Georgist Theory

Georgist theory, developed by Henry George, proposes that while individuals should own and control their labor and the products they create, the natural resources and land should belong to everyone collectively. Georgists argue that because land is a natural gift, its value—often increased by community development—should be shared through a land tax. This tax would encourage productive use of land, reduce speculation and inequality, and generate public revenue without hindering individual enterprise. Essentially, it aims to balance private rights with social fairness by taxing land value rather than productive activities or improvements.