EQUITABLE ECONOMY OF THE NEAR FUTURE

EQUITABLE ECONOMY OF THE NEAR FUTURE

 

Very soon, when the scourge of economic inequality has been remedied, society will have some outstanding features.

 

1.    UNIVERSAL BASIC INCOME: Every citizen will receive a just and fair income. For instance, a family of four might receive a monthly stipend of [specific amount] to cover their basic needs. This income will be more than enough to meet all their needs comfortably, including housing, food, and healthcare. It will cover all their expenses, and no one will be left below a certain economic threshold. A recent report states, “India’s richest 1% hold more than four times the wealth held by 953 million people who make up the bottom 70%.” This Universal Basic Income we are talking about can be sourced and funded through progressive taxation of these wealthy individuals, and revenues can also be generated from shared resources.

 

2.    EQUITABLE ACCESS TO QUALITY EDUCATION: Rabindranath Tagore, in his famous poem “Where the Mind is without Fear”, says:

 

    “Where the mind is without fear, and the head is held high

     Where knowledge is free

     Where the world has not been broken up into fragments

      By narrow domestic walls”.

     In other words, Tagore envisioned a society where education and knowledge were easily accessible to all without barriers. He said, “My idea was that education should be a part of life itself and must not be detached from it and made into something abstract.” “Education should not be limited to the classroom, but it should extend beyond it to the natural environment.” For Tagore, education meant “Education should be a process of self-discovery. That a student learns to develop their potential and talents through creative expressions.”

   Education will be of global standards and easily accessible irrespective of financial status and geographical location. This will ensure everyone will be able to develop to their fullest potential. Quality education should be made affordable and easily accessible.

 

3. UNIVERSAL HEALTHCARE: Healthcare will be readily available to all.  Nobody will become bankrupt by paying exorbitant medical bills in five-star hospitals that are in vogue these days. Quality treatment will be affordable; state-of-the-art treatment and preventive care will be readily available. Wealthy citizens should be confident to seek medical treatment in their own country. Health care should cover all citizens irrespective of their social status.

 

 

4.    FAIR AND LABOUR RIGHTS WAGES: A fair minimum wage is guaranteed to every worker to maintain a decent standard of living. It is often seen that there is a glaring difference in the pay structure and perks in any organisation despite the same amount of work put in, and honest, sincere workers are made to do with crumbs. The wages will be proportional to the worker's value to the organisation and his work. No worker will feel exploited, and their unique talents and skills will be recognised and rewarded. Robust representations will address workers’ rights and issues like safe and sound working conditions through their active unions and representatives.

 

5.  AFFORDABLE HOUSING: Good housing will be seen as a right, not a privilege. Income inequalities, housing policies, discrimination and marginalisation, and lack of political will have so far ensured that good, decent housing remains a privilege. Everyone has a right to a decent home, and it is the job of the government of the day, philanthropists, corporations and more to make that a reality. Effective policies, if any, by the government and the others we mentioned can ensure everyone has access to safe, affordable, quality housing that meets international standards. Houses and localities should be habitable, meeting global benchmarks.

 

 

 

6.    PROGRESSIVE TAXATION: According to a study by the rights group Oxfam, “just 57 billionaires in India now have the same wealth ($216 billion) as that of the bottom 70% of the country's population.” A fair tax system should prevail, where these few wealthy individuals are made aware of their responsibility and made to contribute to society's welfare. They should be made to keep aside a proportionate share of their income, funding welfare and public services and redistributing wealth equitably.

 

 

7.    SOCIAL SAFETY NETS: Social Safety Nets will be in place to support those in need: the soldiers disabled defending our nation in wars, the sick, the unemployed and childcare. They will be helped to get back on their feet, ensuring temporary setbacks do not lead to permanent poverty for life and generations.

 

8. ECONOMIC DEMOCRACY: Employees will have a say in how their organisation is run and will be involved in decision-making. They will share the profits and perks equally. Their contributions will be celebrated, recognised, and rewarded.

 

9. ACCESS TO TECH: Technology and internet access should be readily available so everyone can become tech-savvy, participate in the digital economy, and benefit from technological advancements.

 

10. ENVIRONMENTAL SUSTAINABILITY: Policies will be framed so that economic growth does not come at the cost of environmental health, thus protecting the resources needed for future generations.

 

In this brave new world, everyone has equal opportunities to generate wealth, wealth is distributed equitably, and there are enough economic opportunities and essential decent housing where all basic needs are met. People will be given their dues and valued for their input and contributions to society. Everybody can thrive regardless of where they started or their background. This will ensure a more just, equitable, inclusive, less discriminative and harmonious society, where economic inequality is a relic of the past.