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UNIVERSALBASICASSETS: ManifestoandActionPlan byMarinaGorbis Growingeconomicinequalitycombinedwithadvancesinartificialintelligenceand automationisalreadyde-stabilizingmanysocieties.Unlessweactnow,thesituation islikelytogetworse,leadingtogreatersocialupheavalsanddemiseofdemocratic governancesystems.Inthismomentoftransitionweurgentlyneedtodevelopnew frameworksandprototypenewapproachestobuildingparticipatoryeconomies andsocietiesthatdeliverbothsocialandeconomicequity.WeproposeUniversal BasicAssetsasaframeworkforachievingthis. WeNeedtoChangetheGame “Themarketplaceinwhichmostcommercetakesplacetodayisnotapre-existing conditionoftheuniverse.It’snotnature.It’sagame,withveryparticularrules,set inmotionbyrealpeoplewithrealpurposes,”writesauthorandprofessorofmedia studiesDouglasRushkoffinanessaytitled,“EconomicsisNotNaturalScience.” Indeed,marketsaremoreakintogameboardswithcertainsetsofrulesdesignedto optimizeparticularoutcomesreflectingprevailingpowerstructures,culturalnorms, andtechnologycapabilities.Takeforexampletherulesgoverningcorporationsthat arekeyvehiclesofthemarketeconomy.Evermindfulofthepoliticalinfluenceof EastIndiaTradingCompanyinearlycolonialgovernance,thefoundingfathersmade effortstocurtailcorporatepower.Corporationsweregivencharterstooperatefor alimitedamountoftime—20to30years—andonlyforthepurposeofservinga publicmission.Theywereexpectedtodeveloplargecommercialventureslike roads,canals,railroads,andeducationalinstitutions.(Harvardwasthefirst charteredcorporationintheUS.).Importantly,investorsintheseearlycorporations wereusuallyalsotheircustomers.Companieswerecreatedinordertoensurethat theywouldprovidegoodserviceatareasonablepricetothesamepeoplewho pooledmoneytocreatethem,nottomaximizeinvestmentreturns.Itisonly ãCopyright2017InstitutefortheFuture.Allrightsreserved. www.iftf.org|[email protected] 1of9 recentlythattherulesofthegamehavechanged.Theprevailingphilosophy governingcorporationshasbecome“shareholdervalue,”makingprofitsfor shareholderstheprimaryandtypicallyonlygoalforpubliclytradedcorporations. Rulesgoverningcorporationsandthelargereconomyhaveevolvedaccordingly, shapingrequirementsforcorporateformation,governance,andoversight. Whilesuchruleshavefosteredeconomicgrowthandenabledformationofmegacorporateorganizations,todaytheyarealsoproducinghighlydeleterioussocialand ecologicaloutcomes.Thisisthecaseforboththoseleftbehindintheeconomy optimizingforshareholdervalueandthosedisproportionatelybenefitingfromit. Thenumbersarestriking.Lastyear,accordingtoarecentstudybyOxfam International,theeightrichestpeopleintheworldcollectivelyownedasmuch wealthasthebottom3.5billionpeople(approximatelyhalftheworld’spopulation)! Thistopnumberdeclinedfrom388peoplein2010to85peoplein2014,to8today. Oxfamclaimsthat,ifthistrendcontinues,bytheendof2016thetop1%willown morewealththaneveryoneelseintheworldcombined. Thiswealthcomesatapricenotonlyforthepoorbutalsofortheextremelywealthy themselves.Somehavetobuildprotectivebunkersonsecludedislandsasthey preparefortheinevitablesocialupheavals.Historicalresearchshowsthat concentrationofwealthandpowerrequiresinvestmentsinvastnetworksof expensivesecurityinstitutionsleadingtowhatDr.RachelKleinfeldcallsprivilege violence.Suchviolencestemsfroma“powerstructurethatallowsorenables violenceagainstsomecitizensasthepriceformaintainingextremeprivilege.” Thesocialinstabilitycausedbyvasteconomicdisparitiesislikelytogrowdeeper underthepressureoftwoforces.Thefirstistheunrelentingprogressionofglobal warmingthatisalreadydrivingmassivedislocationsofthepoorestandparticularly vulnerablepopulations.Todaytheglobalnumberofrefugeesisestimatedatover60 millionpeople,thelargestnumberinpost-WorldWarIIhistory.Thegrowthofthis ãCopyright2017InstitutefortheFuture.Allrightsreserved. www.iftf.org|[email protected] 2of9 precariouspopulationisnotonlyahumanitarianconcernbutalsoathreattothe