The New Ownership Society

Just beneath the surface of conventional media concern, the groundwork is quietly being laid for a powerful new strategic initiative: a progressive "ownership society." Traditional liberal approaches may be blocked for the moment at the national level, but there are increasing openings for serious action at the state and local levels, with longer-term nationwide implications. What is striking is that the idea that wealth should benefit the community directly is quietly becoming a commonplace. This community-oriented concept is the polar opposite of the Bush ownership principle that wealth should be concentrated among individuals (especially those at the top).

The alternative idea--a community-benefiting ownership strategy--takes a variety of forms. At one level are enterprises largely or entirely owned by employees who live in the communities in which those enterprises are located. At another are community-building neighborhood corporations. At still another level are nonprofit efforts that undertake economic activity to support community-service missions. Beyond these are publicly owned enterprises that provide jobs and services but also make money for cash-starved local municipalities. Still other efforts include large numbers of cooperatives, community land trusts and hybrid community-oriented economic efforts. Moreover, a number of public-pension and other investment strategies either help nonprofit efforts (especially in housing) or contribute to local community finances by strengthening the local tax base. Some invest in worker-owned companies.

Virtually all these approaches differ from traditional social programs in that they do not depend primarily on taxing and spending--at a time when the ever-deepening fiscal crisis will continue to constrain traditional strategies. Many also anchor jobs firmly in local communities--at a time when globalization and runaway corporations threaten local economic stability.

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