The Making of a Democratic Economy by Marjorie Kelly

Author:Marjorie Kelly
Language: eng
Format: epub
Publisher: Berrett-Koehler Publishers
Published: 2019-10-12T16:00:00+00:00

The innovative ownership design of EA Engineering is a promising emerging model. It has much to teach us about changing the DNA of larger corporations like Ciba- Geigy. But what’s the route to getting there? One possible path is illustrated by the advance of LEED green building norms. What began as the visionary work of a few green architects and builders became a set of codified norms, over time enacted into law. New York City in 2005 required new buildings receiving city funding to meet LEED standards, and other cities following suit include Boston, Dallas, Kansas City, Los Angeles, and more. Pleasanton, California, requires LEED certification for all commercial construction over a certain size.17

Benefit corporations are themselves a form of codification, with requirements in state law, such as reporting publicly on social and environmental performance. Encouragement of ESOPs is already codified in the US in substantial tax incentives, and worker co- ops are designs in the law of many nations. One could envision such norms advancing to new stages, with government incentivizing and ultimately requiring a phase- in of democratic ownership. At the same time, we could prohibit extractive ownership in sectors like healthcare and education. At some point, society must redesign the operating system of major corporations. If we don’t, democratic designs may remain forever marginal or face absorption.

First, we need to recognize ownership design matters. How many theorists worldwide today are working on ownership design, compared to the number working on climate change? How many business schools teach alternative forms of ownership? Abysmally few.

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