Basic Income, Full Employment, and Social Provisioning: Some Polanyian/Keynesian Insights

Mario Seccareccia

Journal of Economic Issues, 2015, vol. 49, issue 2, 397-404

Abstract: The purpose of this article is to offer a Polanyian perspective on the issue of guaranteed income (GI). In analyzing the debate over the Speenhamland system, especially as Karl Polanyi ([1944] 2001) describes it in The Great Transformation, he offered an important criticism of a GI program that some contemporary Polanyian economists have been struggling to come to terms with in their writings. Instead of defending a GI policy by seeking to reject Polanyi’s analysis of the problem, I suggest that we should consider embracing Polanyi’s concern by proposing a comprehensive twin policy that would complement a basic income program with a Keynesian full employment commitment.

Date: 2015
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DOI: 10.1080/00213624.2015.1042743

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