Reconstructing the Social Contract Theory: Inculcating Ubi as the Antidote to Socio-Economic Inequality

Abstract This paper explores the intersection of Universal Basic Income (UBI) and Social Contract Theory, investigating the potential of UBI to fulfill the promises inherent in the social contract by providing a basic level of economic security to all citizens. Drawing on theoretical perspectives from Locke, Rousseau, Rawls, and Nozick, the study examines how UBI can address issues of justice, equality, and freedom within modern democratic societies. Methodologically, the research employs a mixed-methods approach, combining surveys to gauge public perception and interviews with policymakers and economists to gain expert insights. Additionally, the paper includes a comparative analysis of UBI pilot programs in Finland, Canada, Alaska, and Kenya to assess the practical impacts of UBI on poverty reduction, economic stability, and individual well-being.Findings indicate strong public support for UBI, particularly for its potential to reduce poverty and improve well-being, although concerns about funding sustainability and possible employment impacts remain prevalent. Interviews reveal a consensus among experts on the need for complementary policies to maximize UBI’s benefits and mitigate challenges. Case study analysis demonstrates that UBI can effectively enhance economic security and social cohesion, although its effects on employment are mixed.Overall, the paper argues that UBI represents a viable mechanism for modernizing the social contract, offering a means to enhance social justice and economic stability in an increasingly precarious global economy. The discussion highlights the importance of integrating UBI within broader social and economic policies to ensure its success and sustainability.