Georgism

Georgism is an economic philosophy proposed by Henry George in the late 19th century. It asserts that while individuals should own the fruits of their labor, land should be collectively owned since it is a natural resource that no one created. Georgists advocate for a land value tax, which would replace other taxes. This tax is based on the value of land rather than the buildings or improvements on it. The idea is that this would reduce inequality, encourage better land use, and generate public revenue for community needs, fostering a fairer economy.