Common Wealth Propertization

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Peter Barnes:

"common wealth is hugely valuable. We couldn’t live without it, and we certainly couldn’t have the amazingly productive economy we now have without it. The trouble is that the market doesn’t see this common wealth—it’s like the dark matter of the economic universe. And that’s what needs to change.

We need to make invisible common wealth visible.

The way the market ought to see common wealth is as wealth held in trust for future generations, for other species (when appropriate), and for all living persons equally—or, as legal scholar Carol Rose put it, as “property on the outside and commons on the inside.” For this to happen, common wealth must be embodied in legal entities that the market sees and respects. Outwardly, such entities would look like corporations, but inwardly they’d be coded to protect their assets for future generations and to share current income (if there is any) equally.

In Capitalism 3.0, I called this process of legally embodying Common Wealth Propertization — which shouldn’t be confused with privatization, which is the giving or selling of common wealth to private owners. Propertization keeps common wealth common, while at the same time protecting it from private takeover. A great example is the community land trust.

My argument then is that propertization of selected pieces of common wealth, if done to scale, can fix capitalism’s two great tragic flaws. By making invisible common wealth visible, it can make the invisible hand of the market smarter and fairer." (http://www.kosmosjournal.org/article/economics-for-the-anthropocene/)