Part 12: Industry, Trade and Commerce

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Article 12.1 Business and industry in trusteeship of society
Business and industry shall function in trusteeship of society (1) producing goods and services useful to society, (2) generating productive employment opportunities, (3) using environmental resources in a sustainable manner, (4) recycling waste to the extent possible, and (6) refraining from exploiting labour or the environment. They will deploy surpluses generated for productive investment and social services, and not in wasteful consumption.

Such discipline shall be largely nurtured through local accountability of industry combined with self-regulation through a network of associations and federations recognised under law. Land for industry shall be on lease from village or district governments that will enforce business and industrial practices responsible to society.
 
Article 12.2 Minimum movement of men and materials
Globalisation is now being regarded as a major step in the progress of society in realising its full potential through exchange of skills and markets. Globalisation is actually an inefficient market mechanism of locating units in places where labour is cheap and moving products were prices are high. It fosters large-scale movement of men and materials thereby increasing consumption of fuel.
 
The objective of global society should be to work towards a just, egalitarian world order in which incomes in all nations are comparable and, as such, there is incentive to produce and consume in the same place, avoiding needless movement of men and materials. While this may not be easy, it should form an important element in global strategies to minimise damage through avoidable globalisation. Information and such other technologies can play a significant role in realising such a world order.
 
Article 12.3 Protection of consumer interests
All deposits taken by businesses from consumers for products such as real estate shall be protected in escrow accounts and their utilisation monitored by banks on behalf of consumers. The National Bank shall make appropriate regulations in regard to notification of disclosure of title, approvals, etc, before inviting such deposits, release from escrow accounts on verification of the project by banks, providing periodic progress reports to consumers, and the bank charge for such services.
 
Note: Absence of such regulations has, during the past fifty years, led to numerous land scams, illegal colonies and unauthorised construction. Both the political and land mafia are not interested in such regulation. Referendum has thus become a legal and moral necessity to promulgate such laws.
 
Article 12.4 Obligation of business to support trusts with social objectives
Following development of new technologies such as information technology, and evolution of the global market, share markets have virtually become casinos where fortunes are made or liquidated overnight. Return on such investments through creative inputs is undoubtedly desirable but it is also necessary that the underprivileged also directly benefit from it. It is true that additional public funds are generated through taxation such as income and excise taxes, but the state often manages them inefficiently. To benefit from tax breaks, industrialist set up public trusts many of which are providing commendable service to society in fields such as education and healthcare. Such philanthropy needs to be expanded and citizens who earn huge profits through investment in shares also made to participate in it.

First, every profit making business and industrial unit shall be required under law to donate to a public trust with social objectives such as education and healthcare a specified percentage of the profits. Such trusts shall be monitored by independent trust commissions. Trusts promoted by the business itself can be preferred, as it will ensure better utilisation of the funds.
 
Another requirement shall be that every time the value of the shares of any company increases in the stock market by an amount equal to the face value, it shall be mandatory for the company to issue bonus shares equivalent to 20 per cent of the subscribed share capital in the name of any public trust with social objectives recognised by a trust commission. A trust promoted by the company itself will be given preference.
 
A problem that democracy has not been able to resolve is as to how equal opportunity can be provided to the children of the poor to express their full potential. State interventions have often proved inadequate, impersonal and inefficient. Public trusts such as those described above shall pick up brilliant students from poor families and, in a personalised manner, offer them opportunity for full expression in fields such as arts, sciences and sports.The society needs to innovate and evolve other such concepts for the under previllaged to promote a value enriched egalitarian society.


Types of Economic Systems

Western Capitalism
Controls democracy, and resources of other cultures to sustain high income and consumption patterns.

Post Colonial Socialism
Creates wasteful overheads, destroys all initiatives of the people

Chinese Neo Fascism & Dictatorships
Exploit the people.
Threat to global peace.

Value Enriched Egalitarian
Equal social, economic and political
rights and opportunities
through grassroots empowerment.

 

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