Basic Income: is it Applicable to Modern States?

Abstract

Basic income is a concept of a universal and unconditional cash benefit provided to all individuals, withoutany means test or work-related requirement. The struggles of modern states in sustaining the current socialwelfare models has resulted in the search for long term alternatives, which hassled to the popularity ofbasic income in recent decades.Due to its equal and comprehensive nature, many have championed the basic income idea to promotefairness in income distribution and total coverage. On the other hand, there are strong criticisms against abasic income both on ethical and financial levels. The everlasting conflict of providing an income to everyindividual even if they are not willing to contribute to society, versus the right to a basic living standard andfreedom to work has been discussed. The criticisms and ethical justifications of the system are provided forreview. Notwithstanding, financial criticisms, funding problems and adequacy of a basic income schemeis also discussed along with the counter arguments and possible solutions. International applications andexperiments in basic income are also briefly presented and their results are commented on.In conclusion, some variations of basic income are suggested as suitable to solve today’s social securitystruggles. First, it is deduced that basic income could be a supplemental benefit and not a replacement tomodern social security schemes due to distribution and funding issues. Secondly, a partial basic income ispossible to implement in state owned natural and national resources. And finally, basic income is suggestedas an efficient tool to tackle unemployment caused by disappearing professions as a result of technologicaladvancements.