What If The State Provided Everyone With A Basic Income?
This Finnish experiment would be interesting to watch. It has been termed a guaranteed minimum income or a universal basic income through the years. Although the idea of a basic income for everyone is not new, not many countries have subscribed to it in the long term, sufficiently to assess the recipients’ psychological and social outcome. The current resurrection of this idea is principally due to the increasing unemployment situation worldwide in the industrialised nations, where automation and globalisation has inevitably resulted in more people being out of work and unable to find work.
A basic income (also called unconditional basic income, Citizen’s Income, basic income guarantee, universal basic income or universal demogrant) is a form of social security in which all citizens or residents of a country regularly receive an unconditional sum of money, either from a government or some other public institution, in addition to any income received from elsewhere. An unconditional income transfer of less than the poverty line is sometimes referred to as a partial basic income. Basic income systems that are financed by the profits of publicly owned enterprises (often called social dividend or citizen’s dividend) are major components in many proposed models of market socialism. Basic income schemes have also been promoted within the context of capitalist systems, where they would be financed through various forms of taxation. The phrase “social dividend” was commonly used as a synonym for basic income in the English-speaking world before 1986, after which the phrase “basic income” gained widespread currency.
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