South Korea’s UBI President is a Green Light for the Rest of Us
One leader is making the case that the value of nature and technology should be broadly shared to raise living standards and shorten workweeks. It’s a winning message our own leaders could adopt.
July 2025 | By Ken Yang | 10 min read
South Korean President Lee Jae-myung gives 👍👍 for UBI
The Tone from the Top
Once in a while, a major political leader emerges who understands deeply how basic income can give citizens a hand up, spur the economy, and support workers exposed to automation. But it’s not often we also see in this same leader someone who recognizes UBI as a dividend from natural resources and technological advancements—things we can consider common wealth. Even more so, a leader who understands that the answer to the housing crisis lies in how we share the publicly-generated value of land, the singular resource that drives both wealth and poverty more than anything else.
Unfortunately, we’re not referring to a Canadian leader or anyone in the Western Hemisphere for that matter. We’re describing South Korea’s Lee Jae-myung, who recently secured the presidency in a tumultuous snap election and, for many years, has actively campaigned on these policies.
As governor of the nation’s largest province, Lee launched a successful basic income program that expanded to 1/4 of all Korean residents. He has proposed a “sunlight and wind pension” for rural residents, effectively a UBI from solar and wind revenues. He has campaigned for basic income funded by land value tax and carbon fees, the former of which he has endorsed to curb real estate speculation and build a fairer housing system. Lastly, he believes that the dividends of technological progress should be shared by all and manifested through shorter workweeks.
At UBI Works and Common Wealth Canada, we’ve long advocated for these practical and transformative solutions to lift people out of poverty, share common wealth, and build a fairer housing system. Over the years, we’ve met numerous politicians and candidates who have supported any one of these policies. But it is rare to meet one who understands the complementary and synergistic dynamics between all of them.
Most leaders don’t even speak about one of them, let alone all of them.
While basic income advocates have long-debated the pros and cons of means-testing vs. universality, we believe it isn’t either-or, but two separate and complementary models that solve different problems. Guaranteed basic income (GBI) targets money to those in poverty efficiently (like senior and child benefits), while universal basic income (UBI) is a social dividend from things we have a fair claim to (like Alaska’s oil dividend or carbon rebates). Land value tax (LVT) fits in as an ideal source of public funding generally, while tackling the biggest driver of poverty: rising land values.
Lee is a cue that such ideas can make their way to the top of national and provincial leadership, when few other policies our leaders boast seem to be working. His campaign also shows the power of presenting these interrelated ideas together as a unified vision and new social paradigm.
Basic Income as Economic Policy
“Basic income is the most effective core policy to save the people, save the country, and save the market economy in a future society where jobs are disappearing and polarization is severe.” — Lee Jae-myung’s Basic Income Pledge
As mayor of Seongnam (a city not far from Seoul), Lee launched a youth dividend program offering all 24-year-olds 1 million won annually (about $1,000 CAD) in a local currency annually. Later, as governor of Gyeonggi Province—the nation’s largest province and home to nearly 1/4 of the population—he scaled this program to reach over 170,000 young adults, and during the COVID-19 pandemic, he introduced Gyeonggi Pay—a local currency initiative that distributed relief payments to all 13 million residents, further reinforcing basic income as an economic stabilizer. Remarkably, local businesses that accepted Gyeonggi Pay saw a 45% boost in revenue.
Lee is no stranger to South Korea’s basic income movement, which happens to be one of the most active and organized in the world. Spearheaded by the Basic Income Korea Network (BIKN), the movement has built a strong coalition of academics, activists, and civil society groups. BIKN played a key role in shaping Lee’s agenda; he launched several of his early programs based on their advice and has worked closely with the network since his time as mayor. He is also a friend and frequent contributor to the Basic Income Earth Network (BIEN), which held its 2023 BIEN Congress in Seoul.
In his 2022 presidential campaign, Lee proposed a phased national UBI, starting at 250,000 won per person per year and increasing to 1 million won, to be funded by land value taxes and carbon dividends. His other campaign proposals have included a youth basic income, rural basic income, basic income for artists, basic pension for seniors, and allowances for children and seniors who do not receive a public pension.
