World Moving from Socialism to Capitalism



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The recent Jakarta summit of Asia and Africa brought remembrance of Jawaharlal Nerhru. At Bandung, Nehru had initiated the non – alignment movement and proclaiming the resistance to the big powers for exploiting the underdeveloped countries for the economic benefits. This was treated as a Socialistic approach of Nehru and well praised by the world.

This Nehru’s socialism should have reduced the poverty with help of the state run company and equal distribution of wealth.

Ironically, socialistic approach of Nehru never worked in the practical world, which has miserably failed across the world.

In the recent summit at Jakarta Dr. Manmohan Singh was elected as a president of the Afro- Asia community with 106 countries. Dr. Manmohan Singh an financial reformer of Indian economy, was insisting on the spreading the globalization on the Horizontal level across the world.

This will help most of the developing and underdeveloped countries, which will give an access to the best science and latest technology. This in turn will also develop the economic status, health care, education level of these countries.

This can be seen as the global acceptance of the Globalization for stability and giving the dignified life to these people in those countries. Today, economist are speaking about reducing the poverty with the help of open economy and creating more opportunities by globalization.

-Mr. Ravindra Nerpawar



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Warren BuffettPresident Barack Obama used his 2012 State of the Union address to make a second appeal for Congress to pass a so-called Buffett Rule on wealthy Americans.  The idea is to raise taxes on anyone earning more than $1 million a year who pays a smaller portion of their earnings to the government than do middle-class workers.

"Right now, because of loopholes and shelters in the tax code, a quarter of all millionaires pay lower tax rates than millions of middle-class households. Right now, Warren Buffett pays a lower tax rate than his secretary," Obama told a joint session of Congress.

Specifically, the president is proposing to tax millionaires 30 percent of their earnings.

"Washington should stop subsidizing millionaires," Obama said. "In fact, if you're earning a million dollars a year, you shouldn't get special tax subsidies or deductions."

So how would the Buffett Rule really work? How many people would it affect?

Read more ...

(Photo: Alex Wong / Getty Images)

Obama Pitches Buffett Rule Again in 2012 State of the Union Address originally appeared on About.com US Politics on Wednesday, January 25th, 2012 at 18:31:25.

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