One World, Ready or Not

Cover of "ONE WORLD, READY OR NOT: THE MA...

Cover via Amazon

One World, Ready or Not, the Manic Logic of Global Capitalism by William Greider is an interesting report on the world we live in, by an author who believes that we can make life better for everyone if we take some dramatic actions.

What he proposes is making all workers capitalists as well. Workers would start to accumulate capital in the companies where they work, becoming active investors, rather than the passive investors most stock owners are, either directly or through mutual funds and 401-K’s. When capital ownership is concentrated in a few hands, as it is now, society breaks down into an adversarial relationship between labor and capital, management and unions.

To change that relationship to a harmonious one, where labor and capital are one and the same, Greider suggests that workers borrow the money required to buy stock from the Federal Reserve at low rates of interest. The Federal Reserve used to lend to business and could do so again, rather than dealing only with Wall Street and financial instruments to control interest rates and currency in circulation. Some European central banks continue lending to other than their banks.

This is a suggestion that will require further research on my part, but at first blush, I like the idea. It would break up large concentrations of wealth that threaten our democracy, and it would give workers two sources of income, rather than just the one from their labor. I like it.

Please see Unions