Since taking office, Lee has signaled a more cautious and pragmatic approach, walking back some of his earlier proposals—particularly on UBI—by reframing them as part of a broader “basic society” agenda aimed at ensuring a minimum standard of living through housing, health care, caregiving, education and public services. This shift may reflect political realities, or simply a strategic step toward building long-term public support for deeper reforms. In BIKN’s view, “Basic Society is the combination of basic income and universal basic services, and from the underlying principle it expresses that state is responsible for the realization of its citizens’ rights.”
There is a strong philosophical tie from basic income and basic society to the founding principle and educational motto of Korea: Hongik Ingan, which means “to broadly benefit the human world”. This philosophy emphasizes that actions, decisions, and policies should be guided by the goal of benefiting all people, while stressing the importance of living in harmony with nature and society. Supporters of basic income would find it hard to unsee this link, including, surely, Korean proponents like Lee.
For him, basic income is not just a safety net; it's a social dividend from our shared wealth in land, nature, and technology. At UBI Works, we distinguish between guaranteed basic income (targeted to reduce poverty) and universal basic income (sharing common wealth with all) as different, but complementary for practical purposes. Lee’s platform unifies these ideas into a vision that does both, while simultaneously aligning incentives around real estate and emissions.
Land Value Tax to Fix Housing, Fund UBI
“land tax and carbon tax are transitional policies that correct the unfair economy in which a few people monopolize profits from real estate speculation or carbon emissions, thereby transforming it into a fair economy and making the sovereign the actual owner of the commons.” — Lee Jae-myung’s Basic Income Pledge
Rising land values are the #1 driver of both wealth and poverty, and it’s not even close. It follows then that the key to addressing housing affordability and inequality lies in how we share the value of land. Land value tax (LVT) stands out as one of the most powerful and equitable ways to do that.
Lee has proposed an LVT to fund a universal basic income for all citizens and “prevent real estate speculation that ruins the country”. He affirmed his position in a 2021 policy address: "In order to realize the concept of public land ownership, block unearned income, and suppress real estate speculation, a land holding tax should be imposed.”
Unlike traditional property taxes that penalize building, LVT taxes just the value of the land underneath. This is value that is created not through individual effort of the owner or builder, but from the infrastructure and investments of society around it. While taxing income, improvements, or capital discourages work, construction, and investments, taxing land value doesn’t reduce the amount of land. Because of this unique attribute, LVT encourages more efficient land use while discouraging unproductive speculation, directly addressing a main driver of the housing crisis. This is why LVT is generally considered the most efficient and fair tax of all.
A 2022 report found that a 1.1% LVT in Korea could raise 80 trillion won annually—around $73 billion CAD or about $3,600 per Korean household per year. This would increase the net income of 85% of households, lower home prices, and reduce every measure of income inequality. The authors offer a resounding recommendation: “Redistributing gains from the [land] tax in the form of land dividends would benefit the overwhelming majority of Koreans”.
Research by Common Wealth Canada estimates that an LVT capturing 3/4 of the rental value of Canada’s land could generate nearly $200B/year, enough to fund a dividend of $6,000/year per adult. In another report, we estimate that an LVT in BC capturing 0.7% of land value could fund a $6,500/year household rebate, leaving nearly all households with more income.
Dividends from land embody an original vision of UBI advanced by trailblazers like Dr. Guy Standing, Dr. Karl Widerquist, and US Founding Father Thomas Paine. Since nobody created land, and its value comes from the work and investments of society around it, it’s fair that some of that wealth is returned to the community. We believe it is part of our mandate, as advocates, to foster leaders who grasp this essential link between basic income, land, and the commons.
UBI as Social Dividends
Lee’s “sunlight and wind pension” is a prime example of what we call social or *common wealth dividends—*payments from the commons in which citizens have shared claim. His proposal would provide rural residents with a monthly dividend of 150,000 to 200,000 won (roughly $150–$200 CAD), funded by surplus electricity generated by publicly-owned solar and wind projects.
