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Can we broaden the boundaries of the history of economic thought to include positionalities articulated by grassroots movements? Following Keynes’s famous remark from General Theory that ‘practical men […] are usually the slaves of some defunct economist,’ we might be wont to dismiss such a push from below. While it is sometimes true that grassroots movements channel preexisting economic thought, I wish to argue that grassroots economic thought can also precede developments subsequently elaborated by economists. This paper considers such a case: by women at the intersection of the women’s liberation movement and the claimants’ unions movement in 1970s Britain. Oral historical and archival work on these working-class women and on achievements such as their succeeding to establish unconditional basic income as an official demand of the British Women’s Liberation Movement forms the springboard for my reconstruction of the grassroots feminist economic thought underpinning the women’s basic income demand. I hope to demonstrate, firstly, how this was a prefiguration of ideas later developed by feminist economists and philosophers; secondly, how unique it was for its time and a consequence of the intersectionality of class, gender, race, and dis/ability. Thirdly, I should like to suggest that bringing into the fold this particular grassroots feminist economic thought on basic income would widen the mainstream understanding and historiography of the idea of basic income. Lastly, I hope to make the point that, within the history of economic thought, grassroots economic thought ought to be heeded far more than it currently is.

As coronavirus disease 2019 (COVID-19) spreads globally, the economic and health consequences are disproportionately affecting marginalized workers. However, countries' existing labor and social security laws often exclude the most vulnerable workers from coverage, exacerbating existing inequalities. Guaranteeing the rights to adequate income even when ill, decent working conditions and nondiscrimination in constitutions may provide a foundation for protecting rights universally, safeguarding against counterproductive austerity measures, and providing a normative foundation for equality and inclusion as economies recover. The purpose of this article is to examine the prevalence of these rights globally and assess some of their early impacts amid the pandemic.

The authors created and analyzed a database of constitutional rights for all 193 United Nations member states. All constitutions were double coded by an international multidisciplinary, multilingual team of researchers.

This study finds that 54% of countries take some approach to guaranteeing income security in their constitutions, including 23% that guarantee income security during illness. Thirty-one percent guarantee the right to safe working conditions. Only 36% of constitutions explicitly guarantee at least some aspect of nondiscrimination at work. With respect to equal rights broadly, constitutional protections are most common on the basis of sex (85%), followed by religion (78%), race/ethnicity (76%), socioeconomic status (59%), disability (27%), citizenship (22%), sexual orientation (5%) and gender identity (3%). Across almost all areas, protections for rights are far more common in constitutions adopted more recently.

This is the first study to systematically examine protections for income security and decent work, together with nondiscrimination, in the constitutions of all 193 UN member states.

The ideational connections between social democracy and basic income is the theme of this article. Social democracy is not a fixed doctrine, but as a movement it shares some key ideas with the policy of basic income, like solidarity, equal opportunity, freedom and social security. Due to current challenges emerging from waves of digitalisation, globalisation, etc., the support for a universal basic income has taken off, but not among social democratic politicians. The article argues that the social democratic policy of full employment implies an increasingly tough work orientation that is challenging to reconcile with de-commodifying social rights, which has characterized social democratic welfare states. It is further argued that a strict reciprocity-based policy has not proven effective in getting people into work on a permanent basis, and that the current challenges require new policy ideas. Two alternatives are discussed: guaranteed jobs and a basic income. The article argues that the lack of enthusiasm for the last option among social democrats is based on the misconception that a basic income will harm people's motivation to work, their self-respect, the social economy and the principle of justice. The article sheds light on this misconception. In the closing remarks, the proposal for an ‘emergency basic income’ is considered in view of the current global corona crisis.

The purpose of this article is to investigate the relationship between cash flow uncertainty and the underpricing of real estate investment trust (REIT) initial public offerings (IPOs) using hand-collected data on income guarantee in Thailand from January 2005 to December 2019.

This article uses linear regression to determine the relationship between underpricing (initial return) and proxy for cash flow uncertainty (income guarantee), controlling for other factors. Because issuers can use several actions to signal their quality under asymmetric information, the joint decisions are analyzed as simultaneous equations and estimated using three-stage least square (3SLS) to address potential endogeneity concern.

This article finds that underpricing, on average, is negatively related to income guarantee, which is a proxy for ex ante cash flow uncertainty. The relationship is economically and statistically significant and robust to simultaneous equations estimation. Further investigation shows that REITs with income guarantee tend to have lower systematic risk (measured by CAPM beta) and returns, making the nature of some REITs more debt-like than equity-like.

