Job Guarantee Versus Basic Income Guarantee

Naked Capitalism has the article Job Guarantee Versus Basic Income Guarantee.

As much as many readers advocate the idea of basic income, I suggest you consider the results of the one time it was implemented in historically on a large-scale basis: the Speenhamland system, in early industrial England. As Karl Polanyi describes at length in his classic, The Great Transformation, the long-term results were disastrous for the laboring classes. I strongly suggest you read the long-form discussion here, but the short version is that the guarantee wound up lowering wages and serving as a subsidy to employers.

The introduction on Naked Capitalism indicates that the video discussion will be well worth seeing. I have only had the time to watch the first 7 minutes or so, but it looks like it is going to live up to the promise described by Naked Capitalism. I want everyone here to have the chance to watch the video, long before I get to watch the whole thing myself.

I want to be able to refer back to this post to complete my viewing of the video. Some of the reason why I write this blog is to preserve links to items I want to read or see (and maybe even reread and re-view).


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