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. However, both of these applications raise concerns about the endogeneity of the nonlabor income source being studied, complicating the analysis and the interpretation of the results. One peculiar source of nonlabor income that has not been extensively studied for its effect on labor supply is the dividend that is paid annually out of the Alaska Permanent Fund (APF). This lump-sum payment, referred to as the Permanent Fund Dividend (PFD) is available to almost all Alaska residents, is clearly exogenous with respect to work effort, and varies tremendously over time and

BASIC INCOME STUDIES  An International Journal of Basic Income Research    Vol. 6, Issue 1  RESEARCH ARTICLE  June 2011 Winner of the 2011 BIS Essay Prize  Overcoming Dividend Skepticism: Why   the World’s Sovereign Wealth Funds Are  Not Paying Basic Income Dividends*  Angela L. Cummine  University of Oxford  Abstract – More  than 50  states around  the world now possess a Sovereign Wealth  Fund (SWF), yet only the Alaska Permanent Fund (APF) directly distributes profits to  national citizens. SWFs are government‐owned investment vehicles, more than two‐ thirds

Figures 1.1 Rise in SWF establishment over time 6 2.1 Sovereign wealth in the universe of public capital 26 2.2 Global public assets under management by category, 2015 27 5.1 The architecture of popular control: condominium and SWF 80 8.1 Alaska Permanent Fund historical returns, 1985–2013 142 8.2 Public support for different uses of mineral wealth in 146 Mongolia, 2008–14 Tables 2.1 Sources of public finance 22 5.1 Popular control devices for SWFs based on the 78 condominium model 8.1 Models of benefit distribution for SWF returns 154 9.1 Summary of 2011


APF Alaska Permanent Fund APFC Alaska Permanent Fund Corporation AUM assets under management BC Basic Capital BoP balance of payments CCA citizen’s capital account CDC Caisse des Dépôts et Consignations (France) CI Citizen’s Income (Basic Income) CIC China Investment Corporation EI ethical investment ESG environmental, social and governance (factors) ESSF Economic and Social Stabilization Fund (Chile) EU European Union GAPP Generally Accepted Principles and Practices (‘Santiago Principles’) GDP gross domestic product GIC GIC Private Ltd (Singapore) (until 2013

.C: Island Press. 2001. In this book he proposed that a meaningful solution to climate change should not only require putting a price on carbon, but also that the revenue generated by climate action (from, say, the auction of tradable carbon permits) should be placed in a “Sky Trust” and issued as dividends to the population at large. Barnes took as a model the Alaska Permanent Fund, which puts into practice the ethical principle that common wealth (natural resources in the case of Alaska, ecosystem services in the case of climate change—the atmosphere serving as a carbon

, plagues and locusts (the historical causes of chronic underproduction still need to be addressed, and would be with a BI). It was estimated that one fifth of the population (220,000) people would go hungry or starve without major food aid (United Nations, 2007). 10 For an example of funding a BI through a Petroleum Fund, see the discussion on the Alaska Permanent Fund in Section 3. 6 Basic Income Studies Vol. 5 [2010], No. 1, Article 6 DOI: 10.2202/1932-0183.1141 instance, a BI of US$30, which would bring recipients considerably above the poverty line in East

surprisingly, the problem still has not been thoroughly discussed or tested. Too often it functions only as a curio from other countries (eg, Swiss referendum). The issue is evaluated in the perspective of the institutional economics. This means that an important element of the paper is its interdisciplinarity, but the emphasis is put on the economic aspects of the problem. Due to the scarce empirical data, the character of the paper is mostly theoretical, but there is scope for the evaluation of the BIG (or similar) experiments, for instance, Alaska Permanent Fund, the

of distributing according to the present proportion of around 13% of GDP to both the richest 1% and to the poorest 50%, of course will help substantially diminish the inequality index.4 The road to the CBI is a long one, but the more people are aware of its advantages the shorter the trip will be. References Goldsmith, Scott (2002) The Alaska Permanent Fund Dividend: An Experiment in Wealth Distribution. 9th BIEN Congress, 12–14 September 2002, Geneva. Marques, Rosa Maria (2005) A Importância do Bolsa Família nos municípios brasileiros. Ministério do

, Hartzok points to the Alaska Permanent Fund (APF), which distributes resource rents as citizen dividends. The success of this program, she argues, is evidence that resource rents are viable revenue sources and citizens’ dividend programs could be used to guarantee basic incomes. While Hartzok does not make clear in this book the extent to which private ownership and exclusive entitlement to land and resources can be blamed for things like poverty and hunger, compared to, say, the asymmetrical power relation between capital owners and labor, Hartzok is certainly

, despite the ferociously demanding work ethic that drives social policy 8 Basic Income Studies Vol. 1 [2006], No. 2, Article 4 DOI: 10.2202/1932-0183.1036 in the United States, there seems to be little objection to the Alaska Permanent Fund that provides every Alaskan citizen with a modest basic income derived from the sale of publicly owned mineral rights (O’Brien and Olson, 1990; Goldsmith, 2002). The payment is apparently not framed negatively as a form of welfare, but is framed positively as an entitlement of citizenship (Goldsmith, 2002). A related idea