stabilityofnationsthatarepoorlypreparedtocopewiththesuddeninfluxofnew migrants.Thesituationislikelytoworseasmorepeopleareforcedtoleavetheir homesbecauseofclimatedisruption. Thesecondforce—rapidadvancesinautomation,artificialintelligence,andmachine learning—isunderminingestablishedarrangementsforincomegenerationforvast swathsofpopulationsindevelopedanddevelopingcountriesalike.Growing numbersofpeoplearemakinglivelihoodsinvarioustypesofalternative,often precariousemploymentarrangements(gig,on-demand,freelance,etc.)ratherthan instable,well-payingjobsthatcomewithessentialsocialbenefitsandrisk protections.Automation,globalconnectivity,artificialintelligenceandawholesetof newtechnologicaltoolsaremakingitpossibletoproducegoodsandservicesin abundancewithoutemployinglargenumbersofworkersorengagingworkersin flexiblebutalsoprecariousways.Asaresult,thesystemthatworkedrelativelywell underconditionsofscarcityispoorlysuitedtofulfilltheneedsofmanywhen productsandknowledgecanbeproducedinabundancebyrelativelyfewpeopleor inanautomatedfashion. UniversalBasicAssets:ANewOperatingSystem Todayweurgentlyneedtochangetherulesoftheeconomicgametoallowusto producenotonlymaterialabundanceforthefewbutalsobetterlivesforthemany. Weneedtobuildanewoperatingsystemforoureconomyandourglobalsociety. Andwithnewtechnologies,newgeopoliticalrealitiesofahighlyinterconnected world,newknowledgeaccumulatedovercenturiesofhumanendeavor,wehavethe toolstodoso.Recentlymanypeopleandorganizationshavebeencomingaroundto thenotionof(UBI)asthesolutiontogrowinginequalityandloomingautomation. Thisconceptinvolvesprovidingunconditionalpaymentofsomeamountsofmoney toeachindividualinasociety.Iwouldarguethatthisisagoodinterimorpartial solution,butbyitself,itdoesnotchangethegameortheoperatingsystemthat ãCopyright2017InstitutefortheFuture.Allrightsreserved. www.iftf.org|[email protected] 3of9 createshighlyinequitableeconomicreturns.Inaworldinwhichmonetaryrewards increasinglyaccruetocapitalandnottolabor,economicdisparitiesbetweenasset orequityownersandeveryoneelsearelikelytogroweverlargerastheresultof automationandnetworkdynamicsthatfostercreationofmonopoliesoroligopolies. Ifweareseriousaboutchangingthegame,weneedtofocusonuniversalbasicassets (UBA),acore,basicsetofresourcesthateverypersonisentitledto,fromhousing andhealthcaretoeducationandfinancialsecurity.IndesigningUBA,weshouldtake intoaccountequitabledistributionoftraditionalphysicalandfinancialassetslike land,money,andgoods,aswellasthegrowingpoolsofdigitalassets(data,digital currencies,reputations,etc.).Weshouldtakeintoaccountthecreationofnewkinds ofassetsthatrecognizeandassignvaluetoexchangesweengageinasapartof maintainingthesocialfabricofoursocietybutthatdonotcurrentlycarrywiththem monetaryvalue(caring,creativeoutput,knowledgegeneration,etc.).Inessence,we needtolookattheconceptofassetsinitsbroadestsense,recognizingthreeclasses ofassets:private,public,open. PrivateAssets Privateassetsareresourcesthatweownindividually.Housing,land,personal money,andretirementaccountsfallintothiscategory. Theideaofgivingpeopleequitableaccesstoassetssuchaslandhasbeenaround sinceThomasPaine’spublicationofAgrarianJusticein1795.Sincethentheideahas beenpromulgatedbythinkersandactivistsalongthepoliticalspectrum,withsome focusingonre-distributionofincomesintheformofvarioustypesoftaxesinorder toachievegreatereconomicequity(UBIcomesunderthisumbrella)andothers framingtheissuearoundequalaccesstoopportunity,(thatis,givingpeopleamore equalstartingpointforachievingeconomicandsocialmobility).Inthislatter category,legalscholarsBruceAckermanandAnneAlstott,forexample,propose creationofTheStakeholderSocietybymeansofawealthtaxandgrantingof ãCopyright2017InstitutefortheFuture.Allrightsreserved. www.iftf.org|[email protected] 4of9 $80,000toeveryoneuponreachigtheageofmaturity.TheUK’sChildTrustand effortstocreateIndividualDevelopmentAccounts(IDA’s)intheUSsimilarlyaimat