Economics Government

The Robot Economy And The Crisis Of Capitalism: Why We Need Universal Basic Income

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Throughout history man has outsmarted his self and in doing so it has put them “little” man out of business.

The industrial revolution has replaced man with machine, driving farmers out of the country and into the city to find jobs. Coal, steel, oil replaced human brawn.

The computer of information revolution is starting to replace our intellect. It started with calculators, which lead to computers, which lead to robotics.

And soon we will have full A.I. and full android robots that will 100% replace the human workforce.

When this happens, what will we do for jobs, for work for money? Is the world, mankind, society, the government ready for what happens when people no longer have money, no longer have a means to eat or provide for their families?

So far it appears that we are not ready. No contingencies have been made. Governments have not or are not stepping up to the plate to truly help mankind.

One option that has been tossed around is the concept of a Universal Basic Income. Universal basic income is the idea that governments should guarantee all their citizens an income sufficient for a decent standard of living.

This is not a new thought but one that is still misunderstood.

Thankfully and more recently the idea of basic income has had a small revival. Some on the left see it not only as a just return of excess profits from capitalists to workers, but as a means of returning dignity to work – giving people the freedom not to have to take demeaning and low paid jobs just to survive. Some on the right focus on the efficiency and liberty gains of abolishing the bureaucracy of the present welfare system.

Obviously this is going to be a big pill to swallow.


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“The Robot Economy And The Crisis Of Capitalism: Why We Need Universal Basic Income”