Basic Income and Sovereign Money Within a Brief History of Economic Thought

Crocker, Geoff

doi:10.1007/978-3-030-36748-0_6

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“…The sheer scale of the crisis, in terms of severity and breadth, and the extent to which it appeared to puncture the prevailing orthodoxy of fiscal and monetary policy, were no doubt contributing factors to the sense that 'big' policy ideas, such as basic income, were needed. More specific factors relating to the crisis and the response, such as sharp increases in (youth) unemployment, high levels of household and government debt, quantitative easing and then austerity, were drawn on by advocates to argue that a basic income was an apt policy response to these problems (Crocker, 2020;Painter & Thuong, 2015;Standing, 2011).…”

Section: Economic Crisismentioning

confidence: 99%

A basic income for every crisis? Building blocks of a political economy framework

Chrisp

Wispelaere

2023

Journal of Sociology

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In the wake of several recent crises, universal basic income has emerged as a serious policy solution. Not only is basic income pitched as a tool to mitigate the effects of a diverse set of emergencies, it has been argued that successive crises have importantly contributed to the surge in media and policy interest in basic income. In this article we critically examine this proposition. We first argue against the inherent functionalism of many accounts and instead propose a political economy framework that ties basic income directly to a series of mechanisms that may explain the opening up of basic income policy windows during recent crises, including the Covid-19 pandemic. It is equally important to carefully distinguish between different types of crises and we argue that two key competing types – cyclical and permanent crises – face a distinctive set of political economy constraints. We illustrate our approach by analysing the prospects of basic income in six distinct crisis events.

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Section: Economic Crisismentioning

confidence: 99%