Why Universal Basic Income Has Nothing To Do With Socialism

The idea of a universal basic income is that of a monthly general income for all adults in order to provide a bottom layer of economic safety in case, a minimum consuming power.

Many think that UBI is socialism, but it’s the exact opposite, it will provide everyone a basic consuming power that can not only reduce socialism (by removing unnecessary social services), but it also helps people start their own business.

In socialism, the state chooses what you need, in Advanced Capitalism (Capitalism with a UBI) you choose how you’ll spend the basic economic capital that is provided to you by the state.

In other words, basic income is not a form of socialism, but is concerned with the distribution of income whereas socialism is a system of organizing the ownership, production and allocation of goods and services.

Socialism is defined as an economic system based on social ownership and operation of the means of producing wealth. This is a distinct concept from a basic income, which does not require social ownership of capital assets.

For the record, many entrepreneurs including Elon Musk, Mark Zuckerberg and Andrew Yang (who is also running for President in 2020 having his whole campaign based on the introduction of a universal basic income in America) have openly embraced the idea of a universal basic income.