#economic-freedom

In an earlier essay, I proposed a political bargain that I called Universal Security Capitalism: guarantee a basic floor beneath every person, while leaving the economic ceiling completely open. Nobody should be ruined by illness, hunger, homelessness, or temporary economic failure, but neither should extraordinary wealth be treated as intrinsically objectionable. A person who builds a company worth ten billion dollars and a person who earns very little while repairing old radios, writing novels, studying insects, or playing obscure music should both be permitted to pursue their own ideas of a worthwhile life.

I still find much of that argument compelling. What has become less clear to me is whether I properly understood the principle beneath it.

At first glance, guaranteeing healthcare, food, housing, and some basic level of income sounds like a proposal about economic equality. Yet equality was never really the part that interested me. I do not particularly care whether one person possesses a thousand times as much money as another, provided that wealth was acquired through legitimate exchange rather than fraud, monopoly, regulatory capture, or some other mechanism that prevents meaningful competition. Nor do I think a society becomes just merely because its citizens occupy narrower positions on an income distribution.

The concern that motivated the original proposal was different. I was interested in what people are actually free to do with their lives.