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What the new economic framework will entail…

When we talk about economic framework, there are two different fundamental issues – economic science and economic system. This is because there is a fundamental difference between the method of production of goods and services (economic science) from the manner of their distribution (economic system). Economic science is universal and scientific with no effect from ideology or mindset. However, the distribution of resources, how goods and services should be given to the public, whether they should go to the rich or the orphans, the aristocracy or the landlords is different and dependent on either the belief system or ideology.

In an ideal setup, a human is neither an economic unit (as viewed in a capitalistic system) for whom all decisions from marriage to pensions to drugs to education are viewed from an angle of economic effect and cost. Neither is a human simply matter (as viewed in a communist system), just one aspect of nature, nothing more. A human is in fact someone composed of organic needs and instincts, all of which requires answers on how to satisfy them.

This economic system is built upon three principles:
1. Ownership
2. Disposal of ownership
3. Distribution of wealth amongst the public

However, economic science is left untouched to avoid interference in the production of wealth and let that be driven by human curiosity and quest. There are no rules on economic science since it is dependent on scientific advancement of society.

It has to be recognized that humans will undertake a number of actions to survive. These range from the buying of food, taking ownership of property, selling goods, investment, agriculture, taking loans, exchanging currency, taking up employment and giving work, setting up a company, importing and exporting abroad, disposing of assets, etc. Hence, the economic system has to put forward clear rules to seamlessly facilitate acquisition of goods and services (ownership). And the means of ownership/ possession are limited to just five which are:
1. Work
2. Inheritance
3. Obtaining wealth for the sake of life
4. State granting wealth to the citizens
5. Wealth and commodities that individuals take without exchange (gifts, donations and the like)

It cannot be claimed that this framework is restrictive and hinders economic activity because it has rigid rules, which cannot evolve with time as economic activity increases and changes via the invention of new technologies. This is because humans want to own things in order to survive.

This system will bring in equality and bridge the gap between the haves and have-nots while ensuring fundamental rights for everyone (no exception whatsoever). One emerging trend we are seeing in the world is homelessness. Current sociologists and economists, both capitalist and communist alike, try and explain the causes of homelessness: poverty, mental illness, disability, unemployment, alcoholism, drug abuse, domestic violence and so on. And after hundreds of years, it is clear that all the “political solutions” have not ended this misery.

The calamity of homelessness, it seems, is one of the defining features of current economic systems, and one of the bitter prices paid for the delusion of freedom, wherein the weak must sacrifice their material wellbeing for the benefit of the strong. It seems like freedom in a democracy means the freedom to be able to fail, and to suffer a life of great hardship, alone and destitute in the streets of the worlds’ richest and busiest cities.

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