Skip to main content
Default Image

Breaking up the banks might make things worse. Instead, let's take ownership

In this article for The Guardian, Nathan Schneider details how broad-based ownership structures could be the alternative to public bailouts of large banks and financial institutions. He mentions the work of our Senior Vice President Marjorie Kelly in his article:

Rather than buying up credit default swaps against its own customers, such banks might act more like my old credit union, which had a special office just for helping members avoid foreclosure and eviction. It’s the difference between what Marjorie Kelly, in her lucid book ”Owning Our Future,” refers to as “extractive” and “generative” ownership. One seeks only to maximize profits for shareholders who may or may not be directly affected by the enterprise; the other seeks to align the prosperity of an enterprise with the prosperity of those it serves.

Read the full article here.

Publication date: 2016-04-13
Parent publication: The Guardian
Publication URL: http://www.theguardian.com/commentisfree/2016/apr/14/breaking-up-banks-public-bailouts-ownership

More related work

Default Image

Healthcare as a public service: Redesigning U.S. healthcare with health and equity at the center

The Veterans Health Administration—the country’s only fully public, integrated healthcare system—has a lot to tell us about how a national healthcare service for the United States might operate.

read more
Default Image

Preston is putting socialist policies into practice

Labor movements must pursue a social and economic vision that can address the deep structural inequalities these pandemic years have exposed. Preston gives a glimpse of the exciting possibilities that collaboration with unions could achieve.

read more
Default Image

This must be the year of climate action—we've wasted so many

The climate issue has grown too large and devastating to ignore. We need the demand for action raised to the highest decibel our civil society can generate.

read more