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My Notes 24 Jan 2017 24-12-2017

Dear Students:

Please Follow My Notes and My Video 24 Jan 2017

http://laex.in/civilsprep/upsc-ias-the-hindu-and-indian-express-current-affairs-24-jan-2017-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2-2/

Editorial

The price of fiscal folly

General concerns on rising the Government spending are

  1. Crowding out of private capital
  2. It can increase the debut burden on future generations.

But, if carefully spent it can raise the income levels for future generations way beyond the debt burden created on them. It means quality of expenditure matters. If Government resorts to programmes such as universal basic income it can derail the process of expenditure and exclude the Government from provision of public goods and services. So, public borrowing is not necessarily bad but borrowing for consumption shall be guarded against.

 

Globalisation’s new spokesman

President Mr xi jingping has become the new spokesman for globalisation. As President Trump is preaching for nationalism and protectionism, xi words of caution are quite important.

Mr. Xi fundamentally rejected the stance that seeks to lay the blame for the current challenges atthe doorstep of globalisation. He emphasised that open economies are a reason for today s prosperity and income redistribution across the world.

If existing circumstances are considered weak global economy emphasises for a open trade. Added to this, president Xi has also emphasised on reform of global economic governance structures to reflect the contribution of emerging and developing countries.

 

Perspective

Understand this -

Aristotle - In  a  democracy  (rule  by  the  masses),  he wrote  that  since  the  poor  were  equal  to  the  rich  along  one  dimension  (the freedom  to  vote),  they  would  always  vote  to  make  everybody  equal  on  all dimensions.  Thus,  confiscation  of  wealth  and  redistribution  is  the  natural tendency  of  democracies,  in  response  to  which  the  rich  would  plunge  the system  into  chaos.  In  an  oligarchy  (rule  by  the  rich),  meanwhile,  the  problem was that since the rich  were unequal  to  the  poor  on  one  dimension  (wealth),  they  would always  vote  to  make  everyone unequal  on  all  dimensions.

 

Based on the above assumptions societies have devised class warfare constitutions.

These  constitutions  devise  a  tiered  system  of  representation  which  ensures  that  a majority of the population have a part (however  unequal) in their daily governance.  Thus,  we  saw  guilds,  communities,  caste,  and  class-based  representation  in  royal  courts.  After  the  rise  of  the  republican  system  of  government, specific  Houses for  specific  classes  came  into  vogue.  The  state  could only  be  stable  if  the  constitutional  arrangement  reflected  the  fragmentary nature  of  society  itself. 

 

But  all  this  changed  in  the  era  after  the  American  Constitution  was  drafted  in  1787  and  the  radical  aspirations  of  the  French  Revolution  began  to permeate  across  the  North  Atlantic.  Despite  the  heavy  weight  of  historical evidence in favour  of  ‘class  warfare  constitution’,  the  American  framers  decided  to  buck  this  trend  by  designing  what  the  constitutional  scholar Ganesh Sitaraman calls a “Middle Class Constitution”. It is majorly because America was a relatively an egalitarian place in 1770s.  But today s growing inequalities can put the existing democratic framework in Peril.

 

World

  1. President Trump has announced withdrawl from TPP. (Trans pacific Partnership)
  2. EC advisory on union Budget – there shall not be any state specific schemes and there shall not be any announcement of state specific achievements by the Government.

 

Question of the day

Economic Globalisation can not be alone stated as the reasons for ongoing crisis across the globe. Express your opinions.

 

 

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