Posted To Steve Keen’s Patreon Page 11/05/2017

RD:  I for one can’t get my head around how we can transition to a universal basic income without seeing a lot of problems. My hunch is it cannot be done unless you can have some form of global governance and transition to conscience democratic capitalism or statist run authoritarian capitalism with all global states being run with some form of regulated controlling mechanism. Which is not going to be very easy. Basically realistically impossible!

Me:  UBI or better named, citizen’s dividend, can become a reality if you make it a mass social movement not unlike Ghandi’s and MLK Jr’s. that herd the entirety of the political apparatus toward the desired policies. It’s also necessary to realize that a citizen’s dividend by itself will not stabilize the economy. As Dr. Keen has correctly quoted Minsky, ” the fundamental instability of the capitalist economy is upward”, and what that means is that what I would refer to as “freedom to act inflation” will inevitably be a problem as the debt deflationary period we are in is resolved by a debt jubilee and a citizen’s dividend….unless you craft a policy that benefits both the individual and enterprise, is sufficiently attractive that enterprise cannot refuse participation in it and that also eliminates inflation.

 

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