Rejoinder to David Preston

Keith Rankin

Keith Rankin replies to David Preston’s criticisms, focusing on the charge that he fails to demonstrate any clear linkage between a Universal Basic Income (UBI)-type system and the formation of social capital. Rankin argues that he never attempted to make such a linkage. Rather, he framed the concept of a UBI as a basis for a public accounting reform, a fiscal contract between sovereign households and producing firms, arguing that such a contract between capitalism’s public and private domains can efficiently integrate our tax and benefit systems.