A Brief Overview of 'Radical Markets'

A Brief Overview of 'Radical Markets'

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  A Brief Overviewof ‘Radical Markets’ Focusing on the Five Sections Jongseung Kim [email protected] 2018. 11. 17
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  Outline • Why RadicalMarkets? • Property is Monopoly • Radical Democracy • Uniting the World’s Workers • Dismembering the Octopus • Data as Labor 2
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  Why Radical Markets? 3 •Why fundamental change is necessary? - we believe that wealthy countries are at a moment of fundamental crisis that threatens the legitimacy and stability of our values and institutions. - Unless we can inspire a new generation with a productive vision for the future, we believe the coming years hold great peril for wealthy societies. - The Component of the Crisis : “Stagnequality” and “Crisis of the Liberal Order” - Radical Heroes : Adam Smith, The Marquis de Condorcet, Jeremy Bentham, John Stuart Mill, Henry George, Léon Walras, Beatrice Webb, William Vickrey - In Radical Markets, we revive this Radical tradition and show how it can address the crisis of the liberal order. - Each idea can be tested using small-scale experiments. The ideas also need to diffuse to the broader public. People need to begin experiencing the ideas in their everyday lives.
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  Property is Monopoly 4 •Imagine a world in which all major private wealth (every factory, patent or plot of land) is constantly for sale at a fair price and where most of the value of this property is paid out equally to all citizens as a social dividend. • the Common Ownership Self-Assessed Tax (COST) : Every citizen and especially corporation would self-assess the value of assets they possess, pay a roughly 7% tax on these values and be required to sell the assets to anyone willing to purchase them at this self-assessed price.
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  Radical Democracy 5 • Imaginea world where political minorities could protect their most cherished interests at the ballot box without relying on whims of judges and compromises on sensitive issue could be hammered out transparently in the public square. • Quadratic Voting (QV) System : Every citizen would receive an equal annual allotment of “voice credits” that they could use to vote in a range of collective decisions. - Every citizen could choose how many votes, up or down, she wants on any given issue or candidate. - The costs of votes would be quadratic.
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  Uniting the World’sWorkers 6 • Imagine a world where wealthy countries hosted one migrant for every native-born citizen and where migration has overwhelming popular support. • Visas between Individuals Program (VIP) : The VIP would tie together the interests of the working classes of rich and poor countries through sponsorship of visas and sharing of the gains from migration. - The VIP would do more to reduce inequalities across countries, in both material income and political influence, than all development of poor countries for the last thirty years.
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  Dismembering the Octopus 7 •Imagine that, just by changing the structure of corporate ownership and antitrust regulations, wages started growing again, prices for all sorts of goods fell and decent-paying jobs became available to able-bodied worker. • The institutional investors that control most public corporations would have to choose one company to invest in within each industry they invest, so they could not hold (for example) both United Airlines and American Airlines. - The real value of diversification comes from owning stock across industries.
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  Data as Labor 8 •Imagine a world in which your personal data, currently hoovered up by tech companies and repurposed for their profit, were honored as your dignified work and compensated as such. • Data as Labor (DaL) : At present, because data suppliers are not properly rewarded for their digital contributions, they lack the incentive or freedom to contribute the high-quality data that would most empower technology or develop their personal capacities to maximize their earnings and contributions to the digital economy.
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  9 – Eric A.Posner & E. Glen Weyl “If we aspire to prosperity and progress, we must be willing to question old truths, to get at the root of the matter, and to experiment with new ideas.”