Basic Income, under various monikers, has attracted a growing level of global attention in recent years. At times referred to as Universal Basic Income or Citizen’s Basic Income, it represents an innovative approach to many pressing issues in contemporary society. In September 2017, the Scottish Government committed £250,000 to allow four local authorities to explore the feasibility of Basic Income pilots. In theory, a Basic Income would replace many current benefits and tax allowances with an unconditional, non-withdrawable payment to each citizen. This foundational income would not be means tested, allowing all to rely on a stable, partial income.
Capitalism in the age of robots
In April this year Adair Turner (Chair of the Institute for New Economic Thinking) gave a speech entitled “Capitalism in the age of robots: work, income and wealth in the 21st century.” In it Turner argued that the rapid and unstoppable development of automation—based on robotics, artificial intelligence and machine learning—will have profound implications for how we live and work over the next fifty to a hundred years.