For issuers, the result suggests that offering income guarantee (which is more costly for assets with lower quality) can be a useful signal of asset quality to investors and reduce IPO discount. For institutional and retail investors, the results are informative about the risk-return tradeoffs in REIT IPO investment opportunities. Income guarantees makes REIT exposure more fix income-like, so there is a need to consider the credibility of the guarantor as well.

This article is the first to use income guarantee as an ex ante measure of cash flow uncertainty and explicitly investigates its linkage to IPO underpricing. This aspect of uncertainty and IPO underpricing remains little-studied in the academic literature. It also contributes to the growing literature of REIT IPOs in Asia.

The purpose of this paper is to explain how the current “crisis” in the UK pension system arose. I argue that it is a result of a combination of changes in government policy and basic instabilities always inherent in the financial system. Policy changes increased the vulnerability of the pension system to those instabilities. The background to these changes and also the frame of reference in terms of which the “crisis” itself is now phrased is broadly neoliberal. Its theoretical roots are in ideas of the efficiency of free markets. Its policy roots are expressed in a series of similar neoliberal policy tendencies in other capitalist states. I further argue that neoliberal solutions to the pension crisis simply offer more of the very matters that created the problems in the first place. Moreover, the very terms of debate, based in markets, financialisation of saving and individualisation of risk, disguise a more basic debate about providing a living retirement income for all. This is a debate that New Labour is simply not prepared to constructively engage with in any concrete fashion.

Assumptions regarding long‐term expected returns have significant implications for asset/liability management of financial institutions. This article questions the validity of common assumptions regarding long‐term expected returns that are employed by financial institutions, in particular insurance companies. Although this article directly addresses this issue in the context of the insurance industry, the discussion is relevant for all institutional investors in fixed income markets.

Regional minimum income (RMI) schemes have been a fundamental tool for fighting poverty in Spain at a regional level. However, the redistributive power of these schemes has not been as effective as was expected in reducing inequality during the last decades. On the other hand, the introduction of the new ‘Minimum Vital Income’ (MVI) by the Spanish Central Government represents a novel measure for fighting poverty, by guaranteeing minimum incomes from a national perspective as a policy response to the asymmetric impact of the COVID-19 crisis upon income distribution. Using EUROMOD,¹ this paper simulates both the distributional effects of the introduction of the MVI and what the effects on inequality and poverty in each Spanish region would be if the national scheme were to substitute the current regional schemes. The results referring to MVI introduction indicate that inequality and poverty would decrease in all dimensions: incidence, intensity, and inequality among the poor (Foster–Greer–Thorbecke poverty measures). Additionally, the negative effects of RMI elimination would be offset by the positive effects of MVI introduction for most regions, leading us to consider that the simulated scenario entails better redistributive results, as well as additional savings for Spanish Public Accounts, in a context of growing debt. Our findings can provide public policy-makers with useful information about the convenience of fighting poverty at a national level as regards distribution and revenue.

Property investment risk is traditionally accounted for by valuers in a risk‐adjusted discount rate approach, although this term, popular in mainstream finance, is rarely used. This paper shows that RADR is but one of several risk adjustment techniques that may be employed within an explicit cash flow framework. It explains how a certainty equivalent technique may be used in an objective manner by use of standard deviation analysis, and develops a new technique for use in the UK prime market known as the sliced income approach. The paper goes further by setting risk adjustment (deterministic) techniques within the wider context of risk analysis and compares a simple probabilistic approach and sensitivity analysis with these techniques for use in property investment appraisal. A case study is employed in illustrations.

The collapse of the Soviet Union and the success of the US economy at the end of the second millennium do not necessarily mean the end of socialism. In fact both capitalism and socialism are beneficial for a unitary human development, which consists of both material and spiritual development. Capitalism, with its emphasis on self‐interest and individual freedom, has been crucial to material development. But socialism, with its preference for other‐interest and collective necessity, is conducive to spiritual development. Thus, what is needed for further development of the human race is a unitary economics that synergizes capitalism and scoialism.

Have you ever wondered how Agatha Christie's Miss Marple managed to live her quaint life in the quiet little village of St. Mary Mead without visible means of support? The source of her “small fixed income” was a financial resource which has kept many a fictional British character in “tolerable circumstances”—the annuity. While literature often mentions annuities in passing, they have only recently received attention from the financial press. The 1986 Tax Reform Act has left annuities and life insurance among the few untouched tax shelters, and the insurance industry is responding to this opportunity by expanding its product lines, and by emphasizing the tax benefits of single‐premium and whole‐life policies and annuities.