Universal Basic Income Series

Part 1: The Ethics of Universal Basic Income

A basic income is a universal income grant available to every citizen without means test or work requirement. How much money governments should issue to their people is still a topic of discussion within countries looking to launch UBI experiments. Switzerland was the first to hold a public referendum introducing the UBI with the Federal Council approving a ballot issuing adults $2,500 and children $625 a month. The referendum failed – this time. Proponents of the UBI claim that having a guaranteed basic income would especially benefit the poor working class where working 40 hours a day with perhaps two jobs instead of one, might not be enough to cover basic living expenses and needs. READ MORE…

Part 2: Universal Basic Income: Empirical Studies

Across developing and emerging economies, leaders are tasked to reduce income inequality and poverty. In the last century however, extreme poverty ($1.25/day) and poverty have both declined significantly worldwide. According to recent studies, since 1900 world population in general poverty decreased from around 85% to approximately 50% in 1990. The extreme poverty numbers have declined from about 70% to 25%. Many people attribute this impressive decline in the 20th century to the proliferation of free markets and capitalism across the world. READ MORE…

Part 3: Universal Basic Income: More Empirical Studies

New universal basic income (UBI) experiments around the world provide fresh data for evaluating the feasibility and efficacy of the idea. Canada, 1974 – 1978: In 1974, Canada began the largest social experiment in the country’s history. Named The Manitoba Annual Income Experiment(The Mincome Experiment), this experiment became one of the first examples of a UBI program applicable to an entire population, and thus serves as a rare example of the impact UBI has on both community and individual outcomes. Prompted by growing institutional awareness and concern over poverty proliferation within Canada, radical changes to Canada’s social-welfare structure became a public priority (Special Senate Committee on Poverty). As a solution, the Canadian government, in conjunction with the Manitoba provincial government, began the Mincome experiment to fashion a new means of welfare facilitation. READ MORE…

Part 4: Universal Basic Income: A Pandemic Based Reassessment

Economic consequences of the Covid-19 pandemic have led to a reassessment of Universal Basic Income and a reconsideration of Universal Basic Services. Covid-19 poses a significant threat to the global economy. To control its spread, governments worldwide imposed isolation and quarantine policies. These strategies, although necessary to mitigate health risks, had consequential impact on the global economy. The economic shock is predicted to exceed that of the Global Financial Crisis of 2008 (Johnson et al.).The World Bank’s semi-annual Global Economic Prospects report calculated that in 2020 the world economy shrank by 4.3%, a setback only matched by The Great Depression of the 1930s and the two World Wars. READ MORE…