Citizen Capitalism
Citizen Capitalism
How a Universal Fund Can Provide Influence and Income to All
Edition: 1
Pages: 184
Publication Date: 29 January, 2019
Available in all formats
EPUB
ISBN:
9781523095674
PDF
ISBN:
9781523095667
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Top Cornell law professor Lynn Stout and her coauthors Tamara Belinfanti and Sergio Gramitto offer a visionary but practical proposal to provide a guaranteed minimum income-it not only avoids creating a new government program or increasing taxes, but also gives the entire citizenry more influence in the economy.
This book offers a powerful and simple plan for simultaneously accomplishing two far-reaching objectives: (1) providing a basic income for all citizens and (2) making capitalism more democratic and responsive to the will of the people. The authors detail how we can create a universal fund (similar to a mutual fund) through donations of stock and other securities by corporations and individuals. This fund would be owned by, and would provide an income supplement for, all Americans. It would be an independent entity, not a government agency. Its citizen-owners would participate in governing the fund and directing its share voting choices. This would give average citizens more influence over and a larger share of the financial benefits from the corporations that are the engines of our economy. It would make corporations part of the solution to income inequality. The result will be making capitalism work better for all while bringing hope to us, our children, and our society.
This book offers a powerful and simple plan for simultaneously accomplishing two far-reaching objectives: (1) providing a basic income for all citizens and (2) making capitalism more democratic and responsive to the will of the people. The authors detail how we can create a universal fund (similar to a mutual fund) through donations of stock and other securities by corporations and individuals. This fund would be owned by, and would provide an income supplement for, all Americans. It would be an independent entity, not a government agency. Its citizen-owners would participate in governing the fund and directing its share voting choices. This would give average citizens more influence over and a larger share of the financial benefits from the corporations that are the engines of our economy. It would make corporations part of the solution to income inequality. The result will be making capitalism work better for all while bringing hope to us, our children, and our society.
Description
Top Cornell law professor Lynn Stout and her coauthors Tamara Belinfanti and Sergio Gramitto offer a visionary but practical proposal to provide a guaranteed minimum income-it not only avoids creating a new government program or increasing taxes, but also gives the entire citizenry more influence in the economy.
This book offers a powerful and simple plan for simultaneously accomplishing two far-reaching objectives: (1) providing a basic income for all citizens and (2) making capitalism more democratic and responsive to the will of the people. The authors detail how we can create a universal fund (similar to a mutual fund) through donations of stock and other securities by corporations and individuals. This fund would be owned by, and would provide an income supplement for, all Americans. It would be an independent entity, not a government agency. Its citizen-owners would participate in governing the fund and directing its share voting choices. This would give average citizens more influence over and a larger share of the financial benefits from the corporations that are the engines of our economy. It would make corporations part of the solution to income inequality. The result will be making capitalism work better for all while bringing hope to us, our children, and our society.
This book offers a powerful and simple plan for simultaneously accomplishing two far-reaching objectives: (1) providing a basic income for all citizens and (2) making capitalism more democratic and responsive to the will of the people. The authors detail how we can create a universal fund (similar to a mutual fund) through donations of stock and other securities by corporations and individuals. This fund would be owned by, and would provide an income supplement for, all Americans. It would be an independent entity, not a government agency. Its citizen-owners would participate in governing the fund and directing its share voting choices. This would give average citizens more influence over and a larger share of the financial benefits from the corporations that are the engines of our economy. It would make corporations part of the solution to income inequality. The result will be making capitalism work better for all while bringing hope to us, our children, and our society.
Table of contents
- Cover
- Title Page
- Copyright Page
- Dedication
- Contents
- Preface
- Introduction: What If?
- Chapter 1: Lost Opportunity
- Chapter 2: Short-Termism and Corporate Governance
- Chapter 3: Introducing the Universal Fund
- Chapter 4: The Private Money Is There
- Chapter 5: How Citizen Capitalism Unleashes Corporations’ Positive Power
- Chapter 6: How Citizen Capitalism Embraces Capitalist Principles
- Chapter 7: How Citizen Capitalism Mirrors American Values
- Chapter 8: How Citizen Capitalism Promotes Equality
- Chapter 9: How Citizen Capitalism Compares to Other Proposals
- Chapter 10: Why Not?
- Conclusion: What Next?
