- Published on Saturday, 07 September 2013 11:48
William Thompson wrote An Inquiry into the Principles for the Distribution of Wealth Most Conducive to Human Happiness in 1824 in which he talked about the failure to connect the political economy to the study of theology, philosophy and science (Hat tip to John for this reference).
In 1879 Henry George wrote how the private appropriation of land led to misery and abject poverty within a thriving economy. A hundred years ago, Lloyd George and Winston Churchill were staunch advocates of taxing the full value of land but vested, land owning interests suppressed the initiative and Land Value Tax (LVT) was expunged from academic discourse.
More recently, interest in this fundamental economic issue has revived with the help of people like Fred Harrison who's written many books on the subject including The Traumatised Society. Taxing land is gaining traction as a political issue and is now treated seriously in the financial press.
The Coalition for Economic Justice has just released an excellent 30 minute video which explains why we need to tax the surplus value of land and remove taxes on employment and enterprise. Among the many benefits, It would eliminate tax avoidance, evasion and offshore tax havens.
The Taxing Question of Land (30 min video)
Hat tip to Peter, Anthony and John for this
Taxing the surplus value of land won't, of itself, cure all the problems we face but it will go a long way towards removing the distortions within the economic system and aligning the political economy with morality and logic. Abolition of interest on money and a citizens income for all would address the remaining fundamental flaws in the economic system. (See Economics to Save our Civilisation)