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Bubbles, and No Burst? since 1894 Restoring a timeless idea... Issue 1248 Autumn 2019 Issue 1248 Autumn Bubbles, And No Burst? No 1229 Winter 2010/11 1 “ The tower leans from its foundations... WWW.HENRYGEORGEFOUNDATION.ORG message from the honorary president No 1248 Autumn 2019 PO Box 6408, London, W1A 3GY I write as the second Brexit deadline has passed and a General Election +44 (0) 800 048 8537 has been announced and I thought it timely to set out some of the things [email protected] we might like to say if we were seeking election. Editor We would replace all taxes currently levied on trade and the value added Joseph Milne by the work of individuals and groups within our community with value that is due to the existence and actions of our whole community. The Managing Editor ‘economic rent of land’ is the prime example of this value and it arises Jesper Raundall Christensen whenever two or more people simultaneously seek exclusive possession of a particular plot of land. When this monopoly is guaranteed to a Graphics and Production particular individual or group all others are necessarily excluded. Equity Jesper Raundall Christensen demands they be compensated and all would be if the rental value of all land were collected and shared as public revenue. Publisher Henry George Foundation However as Winston Churchill observed in 1909 – ‘…land monopoly To receive Land&Liberty or support the work of the is not the only monopoly which exists, but it is by far the greatest of Henry George Foundation contact us at the address monopolies - it is a perpetual monopoly, and it is the mother of all other above. forms of monopoly.’ How so? Land&Liberty has chronicled world events for Where the economic rent of land is not collected as public revenue, over 100 years. It has offered a unique perspective taxes on production and exchange become necessary - and these lead with its reports, analysis and comment on the core to further monopolies! This is because those producing goods and issues of political economy. And that uniqueness providing services are always obliged to occupy land both to live and to remains. Land&Liberty aims to explore how earn their living. If the particular land they need is not freely available to our common wealth should be used - and to them they must pay rent to someone and tax to government - a double demonstrate that this is the key to building the whammy! This puts them at a distinct disadvantage compared with bridge of sustainability between private life, the public sector and our resources - between the all land is enclosed individual, the community and the environment. Land&Liberty - putting justice at the heart of those who, in effect, ‘own land’. When, as in the UK, economics. nowthe situation represents for not non-landowners an amount some is peoplemade evenare willing more todifficult pay in becauseorder to useland some rent plotsis inflated in preference as ‘economic to plots rent’ that becomes are freely a available‘monopoly but, rent’. since It Copyright in this and other Land&Liberty land rent now arises everywhere, even on marginal sites, it becomes publications belongs to the Henry George what all people must pay to use a plot anywhere. It is now the most they Foundation, which welcomes approaches for the are able to pay. This ‘most’ reduces the quality of life for every household reproduction of articles. However, reproduction least they are willing to is prohibited without prior written permission accept - except for those enjoying a land or other form of monopoly. of the copyright holders. No responsibility will Alland are the harmed profitability by this of tripleevery whammy.business toMost the seriously however, those be accepted for any errors or omissions or having least earning capacity and/or trying to live and earn their living comments made by contributors or interviewees. Views expressed are not necessarily those of the economy are inevitably hit hardest and many fail. publishers. Goods and services advertised are not in marginal locations or in marginal firms, industries or sectors of the necessarily endorsed by the publishers. As the burdens of monopoly rent and taxes on the employment of labour Land&Liberty is produced by the Henry George Foundation and printed by Premier Print Group on and capital force those on the margin to become economically inactive 100% recycled paper. others acquire an increasing share of the market. So monopolies, monopsonies and cartels come to dominate markets - in commodities, ISSN 0023-7574 retail and wholesale, agriculture, chemicals, pharmaceuticals, house- building, banking and the provision of much of our infrastructure and essential services etc. At the same time taxes on employment (e.g. income tax and National Insurance Contributions) and on trade (e.g. VAT and excise duties) mean that, in money terms, it costs every public and private