South Korea’s UBI-Inspired Experiment to Boost the Economy

By: Scott Santens.

What South Korea is doing does not meet the definition of basic income, as it opts for a special currency that can only be used in approved local businesses, instead of cash that can be used anywhere, but it is going to 13 million people on a regular basis without work requirement, and is stimulating the economy through its spending. It is also increasing the national popularity of UBI. This video by the Wall Street Journal is a nice introduction to the rising popularity of the idea of basic income in South Korea, and why it’s being seen there as a way of fixing and further developing capitalism instead of watching it fail as a result of automation.


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