Democratising the Wealth of Nations
Published by The Company Directors Association of Australia and launched by Dr Jim Cairns MP, Deputy Prime Minister of Australia, at a Sydney conference on September 30, 1975.
95 Pages Posted: 20 Jun 2008 Last revised: 15 Jan 2021
Date Written: September 30, 1975
This book introduces three techniques for democratising the wealth of nations. The three techniques: Ownership Transfer Corporations (OTCs), Cooperative Land Banks (CLBs) and Producer-Consumer Cooperatives (PCCs), like Employee Share Ownership Plans (ESOPs), transfer wealth without taxes or welfare to allow the extent of taxes, welfare and the size of government to be reduced. Unlike ESOPs, the three techniques systemically democratise wealth by replacing static, exclusive and perpetual property rights with dynamic, inclusive and time limited rules of ownership. In this way a more efficient, equitable and participatory economic system can be created described as Social Capitalism. The Credo of Social Capitalism being: From each according to their interest; To each according to their contribution; Provided the basic needs of all are fulfilled. Differences between economists and business people in describing the nature and meaning of wealth are explained along with the non monetary value wealth. Also explained is why employees and professionals stay poor and how corporations concentrate wealth in a manner that is not reported by accountants. The book explains how wealth can be gained from inflation but this is limited by the ability of society to create wealth from production. The introduction of dynamic property rights could be used to create a community dividend to replace welfare to allow governments to replace full employment policies with a policy of fulfilment from work and/or leisure.
Keywords: Capitalism, Community Dividend, Democracy, Ownership Transfer, Property rights, Wealth
JEL Classification: B59, D23, D39, D63, G38, H23, P48, R51
Suggested Citation: Suggested Citation