Why basic income's emancipatory value exceeds its monetary value

Standing, Guy

Abstract

This article argues that the emancipatory value of a basic income is greater than its monetary value, drawing on the results of a large-scale basic income scheme conducted in the Indian State of Madhya Pradesh between 2010 and 2013. The scheme was evaluated by comparing households in villages where everyone received a small cash payment each month with households in similar villages where no one did. The evaluation results showed much stronger than anticipated benefits of a very modest basic income, equivalent to about a third of subsistence. It is argued here that this arises because cash payments alleviate the contrived scarcity of money itself, a cause of chronic indebtedness and impoverishment. Using data and illustrative case studies on debt, savings and financial inclusion, the article demonstrates how a basic income improves economic security beyond its monetary value, which can be termed its emancipatory value. It further concludes that a basic income would have an emancipatory effect for the growing precariat around the world.

Citation

Standing, G. (2015). Why basic income's emancipatory value exceeds its monetary value. Basic Income Studies, 10(2), 193-223. https://doi.org/10.1515/bis-2015-0021

• Journal Article Type: Article
• Acceptance Date: Sep 27, 2015
• Publication Date: Oct 1, 2015
• Deposit Date: Sep 18, 2016
• Publicly Available Date: Sep 18, 2016
• Journal: Basic Income Studies
• Print ISSN: 2194-6094
• Electronic ISSN: 1932-0183
• Publisher: De Gruyter
• Peer Reviewed: Peer Reviewed
• Volume: 10
• Issue: 2
• Pages: 193-223
• DOI: https://doi.org/10.1515/bis-2015-0021
• Keywords: basic income, poverty, India
• Publisher URL: http://www.degruyter.com/view/j/bis.2015.10.issue-2/bis-2015-0021/bis-2015-0021.xml?format=INT
• Related Public URLs: http://www.guystanding.com