Capital and Profits
If land should be widely distributed and held in private property, what of capital?
What would you think of a society in which the ownership of industry and agriculture (hereafter, capital) were widespread, so that few people were very rich and few very poor? Each person would receive a wage for his or her own work, plus the profit arising from that person's share of the nation's capital. Stocks of some industries would be owned by a social insurance fund, whose profit would be used for retirement benefits, health and unemployment insurance, and welfare, no questions asked, for those who cannot work. Hereafter, I will say "social insurance" to cover all these. The profits might not be large enough to pay all health bills, but they would certainly do so for those who could not afford them otherwise.
That is my ideal society. It possesses one diametric difference from our current society, in which the government serves as intermediary for social insurance. At present, income and profits are taxed by government, and government pays the social insurance. In my ideal society, by contrast, government would be canceled out. It might manage the fund or contract it to private insurance companies which would in turn be government-insured, but the people at large would own it. In technical jargon, the assets would be vested in them. A certain portion of the nation's capital would belong to the retired and the poor in the form of insurance policies, from which they would have the legal right to be paid if they met certain conditions, such as unemployment, age, and