Universal Basic Capital

Description

Nathan Gardels:

"Digital capitalism that are increasingly divorcing employment and income from productivity growth and wealth creation, generating an ever-accelerating gap between those who “own the robots” and those who labor for their livelihood.

Policies that respond to this challenge would foster an ownership share for all in the wealth generated by intelligent machines that are diminishing or displacing gainful employment. The aim is to enhance the assets of the less well off in the first place — pre-distribution — instead of only redistributing the income of others after the fact.

In our 2019 book “Renovating Democracy: Governing In The Age of Globalization and Digital Capitalism,” Nicolas Berggruen and I called this concept “universal basic capital,” or UBC. The idea is not just to break up the concentration of wealth at the top, but to build it from below. The best way to fight inequality in the digital age, we wrote, is to spread the equity around."

(https://www.noemamag.com/what-the-maga-congress-got-right/)