Poverty and instability result from the working of the whole financial system, not just real estate. Henry George’s proposal for a single tax on rents should be expanded to a set of taxes on the financial system, especially on speculation, for example, Tobin taxes. The financial sector should be seriously reorganized and reduced in size and importance. With taxes falling chiefly on rents and financial earnings, government spending should be used to manage aggregate demand and support innovation. These policy changes could break the link between Progress and Poverty.


Single tax Tobin taxes Progress Poverty Real estate 

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Edward Nell
    • 1
  1. 1.New SchoolNew YorkUSA

Personalised recommendations