Great Redistribution

Description

Policy recommendations from the New Economics Institute:

""In the Great Redistribution, we show how a redistribution of both income and wealth would create value as resources are moved from those who do not need them to those who do. We propose the creation of Citizens' Endowments of up to £25,000 for all people on reaching the age of 21 to enable them to invest in their future, as well as Community Endowments to provide commonly owned assets to invest in our local neighborhoods. Both would be funded by a proposed increase in inheritance tax on all estates to 67%. As well as material factors, however, we also need to redistribute time. By sharing working hours and tasks more equally, everyone would be able to undertake more meaningful work, and by shortening the working week to four days we could create a better balance between paid work and the vital 'core economy' of family, friends and community life. We also propose a redistribution of ownership to create a form of 'economic democracy', where company shares are progressively transferred to employees in a resurgence of mutual and co-operative ownership forms. More equal societies are happier societies. By focusing on fairness we reap both social and economic benefits, as we no longer have to pay such a high price for the social ‘ills’ associated with high levels of inequality." (http://neweconomicsinstitute.org/content/great-redistribution)

More Information

To read the full report go to: http://neweconomicsinstitute.org/content/nef-publications