- Notes
- Acknowledgments
- Index
- About the Authors
Review quote
“This brave book, coming on the heels of the first author's equally bold The Shareholder Value Myth, takes on an even bigger challenge. Its goal is to bring together civil engagement and corporate governance, free enterprise and cooperative participation, through the creation of a universal shareholder fund. Based on a mutual fund model, the proposal would broaden access, bend income distribution, and shift the leverage points in our political system away from oligarchic elites. Citizen Capitalism will contribute to the debate about the responsibility of the corporation for contributing to the public good as well as private profit.”
-Sidney Tarrow, Emeritus Professor of Government, Cornell University, and author of Power in Movement
“This book offers a transformative plan to make corporate ownership and governance more inclusive. It attempts to harness corporate power and resources in the tackling of the challenges of poverty and empowerment. At the heart of the book is the relationship between corporations and society. Through their proposal, the authors strive for a synergic relationship benefiting society. With clinical precision and an extraordinary grasp of history, the book offers a brilliant diagnosis of critical issues facing the world in the field of corporate governance. This is an important and valuable book. It reminds us that the only legitimate end of corporate governance is the well-being of society.”
-Muna Ndulo, Professor of Law; Elizabeth and Arthur Reich Director, Leo and Arvilla Berger International Legal Studies Program; Director of the Institute for African Development
“Corporations-like governments-play an essential role in the lives of every American. But most Americans have an extremely limited ability to influence corporate decision-making, and we all live with the consequences. Stout, Gramitto, and Belinfanti offer a bold and creative alternative: What if we had a tool that gave every American a say in how corporations are run-like a superpowered pension fund that made corporations accountable to more than the bottom line? This is a powerful and timely idea, and Citizen Capitalism makes the case extraordinarily well.”
-Deborah N. Archer, Associate Professor of Clinical Law, New York University School of Law
“Citizen Capitalism offers fresh thinking at a critical point in our understanding of the effects of shareholder capitalism-from scholars who effectively bridge theory and the practical world of investment, markets, and citizen communities. This book offers an audacious plan on how to use the rules of capitalism to address inequality. I strongly recommend it.”
-Judy Samuelson, Executive Director, Business and Society Program, The Aspen Institute
“The very bold plan to democratize corporate governance detailed by Stout, Gramitto, and Belinfanti in Citizen Capitalism is sure to be controversial in some circles, but it will also catalyze long-overdue discussions about the role of business in our society. Read this book.”
-Alice Korngold, Author of A Better World, Inc., and President and CEO, Korngold Consulting, LLC
-Sidney Tarrow, Emeritus Professor of Government, Cornell University, and author of Power in Movement
“This book offers a transformative plan to make corporate ownership and governance more inclusive. It attempts to harness corporate power and resources in the tackling of the challenges of poverty and empowerment. At the heart of the book is the relationship between corporations and society. Through their proposal, the authors strive for a synergic relationship benefiting society. With clinical precision and an extraordinary grasp of history, the book offers a brilliant diagnosis of critical issues facing the world in the field of corporate governance. This is an important and valuable book. It reminds us that the only legitimate end of corporate governance is the well-being of society.”
-Muna Ndulo, Professor of Law; Elizabeth and Arthur Reich Director, Leo and Arvilla Berger International Legal Studies Program; Director of the Institute for African Development
“Corporations-like governments-play an essential role in the lives of every American. But most Americans have an extremely limited ability to influence corporate decision-making, and we all live with the consequences. Stout, Gramitto, and Belinfanti offer a bold and creative alternative: What if we had a tool that gave every American a say in how corporations are run-like a superpowered pension fund that made corporations accountable to more than the bottom line? This is a powerful and timely idea, and Citizen Capitalism makes the case extraordinarily well.”
-Deborah N. Archer, Associate Professor of Clinical Law, New York University School of Law
“Citizen Capitalism offers fresh thinking at a critical point in our understanding of the effects of shareholder capitalism-from scholars who effectively bridge theory and the practical world of investment, markets, and citizen communities. This book offers an audacious plan on how to use the rules of capitalism to address inequality. I strongly recommend it.”
-Judy Samuelson, Executive Director, Business and Society Program, The Aspen Institute
“The very bold plan to democratize corporate governance detailed by Stout, Gramitto, and Belinfanti in Citizen Capitalism is sure to be controversial in some circles, but it will also catalyze long-overdue discussions about the role of business in our society. Read this book.”
-Alice Korngold, Author of A Better World, Inc., and President and CEO, Korngold Consulting, LLC
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