Universal Basic Income is Capitalism 2.0 | TimJRobinson

Capitalism, on the other hand, involved constant reinvestment, turning one’s wealth into an engine for creating ever more wealth,

A crucial part of the modern capitalist economy was the emergence of a new ethic, according to which profits ought to be reinvested in production. This brings about more profits, which are again reinvested in production, which brings more profits, et cetera ad infinitum. Investments can be made in many ways: enlarging the factory, conducting scient

As Larry Summers and J. Bradford DeLong would write in August 2001, just a month after the file-sharing service Napster was taken down, ‘the most basic condition for economic efficiency … [is] that price equal marginal cost.’ They went on: ‘with information goods, the social and marginal cost of distribution is close to zero.’ This held true not on

The less our lives are exploited for the sake of profit—i.e., the more we devote our lives to the public goods of the welfare state or to non-profit projects supported by a UBI—the less wealth there is to finance the welfare state and the universal basic income. This practical contradiction in the redistribution of wealth is unavoidable under capit