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Promoting the democratic firm

“The employment contract (i.e. the wage-earning system)is the Achilles’ heel of the capitalism system! ”

2. How does it fit with Compass’ core beliefs of equality, solidarity, democracy, freedom, sustainability and well being?

It certainly fits democracy within the economic system, solidarity and respect of human being’s inherent dignity.

3. How does it build the institutions of social democracy, like social groups and collective and cooperative forms of ownership and control?

In a DEMOCRATIC FIRM, the bundle of shareholders’ property rights is broken down into two distinct categories of rights:
A) Two inalienable rights, belonging to all individuals actually working in the firm:
(i) Voting right,(self-determination & self-government)
(ii) Property right to the bottom line of the operating results.
These are the “membership rights”, materialized by a non-transferable “membership certificate”.
B) One alienable property right to the means of production. This right is materialized by a transferable “property certificate”.

4. How much will it cost or raise and where will any cost come from?

Normally, it requires only to change the statutes (constitution) of a given corporation. The cost is limited to the fee to be paid to a notary to register the new constitution. But to achieve that, one definitely needs a huge amount of trade-unions’ willingness and stamina! How much does that cost, is difficult to say!

5. Which groups in the electorate are likely to support or oppose this measure? Is there any polling evidence you have on this?

Green and socialist parties should seriously consider this measure.

6. Is there a place or country where it’s worked? Please provide some information.

Yes, in the Basque Region (Spain, Mondragon Group).

7. What are the three main arguments in favour/against it?

The current western-style economic system is fundamentally and structurally flawed. The problems are not just in the implementation of sound principles: the system is flawed because it violates the principles of the institutions that are usually associated with capitalism. That is, it violates
a) the basic principles of private property,
b) the theory of democracy and
c) the theory of non-fraudulent contracts.
(Quotation by David Ellerman, Property and Contract in Economics, 1992) See : http://www.ellerman.org/Davids-Stuff/AboutDavidEllerman.htm

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This entry was posted on Thursday, January 22nd, 2009 at 2:54 pm and is filed under Democracy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.