by Kate McFarland | Oct 11, 2016 | News
The official launch event of Guy Standing’s new book, The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay (Biteback Publishing), will be held on October 26. It will be held at SOAS (School of Oriental and African Studies), University of London, where Standing is a Professorial Research Associate.
From the event description:
There is a lie at the heart of global capitalism. While claiming to promote free markets, governments and international agencies have constructed the most unfree market system ever, fostering a plutocracy alongside a growing precariat mired in insecurity. This book shows how rentier capitalism, which Keynes predicted would die, is causing growing inequality. The income distribution system has broken down. A new one is needed, anchored on basic income (social dividends) and democratic wealth funds.
Guy’s talk will be followed by a “drinks reception”.
After the launch event, Guy will continue traveling to promote The Corruption of Capitalism. On November 1, he will head to New York City to speak about the theme of his book at a public lecture at the New School for Social Research. On November 8, back in England, he’ll present the book to an audience at the University of Huddersfield. And he’ll deliver a seminar on the book at Strathclyde University in Scotland on November 24. In addition, Guy will be speaking at the NOW Conference in Moscow (Nov 6), the Trade Union Leaders’ Summit in Nyon, Switzerland (Nov 15), and the Swedish Human Rights Conference in Malmo (Nov 16) — in addition to other talks and conferences. (Details on many of these events are forthcoming in Basic Income News.)
Guy Standing is a co-founder and honorary co-president of the Basic Income Earth Network, and was responsible for naming the organization (originally the Basic Income European Network). His previous books include The Precariat and The Precariat Charter.
For more information about the London launch event, and to register for free, see EventBrite. The event is sponsored by Biteback Publishing and the Movements & Development Cluster of SOAS Labour.
For a teaser, read Guy’s article in openDemocracyUK based on The Corruption of Capitalism:
Guy Standing (Sep 5, 2016) “The left must combat rentier capitalism” openDemocracyUK.
Reviewed by Genevieve Shanahan
Guy Standing photo CC BY 2.0 BICN/RCRG Basic Income Canada
by Tyler Prochazka | Aug 29, 2016 | Opinion
Gary Johnson recently told me he is “open” to the Universal Basic Income (UBI). Based on some of the comments on the story (calling me slanderous and Johnson a statist), you might think he just endorsed a socialist takeover of the government.
Understandably, there is hostility among many libertarians toward the idea of the Universal Basic Income. The UBI is not just a pragmatic step to eliminate government bureaucracy. In fact, it is a desirable policy outcome because it will likely help usher in a new era of free markets and civil society.
Much has been said on the pragmatic libertarian case for replacing the current social safety net with a UBI. Primarily, it eliminates government paternalism and enhances the efficiency of welfare delivery.
Moreover, a Universal Basic Income removes the poverty trap created by the loss of welfare benefits as individuals move out of poverty. This incentivizes recipients to remain in poverty to retain these benefits. A UBI has no such incentive and allows recipients to choose the course of action that actually provides the greatest real benefit.
Through the basic income, recipients are also fully in control with how to spend the money, eliminating welfare’s distortions on the marketplace.
Most libertarian UBI advocates take Milton Friedman’s view of the basic income, approving of it as a substitute given that government welfare already exists (and is unlikely to go away). Instead, libertarians should consider wholeheartedly endorsing the UBI as a way to expand free markets.
The last century has shown us that free markets and free trade have been the greatest source for prosperity and peace the world has ever seen. However, the free market consensus seems to be eroding at a frightening pace, even in the Western world.
Free market’s savior? The basic income.
If libertarians are being honest, free markets are the best source for lowering poverty, but they alone are not sufficient. For example, Hong Kong has the freest economy in the world, but also a good amount of debilitating poverty. While visiting McDonalds throughout Hong Kong, it was hard not to notice the McRefugees (as they are called in local media) that were sleeping at tables.
There is good evidence that conditions outside of one’s control, such as whether one’s parents are wealthy or married, have a substantial influence on one’s success.
Socialism is not the answer to the poor’s woes, as we saw with devastating consequences in the human trials of socialism in the Soviet Union, Mao’s China and still today in North Korea and Venezuela.
Instead, the answer is to open up the free market to everyone through the basic income.
Pilot programs have shown that the basic income increased entrepreneurial and market activity (among other positive social benefits, such as improved health). Individuals previously locked out of the free market can now be active participants. The understandable worry that people would stop working is not only overblown, but the opposite was actually shown to be true in Namibia, as business activity dramatically picked up.
The largest meta-analysis of cash-transfers ever further illustrated that the risk of reduced work is nil and in fact it has the potential to increase work hours and intensity. Some parents reduced work hours to care for their children, but this likely brings a positive long-term outcome to society.
Work brings dignity and the basic income does not eliminate the basic desire to contribute to society. When polled, most Americans say they would still work even with a financial windfall.
Basic income gives recipients free choice, unlocking the market’s full potential. People do remarkable things when given freedom and opportunity.
Additionally, poverty is one of the biggest factors when determining a child’s likelihood to succeed in education. Just giving parents money substantially improved their child’s educational outcomes and behavior. The same was shown under the basic income.
The basic income is not a pragmatic giveaway to socialists. It is precisely the opposite: it is the essential element for sustaining the durability and expansion of free markets.
Beyond opening up the market to new participants, it is likely that a basic income would allow society to reevaluate the necessity of a whole host of government policies.
