Skidelsky
British Politics and Policy at LSE, “Five minutes with Robert Skidelsky: ‘Capitalism is a means to an end, the end being lifting humanity out of poverty in order to enable it to lead the good life,’” British Politics and Policy at LSE, November 7, 2013.
This article begins a rather philosophical discussion of basic income with the following, “What if America were to scrap all its anti-poverty programmes—welfare, food stamps, unemployment benefits, the works—and replace them with an unconditional basic income (UBI) for everybody? Even in a Congress beset by less extraordinary levels of dysfunction, the idea would have little chance of becoming law. It’s fun to theorise, though. And if Switzerland approves a referendum to send all of its citizens $2,800 a month, the debate will have a fascinating new reference point.”
The Economist, “The check is in the mail: A government-guaranteed basic income,” The Economist, Nov 19th 2013.
The AP via the Economist
[Craig Axford]
Mehdi Hasan
The Bank of England’s quantitative easing (QE) policy has generated £375 billion in support for the financial sector, and 40% of that money has ended up in the hands of the top 5%. Mehdi Hasan argues, in this article, that’s money that could have been spent on a “quantitative easing for the people, or QEP”, and he thinks both Milton Friedman and John Maynard Keynes would have agreed.
Mehdi Hasan, “We Could Fix Our Economy by Giving Every Man, Woman and Child £6,000 in Cash”, The Huffington Post, October 25, 2013: https://www.huffingtonpost.co.uk/mehdi-hasan/uk-economy-gdp-figures_b_4162089.html?ir=UK
[Ian Orton]
Invariably, the first reaction to the BI proposal is ‘how would it be financed?’ This article argues that a BI of £13,000 per annum is possible for all UK adults. Various financing scenarios are considered, broadly based on a combined financing method consisting of increased national insurance contributions, doubling of income tax (low-income earners would, apparently, be better off after as initial losses (through increased contributions) would be recouped through a BI), substantial contributions from the financial sector and consolidating existing social protection budgets. However, strong reservations are expressed regarding political plausibility of pushing through such financing.
Singularity Utopia, “Is Basic Income Impossible? 2013 Costing for UK #Basic Income”. Singularity Utopia, October 9, 2013.
It’s all about the money -Singularity Utopia
This article, in the New Statesman, criticizes the ineffectiveness of quantitative easing [QE] in the UK and how it has benefited the banking sector and the richest. It suggest the amount spent so far of 375bn could have be ‘given instead as around £6,000 per man, woman and child in the UK. So why not electronically add this to the current accounts of every member of the public? Why not give the QE money directly to ordinary people to spend, save or pay off their debts?’ In 2009, Australia actually did something similar when the global crisis hit, giving one-off cash payments to low- and middle- income groups, particularly pensioners and cash constrained families (ISSA, 2010). This helped soften the impact of the crisis and generated significant positive multiplier effects.
Mehdi Hasan, “We could fix our economy by giving every man, woman and child £6,000 in cash”. New Statesman, October 25, 2013.
For more information about the 2009 Australian payments see also:
ISSA, “Australia’s successful income-led response to the crisis”. ISSA, 2010.
The 24th BIEN CONGRESS in Maricá & Niterói – Rio de Janeiro, Brazil – 27-29 August 2025
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BIEN2024 was August 29–31 (Pictures and more coming soon)