Is 2% enough or is time for basic income? Reforms to make India’s ‘Invisible Hand’ more visible (LSE Review of Books)

How do you ensure the distribution of wealth in one of the world’s poorest countries, when it has one of the highest number of billionaires in the world? An interesting intervention by the Government of India was revealed by the¬†World Economic Forum¬†today…

When corporation tax and tax breaks for corporate philanthropy are not enough to encourage aid for a large, low-income population, governments in developing countries must explore alternative models to western capitalism… In India, a new law that comes into force from April 2014 will mandate companies above a certain size to spend at least 2% of their annual net profit on charitable activities. Let’s hope that ‘transparent management’ of these funds ensues.

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