It supersede both capitalism and socialism. It works in Alaska but the amount of payments from the oil revenue program would have to be substantially boosted to create a basic income program:
“But even in the U.S, basic income has a forebear. In Alaska, the state’s oil revenues are divided equally between every resident. The checks written at the end of the year usually amount to somewhere around $1,000 per person, hardly enough for a household to live on, but the subsidy does seem to positively affect Alaskans: economist Scott Goldsmith calculated that this is the equivalent to adding an entire new industry, or 10,000 new jobs, to the Alaskan economy. The model boasts nearly a 90 percent approval rating and a slew of fierce political advocates, including those, like Alaska’s former Republican Governor Wally Hickel, who see it as a blueprint for a new, superior economic policy. “From common ownership of our land and our resources, has emerged a new model for modern society,” he said in 2012. “We call ourselves the Owner State. And what we own is the commons. We believe our model surpasses both capitalism and socialism.”
But the Alaska oil revenue is wealth generated through the production of resources within the State: it is the State’s share of oil company created wealth, split amongst the citizens, and not simply ‘redistributed’ from one citizen to another.