Page 14 - Michael 2024 May

Justice means giving everyone their due

What is owed to everyone is a social dividend

by Alain Pilote the grave. It can be considered a form of guaranteed
income, furnished without conditions and regardless
We have just read on page 12 of this issue of MI-
CHAEL that according to Saint Thomas Aquinas—and of employment status. This is not an egalitarian sys-
tem, per se, as the employed people would receive
according to the Catechism of the Catholic Church— their salary or wages in addition to the social divi-
the definition of justice is «to render to each his due». dend. This brings us back to a consideration of jus-
Well, according to the Economic Democracy taught tice. According to Saint Thomas Aquinas, the guid-
by MICHAEL, it’s a social dividend—a monthly sum of ing principle is suum cuique, which, translated from
money—that is owed to each citizen.
Latin, is to give everyone what is due them.

Social Credit is based on three
principles (like a tripod)
1. Money issued without
interest by society
2. A dividend to every citi-
zen
3. A discount on prices
compensated to retailers

C.H. Douglas Louis Even
In addition to the dividend, a just economy would
Louis Even (1885-1974) advocated the finan-
cial proposals of the Scottish engineer Clifford Hugh be built on two other fundamental principles of Eco-
nomic Democracy:
Douglas (1879-1952), first stated in 1918, and known
as Economic Democracy (after Douglas’ first book on 1. New money belongs to society, not to private
the subject), or Social Credit. Louis Even founded a companies (commercial banks), and must be issued
periodical to publicize these ideas, Vers Demain in by an institution created by society such as a Nation-
French in 1939, and then MICHAEL in English in 1953. al Credit Office. In truth, money belongs to society; it
He also founded a movement dedicated to the ad- derives its value from the productive capacity of the
vance of Social Credit, the Pilgrims of Saint Michael, country; from the fact that there are natural resour-
with headquarters in Quebec, Canada. ces, a rich cultural heritage and workers willing and
able to develop these capacities.
Applying the monetary reform principles of Eco-
nomic Democracy would ensure that the economy 2. Another principle of Economic Democracy is
and society would effectively reach its goals, which called the Compensated Discount. This constitutes
are the satisfaction of human needs. The system a price reduction to the consumer which is compen-
would ensure that production of goods which cor- sated to the retailer by the Monetary Agency. It is a
respond to needs, would be financed, AND that con- mechanism which will prevent price increases, and
sumption would be financed, thereby ensuring that therefore, inflation.
necessary goods and services reach the population Why do we advocate for an income for all,
in a concrete and logical manner. and why call it a dividend?
The genius of Louis Even was to popularize Doug-
las’ principles and place them within the reach of Mr. Usually, we think of someone who receives divi-
and Mrs. Everyone. Mr. Even further showed that dends as a capitalist and shareholder in a company.
these monetary reform principles are coherent with The dividend paid to the shareholder represents a
the Social Doctrine of the Catholic Church and the share of profits. In truth, every citizen of a nation and
philosophy of Saint Thomas Aquinas. member of society should be recognized as a co-cap-
One of the three principles of Economic Democ- italist and owner of an immensely productive real cap-
ital, which we call Real Credit.
racy, which is the subject of this essay, is the social
dividend payable to each citizen from the cradle to A country’s productive capacity is the basis for

14 MICHAEL May/June/July 2024 www.michaeljournal.org