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Girish Kuber writes: Election Commission’s endorsement of Eknath Shinde-led Shiv Sena may hurt the BJP more than it helps https://indianexpress.com/article/opinion/columns/election-commission-eknath-shinde-shiv-sena-thackeray-symbol-row-8454944 Eknath Shinde and his faction may well end up as an albatross around BJP's neck: EC's decision could unite Opposition further, increase rifts within the ruling faction

Boston Review on the Welfare State

.. since the 1970s...  Republican calls for benefit cuts, Democrats have generally mounted at best a tepid technocratic defense.  ( The Frozen Politics of Social Security by James G. Chappel https://www.bostonreview.net/articles/the-frozen-politics-of-social-security/ The tone of exhausted pragmatism—even among friends of the program—is counterproductive. It is beyond time to fight fire with fire.)

..In  1797.., Paine laid out a scheme in which taxes on land and wealth would be used to fund old-age pensions and a one-time grant to all citizens upon reaching adulthood. For Paine, social insurance was not a question of charity but of right: since ownership of land deprived people of their common inheritance—the earth itself—justice demands that a portion of the rents that flow to property owners be redistributed to everyone. ( Common Property by Elizabeth Anderson..https://www.bostonreview.net/articles/elizabeth-anderson-social-insurance-thomas-paine-friedrich-hayek/  .. How Social Insurance Became Confused with Socialism.. Conservative criticisms of social insurance reflect profound misapprehensions of its relation to private property. Social insurance, in both theory and practice, arose in defense of private property and against communist and socialist threats. Exploring these origins is essential now because they contain important lessons that will help us strengthen social insurance to meet the challenges of post-industrial capitalism. The rich prefer that programs be funded from wages rather than rents, so that workers shoulder the costs. (Despite appearances, in the United States the cost of the employer’s contribution to Social Security and Medicare falls mainly on workers.) Funding benefits with wages poses a formidable political obstacle to diversion of revenues away from workers to other priorities. Benefits graded to contributions are also popular because low, flat benefits are too minimal to appeal to the middle classes, who can self-insure at the low levels promised. ..robust and universal social insurance is a constitutive feature of a sound economy based on private property and markets, not a threat to it. ..Capitalism .. has .. engaged in massive property innovation, including the creation of corporate stock, intellectual property, rights to the broadcast spectrum, and many types of derivatives. In constantly redefining property, capitalism has always engaged in redistribution. )

Comment: In India.. the so called liberatisation of pension and PF funds, seem to have ended in the changing of the pension scheme itself,  as welfare then turns to proximate "revdis" that yield better political dividends that assure security system, which become "rights".  

The Adani affair: Collapse of regulatory structures People's Commission on Public Sector and Public Service - Statement  10.02.2023
Extracts:   SEBI’s own “investigations” into the use of shell companies has been going on for almost two years without any tangible progress. This is indeed serious because it reflects at best either lethargy, carelessness and dereliction of basic regulatory duties, or, at worst, a permissive regulatory regime that encourages cronyism.

Recent media reports reveal that the authorities in Mauritius have been in touch with SEBI, indicating that SEBI may well know or may have already been in the know about the true identities of “beneficial owners” in entities that own shares of the Adani companies.

Answering a Rajya Sabha Question on shell companies on February 6, 2018, the Corporate Affairs Minister stated “The Companies Act, 2013 does not define the term Shell Company. In effect, the Union Government, by conceding that it has no laws to check the abuse of shell companies, has accepted that it has no interest in establishing structures that promote transparency in markets that ensure that the identities of the true beneficial owners of companies are visible to all instead of hiding behind opaque walls.

To make matter worse, the Government’s decision of August 2022, deciding to allow Indian corporate entities to invest in foreign locations, provides ample scope for Indian entities to use shell companies located in tax havens to indulge in round tripping, a mechanism that enables the rerouting of black money into the Indian economy. The decision also permitted domestic entities to make overseas investments, even if they were under investigation by any investigative agency or regulatory authority, a provision that opened the overseas doors for tainted individuals and companies to continue with round tripping. This raises concerns about the motives underlying the decision

The Adani fiasco highlights the futility of the government’s reliance on private global champions to power the Indian economy. Moreover, such a misplaced reliance necessarily rests on a culture of “cronyism”, while holding back the potential of publicly-owned Central Public Sector Enterprises (CPSE).

There is widespread apprehension that many corporate entities appear to be operating through a multi-layered and complex web of shell companies set up in tax haven jurisdictions. This has the effect of creating a shadow economy, which enables them to not only evade taxes in India, but to manipulate markets, pass on funds to political parties through opaque vehicles such as Electoral Bonds, and mock at regulatory norms. The power to influence the political executive to adopt policies and laws that promote their own interests, and to the overall detriment of the public interest, is simply unacceptable to a functioning democracy.