23rd January 2018
Current welfare systems were not designed to adapt to the challenges presented by automation and globalisation and are not fit for purpose. That's the view of a new paper from the Adam Smith Institute in the UK published to coincide with the World Economic Forum meeting in Davos this week. The institute argues that governments should look to Universal Basic Income (UBI) experiments around the world as they seek to address the risks posed by large-scale changes to the labour market while retaining the benefits of trade and technological progress.