sector employer roughly twice what their employees are able to purchase with their earnings. The impact of this on all our public services and the amount of public revenue needed to alleviate the poverty caused by duty free land enclosure and malign taxes is not Thosedifficult failing to see. to collect the economic rent of land as public revenue have The Henry George Foundation is an independent economic a lot to answer for! and social justice think tank and public education group The Foundation deals in cutting-edge ideas, exploring and David Triggs promotingwith offices principles in London for and a just members and prosperous throughout society the UK. and a healthy environment. Honorary President Henry George Foundation The Henry George Foundation of Great Britain is a www.landandliberty.net @landandliberty us on Twitter follow company limited by guarantee, registered in England, no. 00956714, and a charity registered in England under the henrygeorgefoundation@ Charities Act 1960, no. 259194. googlemail.com www.HenryGeorgeFoundation.org 3 CONTENTS issue 1248 AUTUMN 2019 10 Regulars Cover Story Features 17 12 7 HGF News Seigniorage: Folk-Memory and Land: The latest news and events from the The Sovereign’s Dues The Diggers and The Anglo- Henry George Foundation in London Richard Glover explains the concept of Saxon Land Tradition seigniorage in a historical perspective, Edward Barnett argues that a lot of 15 then draws the attention to our times truths applicable to modern society Reviews & Books Worth can be found in the almost forgotten Reading history of The Diggers alongside the Progress and Poverty in Economics: Henry George and How Growth in Real can still be found in relation to land traces of Scandinavian influence that Estate Contributes to Inequality and when examined closely Financial Instability by Edward Nell is reviewed and critiqued by long-time 18 Land&Liberty contributor Ed Dodson. Closing Thoughts Our regular Books Worth Reading Our Closing Thoughts section is once section will not make an appearance again penned by Tommas Graves. before the upcoming winter issue Cover Photograph This time the two main tragedies of Alexas_Fotos modern politics are laid bare Article image rights: pixabay.com 4 No 12291248 WinterAutumn 2010/11 2019 letter from the editor At the heart of the question of economic justice lies the question of From the perspective of pre-enlightenment natural law, the eco- property ownership. If the land and its possibilities are a gift from nomic question concerned the proper use of things. Ownership nature to all people, what relationship with the land follows from was merely a ‘legal’ arrangement, not part of the natural order of this? In what way can the gifts of nature become property? And things. Legal ownership was acceptable in the sense that it made in what way can the products of human labour become property? a person responsible for using their possessions for the common It is clear that the gifts of nature cannot become property in the the care of things. same way as the products of human labour. The fertile land will benefit of the community. It also established responsibility for grow crops simply by planting seed. Ownership is not required. This way of looking at our natural relationship with things ac- Yet there is clearly an entitlement to the fruits of planting to those cording to their appropriate use goes back to Plato, Aristotle and who laboured in planting the seed and gathering the harvest. In the Stoic philosophers. It is clearly formulated in Thomas Aqui- straightforward classical economic theory, ownership springs nas. It is grounded in the principle that the gifts of nature are from labour. What someone makes belongs to them. They may either use it themselves or exchange it for what others make. Such exchange may be done in many different ways, either by a worksprovided to providefor the common for his family, benefit so of by all extension beings. Even he works the fruits for the of gift economy, through barter, or through the mediation of money. commonlabour are good. rightly This intended is why, infor the the natural common order benefit. things, Just the as labour a man However it is done, such exchange should be to mutual advantage. of one individual produces more than he needs for himself. Na- It should be just. And where no one has an advantage over another, ture is naturally abundant and repays labour with interest. it will be just. All this may well be so. But Locke’s notion of self-ownership In this simple economic process ownership takes on three aspects. has taken deep roots. A whole branch of law has sprung from it First, the land remains outside ownership, second ownership is where self-ownership has become the basis of human rights. Law established through labour, and third, ownership is established has practically been reduced to proprietorial claims.
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