While the moral convictions of individuals are important in the long run, it is institutions that determine the immediate course of events, particularly the institutions of finance.
— Louis O. Kelso
We Have a Plan:
The Economic Democracy Act
Many of the problems in today’s world can be traced to power- and ownership-concentrating economic systems and their methods of financing new growth. The Economic Democracy Act is a national economic agenda of monetary, tax, inheritance and expanded ownership reforms for growing the economy in a more inclusive and participatory way, enabling every citizen to become an owner of income-producing capital.
The EDA’s free market, private property-based reforms, which are based on Just Third Way principles, lift barriers to universal access to the means for every person to acquire income-producing capital that pays for itself out of its own stream of future earnings.
This new economic agenda restructures our monetary, tax and other basic institutions to create new money and interest-free credit to finance broadly owned, sustainable, private-sector growth through ownership democratization vehicles like Capital Ownership Accounts, Citizens Land Development Cooperatives, Homeowners Equity Corporations, and Justice-Based Employee Stock Ownership Plans.