givingchildrenaheadstartwhilehelpingthemunderstandpersonalfinanceandthe importanceofsavingforandinvestinginthefuture. PublicAssets Publicassetsincluderesourcescollectivelyownedbythepublicandthatare managedbydifferenttypesofgovernmentbodiesontheirbehalf.Theycaninclude everythingfromnationalparkstomineralandculturalresourcestocriticalpartsof physicalordigitalinfrastructure. Thefourcountriesthathaveconsistentlybeenatthetopinglobalrankingsofsocial mobilityareDenmark,Norway,Finland,andCanada.Whatdistinguishesallfour countriesandothersatthetopishighlevelofaccesstopublicresources— education,healthcare,transportationandothers.NobelPrize-winningeconomist JosephStiglitzwroteaboutScandanavia’seducationsystemsandsocialpoliciesthat leadtohighlevelsofaccesstopublicresourcesasplayingakeyroleincreating higherdegreesofsocialmobility.Thisaccesstopublicresourcesthatare geographicallydefinedoftenleadstogeographyasthedefiningfactorinthedestiny ofmany.Researchshowsthat,forchildrenborntofamiliesatthebottomfifthofthe population,thechanceofreachingthetopfifthofincomelevelsduringtheirlifetime is10percentiftheyliveinSanFrancisco,NewYork,orBoston.Thechanceforthe samechildrenlivinginCharlotte,Columbus,orAtlantais5percent,andforthose fromMemphis,only2.8percent.Thisislargelyduetothemanypublicaffordances indifferentareas—publicschools,transportation,healthcare—aswellasaccessto good,wellpayingjobs. Inherrecentbook,TheEntrepreneurialState:DebunkingPublicvs.PrivateSector Myths,economistMarianMazzucatotracesthekeyrolethatpublicinvestments madebytheUSgovernmenthaveplayedinthedevelopmentofmostthe ãCopyright2017InstitutefortheFuture.Allrightsreserved. www.iftf.org|[email protected] 5of9 technologieswewidelyusetoday—GPS,mobilephone,personalcomputers, computerdisplays,andmanyothers.Itwouldn’tbeanexaggerationtosaythat noneoftheiconiccompaniessurroundingus,fromAppletoUberandTesla,would bearoundifnotforpublicinvestmentsbytheDefenseDepartmentandother governmentagenciesinmanyofourpublicuniversitiesandresearchlabs.Private andpublicassetcreationaretightlylinked,onecannotexistwithouttheother. OpenAssets Openassetsareresourcesthatareownedandmanagedneitherprivatelyorbya government.Theyareopentoanyoneandgovernedbyadefinedgroup.Openassets arecreatedinwhatMITMediaLabresearcherandIFTFaffiliateJohnClippinger callsthe“opensector.”AccordingtoClippinger,intheopensector,agroupof “founders”createasetofinitialconditionsfromwhichrulesemergethroughthe interactionsofparticipants. ClippingercitestheexampleoftheBritishCommonLaw,abasisforAmerica’slegal system,whichevolvedfromcustomsandnorms,eventuallybeingcodifiedinto constantlyevolvinglaws.“Itwasn’ttop-down.Itwasconstantlyreinventingitself aroundthecircumstances,andtherewasnosinglepointofcontrol.”Thisishowthe opensoftwarecommunityoperatestoday,andthisisexactlyhowthehighly distributedblockchaincommunityisevolving,withpracticesandnormsemerging organicallythroughtheprocessofinteractionsandnegotiationsbetween communitymembers.Wikipediaisanotherfamiliarexampleofacommunitybound bycommonpracticesandprinciplesthathasestablishedanarchitectureandasetof practicesforenteringandeditinginformation,whichinturn,hasmadeitpossibleto createanopenresourceusedbybillionsofpeopleworldwide. Weareattheearlystagesofcreatingapowerfulnewclassofopendigitalassets. Blockchain-basedcryptocurrenciesarethefirstiterationoftheseassets, representingmonetaryorfinancialvalue.Buttheyarealreadyspawningallkindsof tokenstorepresentdifferentkindsofvalue—artisticvalue,communityvalue,or ãCopyright2017InstitutefortheFuture.Allrightsreserved. www.iftf.org|[email protected] 6of9 evenmoralvalue.Andoverthenextfewyears,wecanexpecttoseerapid experimentationwithwaystocreate,define,anddistributethesetokens,and ultimatelylinkthemtophysicalobjectsandallkindsofservices,aswellaspolitical andsocialintent.Already,onlinestoreslikeCarbonshopperaresellingeco-goods