Ours

Ours
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We think our wealth today comes from productive corporations and workers, but they merely add icing to a cake baked long ago. In this provocative book, Peter Barnes argues that most of today's wealth is co-inherited from nature and past human efforts, not individually earned. If some of that co-inherited wealth were placed in trust for each of us, living and yet-to-be born – creating what Barnes calls “universal property” – capitalism would be fundamentally transformed. As Barnes notes, capitalism as we know it has two tragic flaws: it relentlessly widens inequality and destroys nature. Both flaws are a result of one-sided property rights that favor capital over everything else. Adding universal property to the current property mix would create a market economy in which businesses prosper, nature’s limits are respected, and a large middle class thrives. This smart and concise book could set the agenda for a post-COVID world.

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Peter Barnes. Ours

CONTENTS

Guide

List of Illustrations

Pages

Ours. The Case for Universal Property

Acknowledgments

Foreword

Author’s Note

1 What is Universal Property?

What is it?

Notes

2 Why Markets Fail

The three market failures

Notes

3 Twenty-First-Century Realities

Notes

4 The Jobs of Universal Property

How universal property would work

Trusts

Universal beneficiaries

Birthrights

Usage and non-usage rights

What about government?

A tour of the territory

The Alaska Permanent Fund

Land trusts

Worker ownership funds

Sovereign wealth funds

Social wealth funds

Cap and dividend

Personhood for nature

The public trust doctrine

Notes

5 Interlude for Imagination

Polyopoly

Gaiaopoly

Googleopoly

Notes

6 Universal Money Pumps

Universal property and taxes

A social wealth fund

Make polluters pay

Make oligopolies pay

Make speculators pay

A universal inheritance fund

Helicopter money for all

Universal property and taxes, again

Brief case

Objections

We can’t afford it

Universal income promotes individual consumption over public investment

Universal income will be inflationary

Universal income will undermine the work ethic

Giving money to people who don’t need it is wasteful

Universal property diminishes the role of government

Notes

7 Toll Gates at Nature’s Edges

Objections

Ecological limits will make us poorer

A trusteeship system can be compromised too

What about all the other things we must do to save the planet? Aren’t they more important than this?

Notes

8 The Politics of Universal Property

Prospects

What about scale?

Notes

9 The Adjacent Possible

Notes

Select Bibliography

Full spectrum

Classics

Property rights

Common wealth

Inequality

Money, debt, and finance

Markets and nature

Basic income, social wealth funds, and inheritances

The economy as a complex system

Index

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

V

W

Y

Z

POLITY END USER LICENSE AGREEMENT

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“Lucid and persuasive.”

Robert Reich, Chancellor’s Professor of Public Policy at the University of California, Berkeley, and former US Secretary of Labor

.....

To say that all of us are co-inheritors of universal property does not, however, mean that we should manage it ourselves, or that governments should. That job is best assigned to two types of institutions: trusts with a fiduciary responsibility to future generations, and social wealth funds that pay equal dividends to all living persons within their jurisdictions. An example of the latter is the Alaska Permanent Fund, which has paid equal dividends to every Alaskan since 1980. Examples of the former include large land trusts, such as the National Trust, a conserver of land and historic buildings in the UK, and thousands of local trusts, whose missions include land conservation, affordable housing, education, and community development.

An archetypal, albeit theoretical, example of universal property is the “sky trust” I proposed in my 2001 book, Who Owns The Sky? It is archetypal because it includes features of social wealth funds and fiduciary trusts simultaneously. In it, a fiduciary trust is charged with protecting the integrity of the atmosphere (or one nation’s share of it) for future generations. It auctions a declining quantity of permits to bring burnable carbon into our economy, and divides the proceeds equally. A version of this model was introduced in Congress in 2009 by Representative (now Senator) Chris van Hollen of Maryland and re-introduced several times since.4

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