Similar models already exist in the U.S. In Sherman County, Oregon, residents have received annual payments of around US $590 since 2002, funded by wind farm revenues. Alaska’s Permanent Fund Dividend has invested the state’s oil revenues to pay every resident a dividend every year since 1980. A handful of pilots across the U.S. have explored using solar energy to improve energy affordability for low-income households. Norway uses the proceeds of their oil fund to pay for pensions and public services.
Carbon-funded basic income is another form of common wealth dividend that is fair and progressive. In fact, the largest statement ever in the history of the economics profession is an open letter calling for carbon dividends, signed by 27 Nobel Laureates, 4 former Chairs of the US Federal Reserve, and over 3,500 economists (initiated by former Republicans!). In Canada, a group over 300 economists signed an open letter in support of carbon pricing.
Canada’s carbon rebates are highly progressive, leaving roughly the bottom half of households better off, while impacting prices less than 1%. While some Canadian politicians have tried to flip the script, the truth is that charging for the use of nature and returning the money directly to citizens is about as fair as it gets. Common Wealth Canada estimates that capturing the total economic rent (excess profits) of Canada’s natural resources (including minerals, oil and gas, and carbon fees) could fund a dividend of $7,500/year per adult, without inhibiting productive investment.
Social dividends extend beyond natural resources to include sovereign wealth funds and AI dividends. Together, these can help us achieve the promise of economic and technological progress: higher standards of living and shorter workweeks for all.
The Promise of Technology: Higher Living Standards, Shorter Workweeks
“The productivity gains brought by AI and advanced technologies should translate into reduced working hours. To this end, we will promote the phased introduction of a 4.5-day workweek and develop a roadmap to reduce actual working hours—ensuring that both the right to work and the right to rest are respected as fundamental principles.” — Lee Jae-myung’s Vision for a Basic Society
Lee has been one of the few national leaders to speak directly to the economic and human implications of automation. He has argued that the old assumption—that everyone can and should work full-time, continuously, for decades—is no longer realistic in a world where machines are increasingly doing the work. In its place, he offers a forward-looking vision: a society where rising productivity translates into more leisure time, beginning with a 4.5-day workweek.
Here at home, similar ideas have made their way to the top office. Prime Minister Mark Carney has spoken at length about technology “mercilessly” destroying livelihoods, driving down the labour share of income, and hollowing out middle class jobs. In response, he has hinted at the need to strengthen the safety net and share the gains of AI more broadly. In other words, Carney made the technology case for basic income without saying it.
Carney is not the only former Bank of Canada governor to remark on this: former governor Stephen Poloz has described how technology is splitting the economy into two (a “K-shaped economy”), and on multiple occasions has endorsed basic income as a “more efficient way of going about things” and an “automatic stabilizer”.
An interesting, if ironic, side story is of South Korean worker who passed away after getting caught in machinery while working alone. On his desk was a book about President Lee and his vision for basic income, left opened to a section titled “A New Vision for Ordinary People.”
Source: Oh My News
Most people intuitively understand that, in a functional society, technological progress should translate into better work conditions and greater freedom in how we spend our time. To what extent humanity fulfills this promise of technology comes down to how we enable ordinary people to participate directly in the upside of innovation.
The Trifecta of a New Social Contract
From halfway around the globe, Lee’s presidency hits close to home. Our team has spent years building support and becoming a leading voice for basic income, social dividends, and land value tax. These do not only reduce poverty and suffering; they pave the way to a radically optimistic future where common wealth maximizes human flourishing. These policy pillars form a trifecta that is greater than the sum of their parts—an updated social contract where progress is shared rather than extracted.
South Korea is a reminder that these ideas can move quickly from the margins to the mainstream with a charismatic leader carrying the torch. We in the west should see this as a green light to continue building champions in the highest offices of public service, with a winning message of freedom and abundance.
Thanks to Liam Wilkinson, Martin Adams, Stephen Hoskins, Dr. Francis K. Peddle, Scott Santens, Floyd Marinescu, and Ki-ae Lee for their resources and support. — Ken Yang