Human beings are born with a natural inclination to be empathetic toward others. And there are individuals that are also inclined (perhaps hardwired) toward government solutions for society’s ills. No matter how effectively free markets lower poverty, there will always be calls for a government backstop.
As libertarians know, these calls for government “solutions” often do more harm than good and end up impeding the very forces that allow the free market to lift individuals out of poverty (e.g. the minimum wage).
As jobs are increasingly automated, it is especially crucial that libertarians guide political discourse toward a light-touch approach to resolve the disruption robots will cause in the marketplace. There needs to be a permanent method to alleviate the fears of the market place, rather than relying on the eternal vigilance of Congress to do the right thing.
A robust basic income would mute many of the calls for government intervention because it gives employees greater freedom to choose their employment situation, rather than being forced into employment by the threat of poverty.
The fears felt by those inclined toward government intervention would be lowered and libertarians would have a far more persuasive case to make for allowing individuals to shape the market instead of the government. Indeed, it would allow libertarians to push for removing many of the excesses of government intervention.
The Universal Basic Income is not just a pragmatic compromise to lower welfare bureaucracy. It is the essential prerequisite to usher in a new era of free markets. And libertarians would be well suited to be at the forefront of this movement.
by Dave Clegg | Aug 11, 2016 | Opinion
Guy Standing has published a new book that became available on July 14, 2016, published by BiteBack.
The book notes that the implications of the Age of Rentier Capitalism go beyond the economic sphere as the plutocracy fund and influence political parties, while media ownership is concentrated in the hands of a few powerful individuals.The Corruption of Capitalism shows why, in the interests of democracy and our common wealth, the rise of rentier capitalism must be resisted. If it is not, we risk dire social and political consequences.
A summary from the publisher states: ”
There is a lie at the heart of global capitalism. Politicians, financiers and global bureaucrats claim to believe in free competitive markets, but have constructed the most unfree market system ever. It is corrupt because income is channelled to the owners of property – financial, physical and intellectual – at the expense of society.
This book reveals how global capitalism is rigged in favour of rentiers to the detriment of all of us, especially the precariat. A plutocracy and elite enriches itself, not through production of goods and services, but through ownership of assets, including intellectual property, aided by subsidies, tax breaks, debt mechanisms, revolving doors between politics and business, and the privatisation of public services. Rentier capitalism is entrenched by the corruption of democracy, manipulated by the plutocracy and an elite-dominated media.
Meanwhile, wages stagnate as labour markets are transformed by outsourcing, automation and the on-demand economy, generating more rental income while expanding the precariat.
The Corruption of Capitalism argues that rentier capitalism is fostering revolt, and concludes by outlining a new income distribution system that would achieve the extinction of the rentier while promoting sustainable growth.”
To view and pre-order the book online, visit: https://www.bitebackpublishing.com/books/the-corruption-of-capitalism
by Joe Timothy | Apr 24, 2016 | News
There are numerous different arguments for the adoption of a basic income. To eradicate poverty, counteract the inevitability of job automation or to allow people the freedom to choose. However, Mark Walker argues that we hear so much about what he terms “leftist” reasons and not so much about the justifications for a basic income for those who sit on the right of the political spectrum. In this blog post, Walker, an Associate Professor of Philosophy at New Mexico State University, outlines why he believes capitalism itself demands a basic income.
Walker sets out his vision of the future of the United States in which people are charged a surcharge for all goods and services that they use much like companies such as Amazon or Ebay do. This extra payment will go into one pot and shared amongst shareholders. Now this sounds like another way of shifting money to a few lucky shareholders however Walker then goes on to suggest those shareholders are the public themselves; “Perhaps the answer is obvious; the shareholders are “we the people”. This vision of public ownership using capitalist principles would allow the public to receive a dividend in the form of a basic income.
Later in the article Walker argues that the market as it is “benefits the rich and hurts the middle class and the poor. Or put the other way around, the poor and the middle class would be better off if we ran public assets on good capitalistic principles”. It is this adoption of a capitalist outlook in public life that Walker believes will lead to the inevitable outcome of a basic income for all.
Mark Walker is an Associate Professor of Philosophy at New Mexico State University, as well as a member of the board of directors of the Institute for Ethics and Emerging Technologies and the editorial board of the Journal of Evolution and Technology. His latest book is Free Money For All: A Basic Income Guarantee Solution for the Twenty-First Century (2015, Palgrave)
Mark Walker, “Capitalism Mandates a Basic Income Guarantee”, April 6th 2016
by Jenna van Draanen | Jan 6, 2016 | News
Federico Pistono at TEDx Haarlem
In this TEDx talk, Federico Pistono describes some of the challenges of capitalism and how these challenges are matched by the tenets of basic income.
According to the video description, “Federico Pistono is a futurist, social entrepreneur, hacktivist, public speaker, founder and CEO of konoz – a startup that curates and organizes educational videos, whose mission is to become the largest online community for free learning in the world – and he’s author of the best-selling book ‘Robots Will Steal Your Job, But That’s OK: How to Survive the Economic Collapse and Be Happy’, which has been translated into Spanish, German, and Italian. He lectures regularly at Universities and Fortune 500 companies about the future of humanity.”
This video is from a TEDx event using the TED conference format but independently organized by a local community.
See the video at:
Federico Pistono, “Basic Income and Other Ways to Fix Capitalism.” TEDx Haarlem, September 16, 2015.