thatcanonlybeboughtwithCarboncoins,embeddingenvironmentalistvalues— andeconomicvalue—inthegoodstheysell.TransactiveGridisablockchainsystem designedtorapidlysetuppeer-to-peerutilitygrids,makingexchangesofsolaror otherrenewableenergyeasytotradebetweenneighborsformicropayments.John Clippinger,inoutliningtheinfrastructureforadecentralizeddemocracyintheopen sector,describesverifiedpersonaldatatokensasatradableassetclassthatpeople cantradeforreciprocalvaluewithoutcompromisingtheirprivacy.AndCircles,an Ethereum-basedproposalfromConsensys,envisionsaneconomywherepeoplecan minttheirownpersonalcurrencies,developparitywithotherCirclescurrencies, andultimatelytradetheirpersonalcurrenciesforasharedcommunitycurrency— onewaytoarriveatauniversalbasicincomewhilealsobuildingopenorpublic communityassets.Astheinfrastructureforblockchainandrelatedopenassets evolves,wehaveabigopportunitytore-definetheeconomicgame. Meanwhile,innon-digitaldomains,wefindexamplesofopenandfreesystemsfor valuecreationinphysicalcommunitiessuchasBurningManorFreespace,whereno moneyisallowed.Peoplechoosetocometogetherfreelyandexchangeorgifteach otheranythingfromphysicalgoodstoknowledgeandservices.Thismodelis probablytheformofexistencemostfamiliartousasahumanspeciesasthisishow manyofourhumanancestorslivedbeforeweinventedmoneyandmarket capitalism.Infact,wedon’thavetoparticipateintheopen-sourcesoftware movementorgotoBurningMantoexperiencenon-monetary,non-profit-based economies—weparticipateinthemonadailybasisinmanyways.Wedon’tpayfor love,fordinnersatourparents’homes,forourchild’saffection,forartandmusic andothercreativeoutputsthathavebecomeinvisiblywovenintotheinfrastructure ofourdailylives(ifwearelucky).Aswetransitiontonewformsofvaluecreation ãCopyright2017InstitutefortheFuture.Allrightsreserved. www.iftf.org|[email protected] 7of9 wehaveopportunitiestoenlargeourpoolofopenassetsandreconsiderhowand whatweassignvalueto. WhereWeBegin Thestartingplacetochangetheeconomicgame,tocreateaneweconomic operatingsystemthatpromisesmoreeconomicandsocialequalityormobility,isto developframeworksforthinkingaboutunversalbasicassets,todesignspecific solutionsthatemergefromtheseframeworks,andthentoputthemtothetestwith real-worldprototypes.InstitutefortheFutureisproposingtojump-startthese effortsinthreeways: 1. Catalyzeacommunityofthinkersanddoersthroughregularconveningsto exchangeideas,proposeframeworks,andadvancesolutions.Itiscrucialthat webringthebestandmostinnovativethoughtleadersfromadiversityof disciplinesandcommunitiestobuildastrongfoundationfordesigninganew economicoperatingsystembuiltonuniversalbasicassets. 2. Conductresearchonvariousapproachestouniversalbasicassets, particularlynewtypesofopendigitalassetsaswellasinteractionsamong differenttypesofassets.Someofthisresearchwillbetechnical,someofit willexplorebusinesscases,andmuchofitwilldrawonpoliticalintent.Itis thereforeimportanttoengagenotjusttechnicalandbusinessexpertsinthe research,butalsopolicymakersandpoliticaladvocates. 3. Prototypeandseedtoolsandinitiativesthatapplythebestthinkingin UBAtorealworldenvironments.Weurgentlyneedtolaunchthe experimentsthatwillbecometheseedsofrapiditerationandinnovationin thedeploymentofuniversalbasicassets.Weneedtodesignprototypeswith differentintentsanddocumenthowtheseprototypesimpactthelivesof diverseparticipantsintheeconomy.Weneedtolinktheseprototypesto communitybuildingeffortsandmeasuretheirsuccessagainstcommunity ãCopyright2017InstitutefortheFuture.Allrightsreserved. www.iftf.org|[email protected] 8of9 criteriaandvalues.Weneedtozoomouttoseehowtheyinteractwithone anotherandultimatelytoforecastthekindofsocietytheywillcreate. Thecreationofaneweconomicoperatingsystemisanurgentfuture.It’snota speculativeexerciseorapotentiallylucrativecommercialventure.It’sessentialto humansurvivalinthedecadesahead,anduniversalbasicassetsmaybethemost promisingpathtogetthere. ãCopyright2017InstitutefortheFuture.Allrightsreserved. www.iftf.org|[email protected] 9of9