asset-based egalitarianism
Asset-based egalitarianism is a form of egalitarianism which theorises that equality is possible by a redistribution of resources, usually in the form of a capital grant provided at the age of majority. Other names for this policy include 'universal basic capital,' 'basic capital' and stakeholding, and all are generally synonymous within 'equal opportunity egalitarianism' framework.
The idea has been around since Thomas Paine (January 29, 1737 – June 8, 1809) in his work 'Agrarian Justice' 1795, and complemented his other thesis of basic income.
Two independent schools of thought were developed on the subject, involving individuals from the American Labor Movement and scholars of the 'Belgian School.' However, the same reasoning (given by both schools) behind the 'basic capital' proposal is the redistribution of wealth usually funded by an inheritance tax in order to provide a universal and unconditional sum of money (or capital assets) at the age of majority.
It is usually seen as the opposite policy proposal of Philippe Van Parijs thesis of basic income, but has received less academic attention. However, more recently the wave of 'third way' politics has seen much more emphasis placed on responsibility and equality of opportunity and has reopened an old debate.
Some famous recent work on the policy efficaciousness of 'universal basic capital' or 'asset-based egalitarianism' has been conducted by Bruce Ackerman and Anne Alstott in the book 'The Stakeholder Society.' In this policy proposal, the method of funding the 'stake' was by means of a Wealth Tax and provides a sum of $80,000 for those reaching the age of majority.
In actual policy, Gordon Brown and the British Labour Party initiated the United Kingdom Child Trust Fund, while in the United States the idea has been implemented in the form of Individual Development Accounts and argued for by Michael Sherraden.[1]
These remain the nearest practical examples.
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