Title: The case for citizens' wealth funds

Authors: Stewart Lansley; Duncan McCann; Steve Schifferes

Addresses: Townsend Centre for International Poverty Research, School for Policy Studies, University of Bristol, 8 Priory Road, Bristol BS8 1TZ, UK ' City University, Northampton Square, Clerkenwell, London EC1V 0HB, UK ' CityPERC, University of London, Northampton Square, London EC1V 0HB, UK

Abstract: Citizens' wealth funds (CWFs) can be a key tool in tackling the growing disparity of wealth between the public and private sector and helping improve inter-generational fairness. They can also be a powerful pro-equality force. Such funds would be commercially managed and independently run, but held in trust for the public, with the dividends but not the capital used for social purposes. Some governments (including Singapore, Alaska, Australia and Norway) have successfully built up large funds, using the proceeds of natural resource extraction or privatisation. Getting public buy-in is the key to the success of such funds - and some of the most successful hypothecate the revenues to specific aims, for example a citizen's annual dividend (a kind of basic income) or to pay government pensions.

Keywords: citizens' wealth fund; CWF; sovereign wealth fund; basic income; public wealth; public sector assets; North Sea oil; inequality; inter-generational equality; privatisation; Australia's future fund; Temasek.

DOI: 10.1504/IJPP.2019.099051

International Journal of Public Policy, 2019 Vol.15 No.1/2, pp.136 - 152

Published online: 12 Apr 2019 *

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