One of the potential solutions to poverty and the inequalities of our economic system is an idea called unconditional basic income (UBI). UBI an economic system where each citizen in a country receives a living wage each month regardless of their employment status.
UBI is a relatively new idea that is picking up steam in the European Union and it was recently passed in Switzerland. According to Unconditional Basic Income Europe, an advocacy organization for UBI in the European Union, there are four parts to UBI.
UBI must be universal — all people regardless of age, race, place of residence, profession are entitled to it. It also must be individual — each adult regardless of marital status, household configuration, or property rights would receive it. It also must be unconditional — UBI ought to be a human right and it should not be based on any preconditions. UBI must also be high enough to provide a decent standard of living, which meet social and cultural standards in the country concerned.
UBI makes sense, because as human beings born on this floating rock we ought to have unconditional basic access to resources that allow us to live fulfilling and dignified lives. Money is humanity’s answer to the problem of scarcity, so all humans ought to have an unconditional basic access to money.
I truly believe that UBI is the only way our system can progress in a way that doesn’t lead to a dystopian future, especially in light of the inevitable advancement in automation, robotics, and artificial intelligence that will replace billions of jobs across the globe.