James Meade, public ownership, and the idea of a citizens' trust. (29th March 2019)

• Record Type: Journal Article
• Authors: O'Neill, Martin; White, Stuart
• Is Part Of: International journal of public policy. Volume 15:Number 1/2(2019)
• Page Start: 21
• Page End: 37
• Publication Date: 2019-03-29
• Subjects: public ownership -- social wealth fund -- sovereign wealth fund -- socialism -- liberalism -- inequality -- Meade -- Rawls -- ownership -- justice; Political planning -- Periodicals; Public administration -- Periodicals; 351.05
• Languages: English
• ISSNs: 1740-0600

Abstract

James Meade argued that public ownership of productive assets should have a central role in a 'liberal socialist' economy. While somewhat sceptical of the state seeking to run specific firms or industries, Meade argued that the state should own a significant share of a society's productive assets, using the return on the assets to promote a more equal distribution of income (e.g., through payment of a universal social dividend). This paper traces the development of Meade's thinking around this citizens' trust concept; explores its influence in UK policy discussions; and makes the case for the continuing relevance of the proposal in response to contemporary economic developments.