Can Dharma be forced on the rich?

 "The problem facing most people, especially the young, is not superstars like Warren Buffett are leaving them behind. It is that they are being held behind by stagnant investment and wages, owing to the simple fact that the wealthy get wealthier almost in their sleep, for reasons that have nothing to do with effort, entrepreneurship, or parsimony," wrote Prof Vanis Varoufakis. "Nothing retards productivity and depresses employment as efficiently as exorbitant market power." "Today, three mega firms, Blackrock, Vanguard, and State Street, own at least 40% of all American public companies and nearly 90% of those listed on the New York Stock Exchange." Varoufakis recommends that central banks should fund only public investment in public goods, giant companies like Amazon and Facebook must be broken up, and 10% of shares must be deposited in a "social equity fund to fund a universal basic dividend". The concept of a universal basic income (UBI) has been discussed for a long time. An experiment in UBI was tried in Finland in 2017, where 2,000 unemployed people were paid 560 euros per month instead of some social benefits. It failed, probably because these people were receiving 8,600 euros as social security per month to start with and saw little benefit from  the scheme. "The largest corporations have reached the pinnacle because of the toil of its employees, who are sold the idea of corporate slavery as a prerequisite for success," wrote Prof Kapoor and Sinha. Capitalism underpinned by Dharma will result in, "A conscientious capitalistic order where actions of businesses not only benefit themselves but also the society is more sustainable and equitable system." "The hope is the waves of stimulus doled out by governments and central banks should eventually buoy economies and spark a revival in hiring," wrote Rockeman and Ward. "The risk is that the pandemic is inflicting a 'reallocation shock' in which firms and even entire sectors suffer lasting damage." "The economic concept of a welfare state is quite different from how the term is politically used," wrote Puja Mehra. "For instance, the welfare state may tax one section of the population to finance income support payments to a chosen set of people." "The welfare state attracts new clients and politicians begin to add new programs. The number of people living off government exceeds the number of taxpayers who finance the government." Since coming to power Prime Minister Narendra Modi has launched a large number of social schemes, in addition to the ones already operating from previous governments. Should governments accumulate huge debts to stimulate economies hit by the pandemic? asked Prof Raghuram Rajan. "Even with higher taxes on the rich -- a policy that will meet with intense opposition -- a large share of the accumulated debt will be passed on to future generations." Governments have usurped over $100 billion from sovereign wealth funds, which leaves less cushion for future generations, reported Reuters. Reduce wealth of the rich to reduce inequality. But will that create jobs?