To continue from where I left off yesterday - let me now proceed to state that whatever is called Capital in a truly Capitalist System, is "Private Capital." In other words, private busniessmen decide what to accept as money - and what to store away as money. Thus, Capitalism has NOTHING to do with State-printed irredeemable paper notes.
Second: As I said yesterday, Capitalism has NOTHING to do with Politics. Capitalism is all about Individual Enterprise - and in this, we are Competing with others. Socialism and welfarism is all about Politics, and its corollary, which is Bureaucratic Officialdom.
Third: A City is nothing but Capital. Indeed, a City is mostly FIXED CAPITAL - the private homes, the private shops, and even the city roads and streets are all fixed capital.
What needs to be done in all Indian cities, including Pondicherry, is that useless government departments need to be closed down, and all the tax revenue invested in roads, streets, drainage and sewage - all CAPITAL. Everything else can be private - like tramways, which Pondicherry needs.
Lastly, because of PROTECTIONISM, many poor people in India own very poor quality CAPITAL GOODS - like auto-rickshaws.
Free second-hand car imports will enable these poor people to earn more by using high quality Capital Goods.
One final point: Capitalism is all about LIBERTY. It is NOT about EQUALITY.
They say:
FREE PEOPLE ARE NOT EQUAL
AND EQUAL PEOPLE ARE NOT FREE
Thus, the City Mayor and Aldermen who run the honest civic corporation are NOT RULERS - as with socialist dictators.
Rather, the City is ruled in the manner of a friendly CLUB - and all the people are free.
The few public functionaries who take up civic offices are honoured for their public services - but they do NOT make rules and regulations for all to follow.
And ALL businesses are FREE.
There are Laws, of course - and these are "private laws":
Property, Contract and Torts.
See you all once again, tomorrow.
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