LONDON, ENGLAND--(Marketwired - May 21, 2014) - Widening margins of inequality have given rise to mainstream support for radical ideas that were previously thought unthinkable, as policymakers far and wide attempt to redress the imbalances troubling the global economy at present.
One idea towards the more extreme end of the scale is to grant each and every individual an unconditional income, otherwise referred to as unconditional basic income, in place of the means-tested welfare system we abide by today.
In a new World Finance video exclusive we speak to the Co-President of the Basic Income Earth Network Guy Standing, economist and financial journalist Liam Halligan and former banker and economics commentator Frances Coppola about the pros and cons of an unconditional basic income.
"What we've got to realise is that in the 21st century, we've moved into a global system where insecurities are pervasive, where the growing precariat, about which I've been writing, are facing uncertainty in every aspect of their lives," says Standing.
"It's partly a matter of social justice; it's also a matter of social stability," says Coppola. "That if people are constantly moving around, moving from job to job, don't know where their next job's coming from; they can't put down roots, it's hard for them to engage with their communities. And we suffer a fragmentation of our social fabric."
Whereas Standing and Coppola are agreed that a basic income would be an effective solution to the growing issue of inequality, Halligan is not so easily convinced. "I think that it's perhaps fairer, but I think it creates more problems than it solves," he says.
To watch the debate on unconditional basic income unfold, head over to the World Finance website and see the video in full.
World News Media is a leading publisher of quality financial and business magazines, enjoying a global distribution network that includes subscriber lists of the most prominent and senior decision-makers around the world, as well as comprehensive airport, hotel and conference site distribution.