Sunday, July 02, 2017

Community Wealth Fund

A Community Wealth Fund could finance an Unconditional Basic Income. A UBI is defined by the Basic Income Earth Network as "a periodic cash payment unconditionally delivered to all on an individual basis, without means-test or work requirement". Over time, labour is transformed into capital. Who notionally 'owns' this capital is defined by property rights. In practice, ownership is just a number and an agreement. Our labour is transformed into capital if it is productive, and reinvested. As time passes, this capital grows and we build on it. It is cumulative. Hawking gets the benefit of Einstein and Newton. Einstein gets the benefit of Newton. Newton gets the benefit of giants. A Community Wealth Fund could formally recognise our privilege, as a clumsy best effort to give it a number. It could be built up by voluntary contributions. It could pay an equal share of the fruits out as an 'average' of a group of people's privilege. It would be tough to figure out how to do this for 7.5 Billion people. I think we can each be part of doing it for 150 people. The beautiful question is how to construct that 150? How to construct it in a way that can spread to 7.5 Billion.

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