Beyond austerity and stimulus: democratizing capital acquisition with the earnings of capital as a means to sustainable growth

Ashford, Robert

doi:10.2753/pke0160-3477360201

Cited by 6 publications

(4 citation statements)

References 5 publications

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“…The institutions that can be used most effectively to competitively acquire capital with the earnings of capital in an ownership-broadening way are (1) the largest three thousand or so credit-worthy corporations (roughly comprising the Russell Index) working cooperatively with (2) professional Binary Trust fiduciaries (such as Fidelity, T. Rowe Price, TIAA-CREF, and Vanguard), (3) private lenders, and (4) private capital credit insurers. The capital acquisition approach would work as follows [113,114]. First, corporations that meet the government-backed inherently sustainable criteria would need to decide to finance their growth by selling common shares to a Binary Trust.…”

Section: An Integrated and Environmentally Sustainable Approach To Prmentioning

confidence: 99%

Universal Basic Income and Inclusive Capitalism: Consequences for Sustainability

et al. 2019

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Over the past forty years, income growth for the middle and lower classes has stagnated, while the economy (and with it, economic inequality) has grown significantly. Early automation, the decline of labor unions, changes in corporate taxation, the financialization and globalization of the economy, deindustrialization in the U.S. and many OECD countries, and trade have contributed to these trends. However, the transformative roles of more recent automation and digital technologies/artificial intelligence (AI) are now considered by many as additional and potentially more potent forces undermining the ability of workers to maintain their foothold in the economy. These drivers of change are intensifying the extent to which advancing technology imbedded in increasingly productive real capital is driving productivity. To compound the problem, many solutions presented by industrialized nations to environmental problems rely on hyper-efficient technologies, which if fully implemented, could further advance the displacement of well-paid job opportunities for many. While there are numerous ways to address economic inequality, there is growing interest in using some form of universal basic income (UBI) to enhance income and provide economic stability. However, these approaches rarely consider the potential environmental impact from the likely increase in aggregate demand for goods and services or consider ways to focus this demand on more sustainable forms of consumption. Based on the premise that the problems of income distribution and environmental sustainability must be addressed in an integrated and holistic way, this paper considers how a range of approaches to financing a UBI system, and a complementary market solution based on an ownership-broadening approach to inclusive capitalism, might advance or undermine strategies to improve environmental sustainability.

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Section: An Integrated and Environmentally Sustainable Approach To Prmentioning

confidence: 99%

Universal Basic Income and Inclusive Capitalism: Consequences for Sustainability

et al. 2019

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“…The conclusion is that capital commitments are greater to venture capital funds that provide more financial and management assistance to entrepreneurial firms than administrative and marketing inputs. Ashford (2013-14) offers a similar binary model. Capital investment, in his framework, has a seven-year recovery period.…”

Section: Venture Capital and Microfinancementioning

confidence: 99%

Venture capital and microfinance: an instrumental approach

Correa

2018

BKR

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<p>Following Adolph Lowe, we divide the economy into two sectors, equipment-goods industries and consumer-goods industries, operating over two periods. A structural relationship between the outputs in the two periods is given by a set of inequalities. One possible outcome is a state of less-than-full utilization of available resources. The economy consists of firms and households. Firms are technology entrepreneurs possessing blueprints for the transformation of the existing inefficient level of output to a full employment level, but no wealth. A subset of households, venture capitalists, is available in each of the three sectors. They finance the technologies in exchange for a share of the profits. We show that a stationary equilibrium exists only in the case when financial contracts are written in the second sector.</p>

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“…While there are a few dismissive reviews of working hours reduction policies from neo-classical economics perspectives, and some advocacy reports from new economics angles, this article attempts to give a balanced and comprehensive assessment concerning the state of our knowledge of the field, giving emphasis to economic, social and environmental considerations. Concerning the social dimension and unlike much of the new economics and degrowth literatures, our starting point is not a focus on reducing consumption, but on emphasizing that social and environmental sustainability require sustainable earning capacity for poor and middle-class people [7].…”

Section: Introductionmentioning

confidence: 99%

“…In general, in existing capitalist economies, earning capacity can be enhanced by some combination of two contributions: (1) wages earned through employment and (2) money earned through the ownership of productive capital [8]. The latter includes ordinary investment from wage savings that people might make through the purchasing of stocks, bonds, and property; changing ownership structures of businesses (e.g., see Marjorie Kelly's approach of generative ownership that focuses on generating and preserving wealth) [9], employee stock ownership plans (ESOPs) [10], and extending to poor and middle-class people effective market opportunities to acquire capital with the earnings of capital based on principles of binary economics [7,11]. These structural changes are not easy to implement in the immediate term.…”

Section: Introductionmentioning

confidence: 99%

“Friday off”: Reducing Working Hours in Europe

et al. 2013

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This article explores the pros and cons for reducing working hours in Europe. To arrive to an informed judgment we review critically the theoretical and empirical literature, mostly from economics, concerning the relation between working hours on the one hand, and productivity, employment, quality of life, and the environment, on the other. We adopt a binary economics distinction between capital and labor productiveness, and are concerned with how working hours may be reduced without harming the earning capacity of workers. There are reasons to believe that reducing working hours may absorb some unemployment, especially in the short-run, even if less than what is advocated by proponents of the proposal. Further, there may well be strong benefits for the quality of peoples' lives. Environmental benefits are likely but depend crucially on complementary policies or social conditions that will ensure that the time liberated will not be directed to resource-intensive or environmentally harmful consumption. It is questionable whether reduced working hours are sustainable in the long-term given resource limits and climate change. We conclude that while the results of reducing working hours are uncertain, this may be a risk worth taking, especially as an interim measure that may relieve unemployment while other necessary structural changes are instituted. OPEN ACCESS

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Beyond austerity and stimulus: democratizing capital acquisition with the earnings of capital as a means to sustainable growth

Cited by 6 publications

References 5 publications

Universal Basic Income and Inclusive Capitalism: Consequences for Sustainability

Universal Basic Income and Inclusive Capitalism: Consequences for Sustainability

Venture capital and microfinance: an instrumental approach

“Friday off”: Reducing Working Hours in Europe

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