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조지주의는 named after 헨리 조지 (1839-1897), a U.S. political economist, is a philosophy and economic ideology that holds that everyone owns what they create, however everything found in nature, most importantly land belongs equally to all humanity. Georgism is also referred to as geoism, by those who feel a more generic term is desirable. Georgism has also been synonymous with a single tax on land.

The idea of the earth as the common property of humanity has resonated with modern-day environmentalists, and some have endorsed the idea of ecological tax reform as a replacement for command and control regulation. This would include taxes on the use of land and natural resources, including substantial taxes or fees for pollution.

This more general term encompasses the idea of incremental changes towards the elimination of unjust and economically destructive taxes on economic activity, by recovering the economic rent from land for the benefit of the entire society.

Some adherents are not entirely satisfied with the label Georgist. Henry George is now little known and the idea of a single land tax predates him. Some now use the term "Geoism", with the meaning of "Geo" deliberately ambiguous. "Earth Sharing", "Geoism", "Geonomics" and "Geolibertarianism" (see libertarianism) are also preferred by some Georgists; "Geoanarchism" is another one. These terms reflect a difference of emphasis, and sometimes real differences about how land rent should be spent (citizen's dividend or just replacing other taxes); but all agree that land rent should be recovered from its private recipients.

Influence

During its heyday, several communities were founded along Georgist principles. Two such still existing communities are Arden, Delaware, which was founded in 1900 by Frank Stephens and Will Price, and Fairhope, Alabama, which was founded in 1894 under the auspices of the Fairhope Single Tax Corporation.

The German protectorate of Jiaozhou Bay (also known as Kiaochow) in China fully implemented Georgist policy. Its sole source of government revenue was the land value tax of six percent which it levied on its territory. The colony existed from 1898 until 1914.

In Britain in 1909, the Liberal Government of the day attempted to implement his ideas as part of the People's Budget. This caused a crisis which led indirectly to reform of the House of Lords. George's ideas were also taken up to some degree in Australia, Hong Kong, Singapore, South Africa, South Korea, and Taiwan. In these countries, governments still levy some form of land value tax, albeit with exemptions.

In Denmark, the Georgist Justice Party has previously been represented in Folketinget. It formed part of a centre-left government 1957-60 and was also represented in the European Parliament 1978-79.

In the 2004 Presidential campaign, Ralph Nader mentioned Henry George in his platform.

Hong Kong is perhaps the best example today of a successful implementation of a high land value tax. The Hong Kong government generates more than 35% of its revenue from land taxes.. Because of this, they can keep their other taxes low or non-existent, and still maintain a budget surplus.

Predecessors

Those who expressed similar thoughts before Henry George include: Benjamin Franklin, John Locke, John Stuart Mill, William Ogilvie of Pittensear, Thomas Paine (notably in "Agrarian Justice"), William Penn, Adam Smith, Patrick Edward Dove, Herbert Spencer and the Physiocrats.

Criticism

Although both advocated worker's rights, Henry George and Karl Marx were antagonists. Marx saw the Single Tax platform as a step backwards from the transition to communism. He argued that, "The whole thing is...simply an attempt, decked out with socialism, to save capitalist domination and indeed to establish it afresh on an even wider basis than its present one." Marx also criticized the way land value tax theory emphasizes the value of land, arguing that, "His fundamental dogma is that everything would be all right if ground rent were paid to the state."

On his part, Henry George predicted that if Marx's ideas were tried the likely result would be a dictatorship. Fred Harrison provides a full treatment of Marxist objections to land value taxation and Henry George in "Gronlund and other Marxists - Part III: nineteenth-century Americas critics", American Journal of Economics and Sociology, (Nov 2003).

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(born June 21, 1914 in Victoria, British Columbia - died October 11, 1996 in New York State) , US citizen in 1945, was a Columbia University professor, whose Nobel Memorial Prize in Economics was announced just three days before he died.

Vickrey was awarded the prize jointly with James Mirrlees for research into the economic theory of incentives under asymmetric information. An example of this is the situation where, for instance, the insured know more about their health than their insurer.

William Vickrey authored the seminal 1961 Journal of Finance paper, "Counterspeculation, auctions and competitive sealed tenders.", which was the first instance of an economist using the tools of game theory to understand auctions. In the paper, which has been described as being two decades ahead of its time, Vickrey not only derives several auction equilibria, but also provides an early revenue equivalence result. The revenue equivalence theorem remains the centrepiece of modern auction theory. The Vickrey auction is named after him.

He also did important work in congestion pricing, the idea that roads and other services should be priced so that users see the costs that arise from the service being fully used when there is still demand. Congestion pricing gives a signal to users to adjust their behaviour or to investors to expand the service in order to remove the constraint. His theory was later partially put into action in London.

He was in his economic thought inspired by John Maynard Keynes and a sharp critic of Chicago School (economics) and the political focus on balanced budgets and inflation in times with great repression and unemployment.

Vickrey attended Phillips Academy, Andover and Yale College, and did his graduate work at Columbia University.

Among his prominent graduate students and proteges at Columbia were economists Lynn Turgeon and Harvey J. Levin.

See also

• Vickrey auction
• Road pricing
• London congestion charge
• Electricity market
• List of economists
• List of think tanks
• Georgism
• Nobel Memorial Prize in Economics