Yanis Varoufakis, “The Universal Right to Capital Income” (Oct 31) Project Syndicate
In the Online Project Syndicate economist, academic and former Greek finance Minister, Yanis Varoufakis, succinctly analyses the pros and cons of a Basic Income and cuts right to the heart of the issue, how to fund it! Taxation is too controversial and the amounts involved are staggering. However Varoufakis suggests a fresh, creative solution.
Every stock market Initial Public Offering becomes “public” because it involves a private company offering to “share” its profits with others from the public domain – much like the sort of 3P Private, Public Partnership, being considered by a number of governments around the world these days. In this way, every IPO can be considered an extension of The Commons, namely that which a community shares in common. Using a portion of every IPO to fund the nation’s BI offers an excellent opportunity for the population of the nation to both support and commonly share in that nation’s investment opportunities.