Asset-based egalitarianism

Asset-based egalitarianism is a form of egalitarianism which theorises that equality is possible by a redistribution of resources, usually in the form of a capital grant provided at the age of majority. Names for the implementation of this theory in policy include universal basic capital and stakeholding, and are generally synonymous within the equal opportunity egalitarian framework.

The idea has been around since Thomas Paine (January 29, 1737 – June 8, 1809) in his work Agrarian Justice 1795, and complemented his other thesis of basic income.

Two independent schools of thought were developed on the subject, involving individuals from the American Labour Movement and scholars of the Belgian School. However, the same reasoning (given by both schools) behind the basic capital proposal is the redistribution of wealth usually funded by an inheritance tax in order to provide a universal and unconditional sum of money (or capital assets) at the age of majority. From most authors, the intention was to create a nominal grant for everyone based on a deserved natural inheritance of the earth.

In the policy format, asset-based egalitarianism is usually seen as the opposite policy proposal of Philippe Van Parijs and his thesis of basic income, but asset-based egalitarian proposals have received less academic attention. However, more recently the wave of third way politics has seen much more emphasis placed on responsibility and equality of opportunity and has reopened an old debate.

Some famous recent work on the policy efficaciousness of universal basic capital or asset-based egalitarianism has been conducted by Bruce Ackerman and Anne Alstott in The Stakeholder Society. In this policy proposal, the method of funding the 'stake' was by means of a wealth tax and provides a sum of $80,000 for those reaching the age of majority.

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