Final answer:
The concept of taxing only the land, also known as Georgism, inspired several movements and policies globally, such as the Single Tax movement in the U.S, and was adopted in the economies of Taiwan and Singapore.
Step-by-step explanation:
The idea of taxing only land was a significant component of economist Henry George's proposed social philosophy, later known as Georgism. Inspired by this notion, several movements and policies emerged globally to implement such an exclusive taxation system.
For instance, in the early 20th century, the Single Tax movement in the United States espoused George's ideas, advocating for the abolition of all taxes except for a levy on the unimproved value of land. This movement had significant influence in many US cities and also sparked global interest.
The idea is also seen in the economic blueprint of Taiwan and Singapore, where land value taxation substantially contributes to government revenue. Moreover, notable economists like Milton Friedman and Joseph Stiglitz expressed admiration for George's ideas, further establishing its influence.
Learn more about Georgism