  production  of  a  particular  amount  National  Income,  a  particular  volume  of  Capital  stock  would  have  been  used  and  it  determines  Capital  :  Output  Ratio.  This  Capital  Stock  is  legally  entitled  to  the  workers  only  but  it  has  been  fallaciously  handed  over  to  a  few  capitalists  or  the  State.  This  is  fallible  of  infallible  justice.  In  order  to  uphold  ‘Economic  Justice’  the  capital  stock  also  should  be  distributed  to  all  the  workers  according  to  capital  :  output  ratio.  This  mode  of  proportional  distribution  of  national  capital  to  all  the  workers  will  guarantee  and  ensure  an  active  powerful   ‘Economic  Democracy’  among  the  people  than  the  passive  and  week  ‘political  democracy’  to  protect  one’s  liberty. 

In  the  modern  production  system  since   ‘the  capital’  has  occupied  the   position  of  hub  in  the  production  process  of  consumption  goods  and  services  and  moreover  it  determines  one’s  ‘right  to  work’  and  ‘right  to  live’  no  worker  is  entitled  to  merchandise  his   capital  to  other  workers.  No  worker  is  permitted  to  hold  a  share  of  capital  more  than  his  country’s  ‘capital : output  ratio’.  Marketing  of  capital  share  in  democratic  economy  is  forfeited  because  of  the  fact  it  will  lead  to  sell  one’s  ‘right  to  live’  ‘right  to  work’   ‘economic  security’  and  ‘economic  equality’.  Justice  warns  man  not  to  sell  economic  liberty  even  if  he  sells  political  liberty.

Distribution  of  Capital and Business Ethic:  Capital  is  inseparable  block.  It  cannot  be  divided  into  convenient  parts  to  distribute  to  the  workers  according  to  their  wage-income.  It  forms  huge  industries.  The  workers  can  only  claim  a  ‘capital  right’  in  the  national  capital   stock  and   a   ‘dividend-income’  according  to  their  share  of  capital.  The  capital  goods  cannot  be  distributed  to  the  workers  as  consumption  goods.  But  every  worker  can  claim  a  certain  value  in  the  national  capital  to  ensure  their  capital  right.  The  value  of  capital  would  be  distributed  to  the  workers  equally  or  according  to  their  income.  The  distribution  of  capital  is  just  a  ‘book-keeping  entry’  to  assure  every  worker  that  they  have  a  capital  right  in  the  national  capital.

Every  worker  will  have  a  ‘Capital  Account’  in  his  bank  and  a  ‘capital – share-value’  according  to  his  annual  income  will  be  credited.  The  workers  will  be  strictly  restricted   to  bargain  his  ‘share  of  capital’  to  other  workers  as  it  is  now  practiced  in  the  ‘share-market’. The  ‘share-gambling’  involved  in  the  share  market  would  be  completely  abolished.  On  the  other  hand  there  will  be  only  ‘commodity  market’.  Since  one’s  share  of  capital  represents  one’s  ‘right  to  live’, ‘right  to  work’  and  economic  liberty  and  security  the  sale  of  capital  will  not  be  permitted  at  any  cost  in  the  ‘People’s  Direct  Ownership  of  Capital’  i.e. ‘Economic  Democracy’.            

In  the  distribution  of  national  capital  to  the  people  the  ‘capital : output  ratio’  would  be  taken  as  guideline  to  ensure  ‘capital  to  each  worker  according   to  his  wage’.  Right  from  ordinary  village  workers  to  the  top-most  managing  director  of  a  huge  company  the  ratio  would   be  strictly  followed  in  the  capital  distribution  as  it  preserves  ‘distributive  justice’.  No  one  would  be  afford  undue  advantage  to  claim  more  capital – share  than  the  one’s  income  ratio.  The  aggregate  national  capital  would  be  distributed  to  all  the  people  without  any  discrimination  of  one’s  labor.  This  is  the  idea  of  ‘Democrism’  i.e.  ‘Economic  Democracy’.  I  wish  to  take  liberty  to  express  such  kind  of  distribution  would  uphold  the  noble  concept  of  ‘Capital  Justice’.

Mahatma  Gandhi  emphasizes  this  capital  justice  in  his  own  fashion  of  spiritual  style  as  follows:

“We  should  aim  at  getting  only  what  the  rest  of  the  world  gets.  Thus,  if  the  whole  world  gets  milk,  we  may  also  have  it.  We  may  pray  to  God  and  say : “O  God, if  you wish  me  to  have  milk, give  it  first  to  the  rest of  the world”*

-*Gandhi. M _ “Speeches  and  Writings  of  M. Gandhi” (p:384)

If  any  one  wishes  to  portray  his  argument  that  the  above  example  presented  by  Gandhiji  in  the  distribution  of  milk  can  only  be  coordinated  to  the  ‘distribution  of  income’  but  not  the  ‘distribution  of  capital – wealth’,  Gandhiji   replies  them  as  follows:

