Economic Strategies for Banishing Child-Labour: Compulsory Primary Education, Specific vs. General Egalitarianism, and Innovation in Financial Instruments for Mobilization of Participation
Compulsory schooling of children is used as an instrument for eliminating the incidence of child-labour in most countries. Given this context, the importance of parental domain as a separate entity in decision-making for primary schooling of children in India is highlighted. Since many children work and earn for their parents in poorer societies, and parents are often liquidity-constrained, the opportunity cost of children's education is a crucial determinant for the parental decision-making. Governmental intervention for universalization of primary education therefore must lead to both 'specific' and 'general' egalitarianism, it has been argued. Innovation of a unique but simple financial instrument described as "FENCE" along with compulsory attendance laws is suggested to derive full benefits of governmental intervention in India. A prototype along with broad and rough estimates of the financial claim on the GNP is also provided.
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