trạng thái trước đó của thị trường, điều kiện tồn tại vào đêm trước của lạm phát . Vì vậy, họ đang ở trong một vị trí rất thuận lợi. Và do đó lạm phát vẫn tiếp tục từng bước một, từ một nhóm dân số 96 KINH TẾ CHÍNH SÁCH Và nó chính là triết lý xã hội và kinh tế interventionism | 84 ECONOMIC POLICY that we will not expropriate them nor socialize them for ten years perhaps even for a longer time. And he thought this was an invitation to come to India The problem as you know is domestic capital accumulation. In all countries today there are very heavy taxes on corporations. In fact there is double taxation on corporations. First the profits of corporations are taxed very heavily and the dividends which corporations pay to their shareholders are taxed again. And this is done in a progressive way. Progressive taxation of income and profits means that precisely those parts of the income which people would have saved and invested are taxed away. Take the example of the United States. A few years ago there was an excess-profit tax which meant that out of one dollar earned a corporation retained only eighteen cents. When these eighteen cents were paid out to the shareholders those who had a great number of shares had to pay another sixty or eighty or even greater percent of it in taxes. Out of the dollar of profit they retained about seven cents and ninety-three cents went to the government. Of this ninety-three percent the greater part would have been saved and invested. Instead the government used it for current expenditure. This is the policy of the United States. I think I have made it clear that the policy of the United States is not an example to be imitated by other countries. This policy of the United States is worse than bad it is insane. The only thing I would add is that a rich country can afford more bad policies than a poor country. In the United States in spite of all these methods of taxation there is still some additional accumulation of capital and investment every year and therefore Foreign Investment 85 there is still a trend toward an improvement of the standard of living. But in many other countries the problem is very critical. There is no or not sufficient domestic saving and capital investment from abroad is seriously .