“Earn  your  crores  by  all  means.  But  understand  that  your  wealth  is  not  yours;  it  belongs  to  the  poor.  Take  what  you  require  for  your  legitimate  needs,  and  use  the  remainder  for  society ……But  I  have  visions  that  the  end  of  this  war  will  mean  also  the  end  of  the  rule  of  capital.  I  see  coming  the  day  of  the  rule  of  the  poor,  whether  that  the  rule  be  through  force  of  arms  or  of  non-violence”. **

         **- Gandhi. M : “Harijan”, Feb. 1, 1942

The  views  and  visions  of  Gandhiji  are  placidly  warning  the  capitalistic  society  that  the  capital – wealth  should  be  honestly  handed  over  to  the  people  within  the  frame  of  supreme  justice;  otherwise,  he  cautions,  that  the  poor  would  take  even  the  deadly  arms  to  uphold  their  legitimate  right  to  own  their  capital  through  non-violence  as  the  ‘rule  of  poor  through  bullet’  instead  of  ‘rule  of  poor  through  ballot’  that  could  be  the  only  solution  for  all  evils  suppressing  the  poor.

Now  I  explain  the  basic  concept  of  Democrism  in  ordinary  terms.  In  Democrism  In  Democrism  in  order  to  ensure  a  sense  of  security  regarding  the  ‘capital  ownership’  in  the  minds  of  every  worker,  ‘a  capital  account’  would  be  opened  in  his  name  and  his  legitimate  due  capital  would  be  credited  in  his  capital  account. 

The  capital  in  the  view  of  a  common  man  may  look  like  a  commodity  as  machines  and  factory  buildings.  But  it  is  not  so  in  real  sense.  The  capital  contains  in  its  core  an  enormous  ‘Economic  Power’  only  by  which  one  can  save  and  ensure  one’s  ‘right  to  live’  in  the  world,  which  is  valued  as  supreme  right  of  all  the  socio-economic-political  rights.  No  worker,  therefore,  would  be  permitted  to  sell  or  buy  one’s  share  of  due  capital.  Capital  is  not  a  marketable  commodity  because  if  the  sale  of  capital  ‘in  the  form  of  share’  is  allowed  among  the  workers,  it  is  nothing  but  allowing  the  workers  to  sell  their  ‘right  to  live’,  ‘economic  liberty’,   ‘economic  equality’,  ‘economic  security’  and  so  on.  The  sale  of  capital  would  lead  the  workers  towards  their  economic  slavery;  no  political  revolution  can  uplift  them.  That  is  why  Rousseau  says  in  his  Social  Contract ;  “Man  is  born  free  and  everywhere  he  is  in  chains”

It  is  Universal  law  that  the  natural  force  of  all  evolutions  is  to  lead  all  imperfect  systems  towards  their  perfection  overcoming  one  hindrance  after  another  hindrance  in  its  process.  If  the  hindrances  are  many  and  powerful  the  natural  force  of  evolution  will  consume  more  span  of  time  to  overcome  them.  “Perfection”  is  the  law  of  nature;  and  “Evolution”  is  its  mechanism.  As  per  the  ‘natural  force  of  evolution,  the  capital  should  be  owned  by  all  the  workers  to  attain  its  perfection  and  to  uphold  capital  justice.  In  this  context  we  know  that  our  economic  systems  are  crippled  with  imperfection  and  struggle  hard  to  move  towards  perfection  and  therefore  we  have  no  other  alternative  except  to  wipe  them  out  not  to  plunge  the  world  into  destruction.

As  a  matter  of  fact  if  both  the  imperfect  capitalism  and  socialism  want  to  move  towards  their  ‘perfection’  as  a  rule  of  nature  they  have  to  restore  the  ‘capital’  to  people  and  to  ensure  ‘People’s  Direct  Ownership  of  Capital’  the  ultimate  end  product  of  perfection  in  the  formation  of  economic  systems.  The  People’s  Direct  Ownership  of  Capital  would  be  out  of  all  theoretical  and  moral  contradictions  and  constitute  a  perfect  economic  system  known  as  ‘DEMOCRISM’.  On  the  establishment  of  Democrism  the  capital  will  be  owned  neither  by  a  few  capitalists  as  in  Capitalism  nor  by  the  State  as  in  Socialism  but  the  people  of  all  the  countries.  This  “People’s  Ownership  of  Capital”  will  be  the  rule  of  the  nature  and  the  natural  force  of  evolution  of any economic  system. Nobody  or  no  power  in  the  world will  oppose  it.                                                                                                                                                                                        

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Two haunting and Magical little songs from Sesame Street. Steve Zuckerman is so cool! ‘Capital I’ was the second thing I looked up on YouTube ever! So glad it was available to watch because it was so influential to my life and my interest in music (‘The Butterfly-ball’ film-clip to the song ‘Love is All’ was the first thing I looked up). Steve Zuckerman is a composer for television and movies, a songwriter, and a singer who wrote songs for at least three animated Sesame Street inserts: “I in …

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Director, International Socio-Economic Research Bureau, India