Other alternatives
Many economists have presented alternative financial ideas. These mainly include legislative changes and alternative regulation to what is current. However, regardless of which system we have, it is important to remember that the financial system has both historically and cyclically worked very well. Citing Professor Noam Chomsky, the financial system worked quite well up until the 1980s.
Deregulation is the main cause for the reformation the financial system and has formed what we have today. But changing our current economic system into something different and more regulated again, to suit the needs of our times, will only postpone the inevitability of it repeating itself with further deregulation. The reason for this is that there will always be people in a position to influence legislation in a manner that puts them in a favourable financial position. The mere mistrust of others taking advantage of a favourable position can be enough incentive to be proactive on the same. It only requires a few individuals to take these steps to tip the balance – creating a new wave of seekers for financial gain. The greatest power of the monetary system is its ability to enslave masses of people and allow greater privilege to the few. But with our world at the brink of self-destruction, we must look further than self-indulgence and see what we can provide for ourselves if we work together.
We are where we are today because of the establishment of our financial system – not because of a variation of our financial system. We have seen many variations – with the common denominator of money, yet this establishment has continued uninterruptedly. The general cycle we have seen in the past centuries is that of a few gaining favourable access to money in comparison to others. This has always resulted in an uprising and reformation – only to return to repeat.
The most recent economic ideas are those of the basic income – also called basic universal income or citizens income etc. Tests of the system has showed that people still work – despite being provided with a guaranteed income. It can be implemented nationally or locally. But on a large scale, one must still put this in perspective. With a basic income – a new standard will be set regarding a standard wage, but not for all. Corporate elite will still be able to benefit additionally – creating an opportunistic vacuum for anyone dependent upon the basic income. Segregation would become absolute between those who have and those who do not. The added financial security will hamper union wage ambitions – just as one saw after woman entered the work force after the second world war. Now, 80 years later, 2 people are providing the equivalent income of 1. The same development can be expected from the general citizens income – a new minimum wage. As with other financial ideologies, there are several different variations of basic income – and more can be expected to follow. Regardless, they will all fall under the general laws of economics.
