Skewed distribution of resources and income inequality are two common problems that are faced by virtually every single country on earth. In an attempt to mitigate these problems, different countries came up with different solutions. Some sought to give up control of their factors of production to their respective governments, hence nationalising their industries while others increased the tax rates of ordinary citizens. Promotion and availability of various forms of insurance were also deemed as a solution to the aforementioned issues. A recently formulated concept called the Universal Basic Income seeks to fulfil the same objectives while eliminating the […]
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