Andrew Yang, one of the Democratic candidates for the 2020 Presidential Election, is one of the most innovative candidates out of 4 Republicans and 17 Democrats still in the race. Yang is typically not put in the limelight by the mainstream media; this is in large part due to the fact that the polls indicate he is approximately in 7th place to be the Democratic nominee. Personally, I believe that Yang doesn’t get the media exposure that is warranted, and that his unique economic plans for the country are very often swept under the rug, and never given a second thought.
Backstory: Andrew Yang founded the non-profit organization titled, “Venture for America” in 2011. This company is dedicated to giving guidance to startup companies and aspiring entrepreneurs on how best to prevail in our increasingly competitive economy. Since Yang has significant economic know-how, he’s made it so that his campaign is centered around his economic plans for the United States His intentions, however, have been chalked up as too radical, and unrealistic by other Democrats.
One of Yang’s supposedly radical plans is to establish “Universal Basic Income.” This plan in short is to give $1000 dollars to each and every American over the age of 18. Needless to say, this plan would require a large bulk of the federal budget in order for it to be set into motion. Yang has stated that in order to raise the funds, his administration would set heavy taxes on the large tech companies which drown out the ability of small businesses to succeed. (Another reason for specifically taxing tech companies is to give a helping hand to those who lost their jobs due to said companies creating automatons which makes certain previously paid positions, now obsolete.)
For additional funds, Yang also plans to reinvigorate the entire welfare system, as he believes that his “freedom dividend” (The $1000 for every adult American) would more than suffice as a replacement for other programs such as Medicaid and Social Security. To Yang, the “freedom dividend” would make it so that every American that wishes to launch a startup company, has a “seed fund” that people will use in order to develop their businesses and pave the way for them to thrive.
Yang, is a largely successful entrepreneur is an avid supporter of capitalism, and the ability that it has to allow every American to succeed when implemented correctly. However, he is not blind to the evident flaws in the system. The most apparent flaw of capitalism to Yang being that the ultimate “goal” of capitalism is the accumulation of money, rather than the sum of people who have gained from capitalism. In short, Yang wants to reinvent the economy in the sense that the focus of capitalism should be to enable every aspiring American in the business world to succeed.
Yang’s philosophy on what the ultimate goal of capitalism should be is known as, “Human Centered Capitalism,” Yang hopes to tie this mindset in with the freedom dividend, in hopes that if every American is making investments in their own future with funds received from the government, the economy will be bolstered, and the jobs taken over by AI will be replaced by newer, more dated ones. Yang's history as an entrepreneur has shown that he has considerable moral boundaries when it comes to the economy, and plans to enforce that the focus of capitalism should be on a collective society's success, rather than on how much wealth the 1% can gather.