One Question
Universal Basic Income

One Question
Universal Basic Income

One Question is a monthly series in which we ask leading thinkers to give a brief answer to a single question.

This month, we ask:

Do we need a Universal Basic Income?

With responses from: Julie Wark; Doug Henwood; Peter Frase; Heikki Patomaki; Danielle Guizzo & Will Stronge; Karl Widerquist; Anton Jäger & Daniel Zamora; Alyssa Battistoni; Danny Dorling; Francine Mestrum; Daniel Raventós; Louise Haagh.

Universal Basic Income

Julie Wark

Understanding that the ‘we’ in the question includes everybody then, from the human rights perspective, I say yes. A big yes because, if human beings have any valid claim of need at all, it is the basic right to a dignified material existence without which all other rights are impossible. Accordingly, human rights don’t float around outside political economy but must be grounded in social institutions and guaranteed by real mechanisms.

In the neoliberal system, human rights are given with declarations and snatched away by the real world. As great fortunes are made, human rights are trashed. And there’s a racist skewing here. Most victims are dark-skinned (just look at the world’s twenty poorest countries) but are subsumed as a colour-free group called ‘the poor’.

If we’re not already living in a dystopia, it’s just around the corner. You only have to read the recent (almost zombie-genre) Davos reports talking about rich people in strongholds and chaos reigning outside. States have created so many scapegoats: black kids who get shot by white cops, ‘bad-hombres’ immigrants, Muslim ‘terrorists’, homeless ‘felons’, ‘traitor’ journalists… Extreme injustice and cruelty, for example in the treatment of refugees, is normal. The planet itself is threatened.

Any struggle against this awful situation will require a political economy aiming at guaranteeing the right of existence for everyone, real freedom, and a decent standard of living (housing, education, health, culture, environment, etc.). Nobel laureate Herbert Simon writes that social capital belongs jointly to all members of society, so the producer should get a small share of the profits and the rest should be taxed and redistributed as an unconditional universal basic income. In This Changes Everything, Naomi Klein notes that the universal sense of basic income is that it could help to transform the way we treat our whole (social and physical) environment.

Basic income is possible. It can be financed. Any obstacle isn’t a problem of economics but of politics. So far, basic income is the best mechanism on offer for any project of trying to make real the three essential principles of universal human rights: justice, freedom and human dignity. And it holds out a viable means for attaining this. So the next question is, do we care enough to try? READ MORE

One Question
Economic Crash

One Question
Economic Crash

One Question is a monthly series in which we ask leading thinkers to give a brief answer to a single question.

This month, we ask:

Are we heading for another economic crash?

Economic Crash

Wolfgang Streeck

I’m not a prophet. But there is no capitalism without the occasional crash, so if you will we are always heading for one. Inflation in the 1970s was ended by a return to ‘sound money’ in 1980, which begot deindustrialization and high unemployment, which together with tax cuts for the rich begot high public debt. When public debt became too high, fiscal consolidation in the 1990s had to be compensated, for macro-economic as well as political reasons, by capital market deregulation and private household debt, which begot the crash of 2008.

Now, almost a decade later, public debt is higher than ever, so is private debt; the global money volume has been steadily increasing for decades now; and the central banks are producing money as though there was no tomorrow, by buying up all sorts of debt with cash made ‘out of thin air’, which is called Quantitative Easing. While everybody knows that this cannot go on forever, nobody knows how to end it – same with public and private debt, same with the money supply. Something is going to happen, presumably soon, and it is not going to be pleasant. READ MORE