(Roughly) Daily

“Justice is not the work of the law: on the contrary, the law is only the declaration and application of what is just in all circumstances where men have relations with one another”*…

This essay proposes a new model of personal and public wealth-building that can address the current crisis of inequality in the United States. We place contemporary American wealth inequality into its historical context by tracing how federal government policies have worked to support personal and public wealth building across three periods: the First Industrial Revolution of the mid-19th century, the Second Industrial Revolution of the early 20th century, and the Information and Communication Technology revolution of the late-20th century. We then suggest a series of potential governmental policies that can help to ensure a more equitable wealth distribution in the future. Our proposed “mutualist” model of political economy would allow for the large-scale diffusion of productivity gains that may follow the installation of deployment of the next wave of general-purpose technologies. This new social contract will move beyond the welfare state’s focus on insurance toward a more radical notion of shared ownership of returns on capital via universal individual capital endowments and new public investment channels that control shares in firms and intellectual property…

Addressing inequality in the U.S.: “The Mutualist Economy: A New Deal for Ownership“– Nils Gilman (@nils_gilman) and Yakov Feygin (@BuddyYakov) offer a powerfully-provocative proposal.

They join a growing chorus. See also, e.g., Louis Hyman (toward the end of this essay) and Lynn Forester de Rothschild (in this interview).

[Image above: source]

Pierre-Joseph Proudhon, describing an ideal state

###

As we rethink what isn’t working, we might send gilded birthday greetings to Johns Hopkins; he was born on this date in 1795. A businessman who is largely remembered as a philanthropist, he operated wholesale and retail businesses in the Baltimore area; he built his fortune by judiciously investing his proceeds in myriad other ventures, most notably, the Baltimore and Ohio (B & O) Railroad. In 1996, Johns Hopkins ranked 69th in “The Wealthy 100: From Benjamin Franklin to Bill Gates – A Ranking of the Richest Americans, Past and Present

His bequests founded a number institutions bearing his name, the best-known of which are, of course, Johns Hopkins Hospital and Johns Hopkins University.

Although Hopkins is widely-noted as an abolitionist, recent research indicates that Johns Hopkins was a slave owner for at least part of his life.

source

Written by (Roughly) Daily

May 19, 2021 at 1:01 am

%d bloggers like this: