The Citizen's Share: Putting Ownership Back into Democracy | Joseph Blasi | Talks at Google

TL;DR

Broad-based property ownership, including profit sharing and employee stock ownership plans, is a critical solution needed to address wealth inequality in the United States.

Transcript

JOSEPH BLASI: Thank you very much for inviting me, and I'll just note that the book is co-authored with my colleague Richard Freeman, in the Economics Department at Harvard, and Douglas Kruse, my colleague in the School of Management and Labor Relations at Rutgers. So after he was elected President of the United States, George Washington faced a ve... Read More

Key Insights

• 🇨🇫 Broad-based property ownership is necessary for a democratic republic and was a priority for the founders of the American Republic.
• 🪛 Wealth inequality in the US is mainly driven by the concentration of capital ownership and income, rather than wage inequality.
• 🔠 Broadening capital ownership and income through employee equity, profit sharing, and citizen trusts can be a critical solution to address wealth inequality.

Questions & Answers

Q: How did George Washington and other founders of the American Republic view property ownership?

The founders believed that broad-based property ownership was necessary for a democratic republic and a critical solution to prevent feudalism and promote economic liberty.

Q: How is wealth inequality in the US mainly driven?

Wealth inequality in the US is mainly driven by the concentration of capital ownership and income, rather than wage inequality. This concentration of wealth is a result of limited ownership opportunities.

Q: What are some key solutions to address wealth inequality?

One solution is to implement broad-based employee equity and profit sharing plans in companies. Additionally, citizen trusts that provide dividend income supplements to wages can help address wealth inequality. The internet can also be utilized as a disruptive tool to tackle this issue.

Q: How can broad-based property ownership be implemented in various industries, including non-profit and government sectors?

In non-profit and government sectors, citizen trusts can be created to distribute dividends to supplement wages. This would provide income supplements to workers who do not work in for-profit corporations and ensure broader ownership.

Summary & Key Takeaways

• Democracy requires broad-based ownership to prevent feudalism and maintain economic liberty.

• Wealth inequality in the US is driven by the concentration of capital ownership and income, rather than wage inequality.

• Broadening capital ownership and income through employee equity, profit sharing, and citizen trusts is a potential solution.

• The internet alone cannot solve wealth inequality, but disruptive informational tools can contribute to the solution.