[Deputy Editor's Column] Basic Income, The Train Has Departed

[Asia Economy Reporter Park Cheol-eung] "I am now convinced that the simplest method will be the most effective. Solving poverty means directly abolishing poverty through the currently widely discussed method, that is, guaranteed income (basic income)."

This is a passage from a book published in 1967 by Martin Luther King Jr., the African American civil rights activist who won the Nobel Peace Prize in 1964. The title of the book is "Where Do We Go from Here: Chaos or Community?"

His famous "I Have a Dream" extended not only to a world without racial discrimination but also to the resolution of poverty. "According to the guaranteed income plan, it benefits even the white population, which accounts for two-thirds of all poor people. I hope that both blacks and whites will unite and act to bring about this change." Although King, who was assassinated, became the foundation for a more peaceful world, his "dream" remains a challenge.

This was not limited to voices from progressive or human rights movements. Economists such as James Tobin, Paul Samuelson, and John Kenneth Galbraith, as well as conservatives like Milton Friedman and Friedrich Hayek, advocated for guaranteed basic income, and in 1968, about 1,200 economists signed a petition supporting basic income. Republican President Richard Nixon also pushed for the legislation of basic income.

The COVID-19 shock has led to serious discussions about basic income in Korea as well. Kim Jong-in, the emergency committee chairman of the Future United Party, ignited the debate by calling it "the freedom to buy bread." Although independent lawmaker Hong Joon-pyo criticized it as a socialist-style rationing system, looking at the history of basic income discussions, it is difficult to see it as the exclusive property of any particular ideological system.

In the upcoming presidential election, basic income inevitably becomes a major issue. Above all, the decisive factor is that the public has already experienced it in the form of disaster relief funds. It will be based on a comprehensive review of the national finances and welfare system, as well as public costs in the era of the Fourth Industrial Revolution. Just as technology brought about the Industrial Revolution and changes in life, we now stand at the gateway to a new era of basic income.

The train has already departed. The task now is to determine the most realistic yet ideal final destination or stopover. The 21st National Assembly carries a heavy burden in many ways. Genuine and active discussions will enhance the reliability of the conclusions. Political calculations should be set aside, or at least minimized as a realistic hope.

This content was produced with the assistance of AI translation services.