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Basic Income the Preserver and Transformation of Capitalism

In: Basic Income—What, Why, and How?

Author

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  • Malcolm Torry

    (University of Bath)

Abstract

‘Capitalism’ has a variety of meanings. These are listed, and implications for the Basic Income debate are discussed: 1. Capitalism is ‘the possession of capital or wealth’, and it exhibits increasing levels of inequality. Only Basic Income schemes that reduce inequality should be implemented. 2. Capitalism is ‘an economic system in which private capital or wealth is used in the production or distribution of goods, and prices are determined mainly in a free market’. A Basic Income could assist capitalism as it could make the employment market more like a free market. This would be good for industry and for workers. Basic Income schemes should not be used as an excuse to abolish or reduce the public provision of those services best organised by the public sector. 3. Capitalism is ‘the dominance of private owners of capital and of production for profit’. Basic Income might enable workers to leave jobs in which they were dominated, so less domination would occur. 4. Capitalism assumes that everything has its price. Basic Income could work very happily alongside capitalism; and it would offer a new paradigm based on gifts: of Basic Income to every individual, and of people’s time and energy to society.

Suggested Citation

  • Malcolm Torry, 2022. "Basic Income the Preserver and Transformation of Capitalism," Exploring the Basic Income Guarantee, in: Basic Income—What, Why, and How?, chapter 0, pages 57-76, Palgrave Macmillan.
    • Handle: RePEc:pal:etbchp:978-3-031-14248-2_5
    DOI: 10.1007/978-3-031-14248-2_5
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