Universal basic income as a form of social contract: assessment of the prospects of institutionalisation

The potential benefits and risks of the introduction of universal basic income (UBI) are examined. UBI is considered as an alternative mechanism of social policy, the emergence of which is explained from the perspective of the crisis of contemporary social security systems. The aim of the study is to find out the prospects for the widespread introduction of UBI in modern social security systems under the crisis of the welfare state institution, as well as to assess whether UBI can be an effective response to current social challenges. The analysis is based on the methodology of neoinstitutionalism and case study. It is emphasised that the interest in UBI was caused by the inefficiency of the institution of the welfare state in the context of economic globalisation, technological advance (automation, robotisation of production) and increased under long-term quarantine restrictions in 2020-2021 with their devastating effect on national economies. The major approving and critical arguments with reference to the practical implementation of the UBI concept are systematised. The principal differences in pilot projects to provide UBI, from the standpoint of their goals and outcomes, are indicated. The potential ability of UBI to act as the latest philosophy of social policy in the era of globalisation, technological progress, pandemic challenges, etc. was proved. The need for public solidarity regarding the new social contract as a key prerequisite for the widespread implementation of UBI was highlighted.