(Roughly) Daily

The idea of a guaranteed flow of funds to allow anyone and everyone to meet basic needs– as we’re currently discussing it, a universal basic income– has been getting significant attention in recent decades. But as Karl Widerquist explains (in an excerpt from his recent book, Universal Basic Income). “UBI” dates back as a concept– and as a practice– many centuries…

Support for Universal Basic Income (UBI) has grown so rapidly over the past few years that people might think the idea appeared out of nowhere. In fact, the idea has roots going back hundreds or even thousands of years, and activists have been floating similar ideas with gradually increasing frequency for more than a century.

Since 1900, the concept of a basic income guarantee (BIG) has experienced three distinct waves of support, each larger than the last. The first, from 1910 to 1940, was followed by a down period in the 1940s and 1950s. A second and larger wave of support happened in the 1960s and 1970s, followed by another lull in most countries through about 2010. BIG’s third, most international, and by far largest wave of support began to take off in the early 2010s, and it has increased every year since then.

[But] We could trace the beginnings of UBI into prehistory, because many have observed that “prehistoric” (in the sense of nonliterate) societies had two ways of doing things that might be considered forms of unconditional income…

From pre-historic nomads, through ancient Athens, to Thomas Paine and then Henry George, Widerquist unspools the history of UBI, then walks through the “three waves” that began in the early 20th century, concluding with the current state of the debate: “The Deep and Enduring History of Universal Basic Income,” from @KarlWiderquist and @mitpress.

For more on the recent history of the UBI debate, see Widerquist’s essay, “Three Waves of Basic Income Support.”

And for a peak at the results of (small, incomplete, but encouraging) experiments in this direction, see: “Places across the U.S. are testing no-strings cash as part of the social safety net,” from @NPR.

* Dr. Martin Luther King, Jr.

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As we ponder poverty, we might send thoughtful birthday greeting to James Tobin; he was born on this date in 1918. An economist who contributed to the development of key ideas in the Keynesian economics of his generation, he made pioneering contributions to the study of investment, monetary and fiscal policy, and financial markets– for which he shared the Nobel Memorial Prize in Economic Sciences in 1981.

Outside academia, Tobin is probably best known for his suggestion of a tax on foreign exchange transactions, now known as the “Tobin tax,” designed to reduce speculation in the international currency markets, which he saw as dangerous and unproductive.

And relevantly to the piece above, Tobin, Paul Samuelson, John Kenneth Galbraith and another 1,200 economists signed a document in 1968 calling for the U. S. Congress to introduce that year a system of income guarantees and supplements– a UBI.

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