Battling Eight Giants with Basic Income
The post-1945 income distribution system is irretrievably broken, threatening the market economy. And traditional redistributive tools such as direct taxes, collective bargaining, and labor regulations cannot put things right.
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LONDON – In 1942, William Beveridge issued an epoch-defining report that established a model for welfare states in the post-war era. He recognized that the old social protection system had broken down and that it was “time for revolutions, not for patching.” The challenge, Beveridge said, was to slay five giants: disease, idleness, ignorance, squalor, and want.