GEORGIST Meaning and
Definition
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Georgist refers to a person or an adherent of the economic and philosophical ideas propounded by Henry George, an American economist, social reformer, and writer. Georgism, also known as Geoism or Geonomics, is a theory that focuses on the concept of economic rent and land value taxation.
The central idea behind Georgism is that land, as a natural resource, is distinctively different from other forms of wealth. Georgists argue that while individuals may rightfully own the products of their labor or the capital they have created, the value of land belongs to the community by nature. This belief is rooted in George's concept of "the law of rent," which suggests that as population density and economic development increase, the demand for land grows, leading to rising land values and increased rent.
To address social inequalities and promote economic justice, Georgists advocate for the implementation of a single tax on land values. They propose replacing other taxes, such as income tax or sales tax, with a system where individuals pay a tax based on the value of the land they occupy or own. This approach aims to discourage land speculation and unproductive use of land while ensuring that the community benefits from the increasing land values due to collective efforts.
Georgism has attracted followers worldwide who believe that this economic philosophy can provide a more equitable distribution of wealth, reduce poverty, and support sustainable development. While its implementation has seen limited success in practical application, the ideas of Georgism continue to influence discussions on land-use policies, taxation, and economic justice.
Etymology of GEORGIST
The word "Georgist" is derived from the name of its founder, Henry George. Georgism refers to the economic and social philosophy developed by Henry George in the late 19th century. George argued for a single tax on land or the value derived from land, which he believed would promote social justice and reduce wealth inequality. The term "Georgist" emerged to describe those who support and advocate for George's ideas and theories.
