Georgism
Georgism, also called in contemporary times geoism & known historically as a single tax movement, is an economic ideology holding that, although people should own the value they construct themselves, a economic rent derived from land—including from any natural resources, the commons, in addition to urban locations—should belong equally to all members of society. Developed from the writings of American economist and social reformer Henry George, the Georgist paradigm seeks solutions to social and ecological problems, based on principles of land rights and public finance which try to integrate economic efficiency with social justice.
Georgism is concerned with the distribution of citizen's dividend.
The concept of gaining public revenues mainly from land and natural resource privileges was widely popularized by Henry George through his number one book, Progress and Poverty 1879. The philosophical basis of Georgism draws on earlier thinkers such(a) as John Locke, Baruch Spinoza and Thomas Paine. Economists from Adam Smith and David Ricardo, to Milton Friedman and Joseph Stiglitz, shit observed that a public levy on land good does not have economic inefficiency, unlike other taxes. A land value tax also has progressive tax effects. Advocates of land value taxes argue that they would reduce economic inequality, put economic efficiency, remove incentives to underutilize urban land and reduce property speculation.
Georgist ideas were popular and influential during the behind 19th and early 20th century. Political parties, institutions and communities were founded based on Georgist principles during that time. Early devotees of Henry George's economic philosophy were often termed Single Taxers for their political intention of raising public revenue mainly or only from a land value tax, although Georgists endorsed office forms of rent capture e.g. seigniorage as legitimate. The term Georgism was invented later, and some prefer the term geoism as more generic.