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© 2020

Basic Income and Sovereign Money

The Alternative to Economic Crisis and Austerity Policy

Book

Table of contents

  1. Front Matter
    Pages i-xiii
  2. The Proposal as Policy

    1. Front Matter
      Pages 1-1
    2. Geoff Crocker
      Pages 3-10
    3. Geoff Crocker
      Pages 11-22
    4. Geoff Crocker
      Pages 23-52
  3. The Context of the Proposal in Contemporary Economic Thought

  4. Back Matter
    Pages 97-98

About this book

Introduction

"This is a radical, thought-provoking book, which brings together debates that are often kept separate about basic income and 'sovereign money'. You might not agree with all of it, but it makes big arguments and does so with constructive intent: that of proposing alternative ways of organising our economy and welfare states."

Nick Pearce, Director of The Institute for Policy Research, University of Bath


"I welcome this book’s advocacy of a universal basic income. MMT proponents have focused on the problem of employment. Geoff Crocker wants to shift the focus to basic income, and I believe he is right. Employment was the fundamental problem of the 20th century. Income distribution will be the fundamental problem of the 21st century."

Thomas Palley, independent economist, Washington, DC


"A very stimulating and provoking contribution to the discussion of how to define, identify, and finance basic income."

Bernhard Neumärker, Götz Werner Professor of Economic Policy & Constitutional Economic Theory and Head of Freiburg Institute for Basic Income Studies (FRIBIS) at the University of Freiburg


The current economic system is dysfunctional, characterised by crises, austerity, excessive household and government debt, low pay, poverty, inequality, and ecological damage. This needs a radical re-think and re-engineering of the economic system. The standard explanation of the 2007 economic crisis is that banks behaved badly and governments failed to regulate. But policies of tighter bank regulation, quantitative easing, and austerity failed, and proved counter-productive. This book challenges this orthodox view. From a careful analysis of long-term economic data, it shows that earned income has inexorably fallen behind economic output, leading to huge increases in consumer debt, causing the crisis. Governments have sought to curtail deficit spending by socially harmful austerity policy. The answer is a universal basic income, funded by debt-free sovereign money, which also funds government social expenditure, always limited by economic output to avoid inflation. This book will appeal to policy makers, academic economists, think tank networks, and everyone who is concerned with the ongoing dysfunctionality of the current economic system. 


Geoff Crocker edits Basic Income Forum. He read economics and worked internationally in technology strategy consulting. He researches how technology causes fundamental change in the economy, principally in reducing effective aggregate demand. His work is set out in A Managerial Philosophy of Technology (Palgrave, 2012) and at www.ubi.org.

Keywords

basic income sovereign money economic crisis household debt financial deficit inequality austerity Guy Standing Malcolm Torry Adair Turner Martin Wolf Robert Skidelsky Mark Blyth Bank of England Financial regulation quantitive easing Keynes Monetarism income financialisation

Authors and affiliations

  1. 1.Basic Income ForumBristolUK

About the authors

Geoff Crocker edits Basic Income Forum. He read economics and worked internationally in technology strategy consulting. He researches how technology causes fundamental change in the economy, principally in reducing effective aggregate demand. His work is set out in A Managerial Philosophy of Technology (Palgrave, 2012) and at www.ubi.org.

Bibliographic information

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