RE: Re sorting the issues

[Michael Harrington <mharrington@milken-inst.org>]

Responding to Dan (IN CAPS) below:

Michael Harrington
The Milken Institute
1250 Fourth Street
Santa Monica, CA 90401
mharrington@milken-inst.org
TEL: (310) 998-2699
FAX: (310) 998-2625

-----Original Message-----
From: Dan Bell [mailto:dbell@kent.edu]
Sent: Thursday, November 04, 1999 9:12 AM
To: ownership@cog.kent.edu
Subject: Re: Re sorting the issues


Responding to Alan Zundel,

>I agree, but worry about the people who would still be left out of any 
>significant ownership stake.
>Kelso
>had a universal plan where non-recourse credit was given to individual 
>citizens for investment rather than channelled thru trusts with
beneficiaries 
>defined by some relation to a business.

I too want to find ways for the capital-less to accumulate
capital, especially those who are not connected to a
private company.
AGREED, AS WOULD KELSO.


One problem that I think needs to be addressed when creating
whatever solution is created, is including what Jeff Gates
refers to as "up close capitalism".

ESOPs are great because they allow capital-less people who
have a natural "up close" connection to a business, to
accumulate capital upon which they can have an impact.

I am worried that a capital account, set up in my name,
which simply sends me a dividend check each month, may
be little more than another form of welfare. I am still
disconnected from the capital which is adding to my income.
EMPLOYMENT IS NEITHER THE ONLY, NOR NECESSARILY THE MOST IMPORTANT
CONNECTION BETWEEN THE INDIVIDUAL AND THE SYSTEM. ONE IS A HUMAN BEING, A
CITIZEN, A COMMUNITY MEMBER, ETC. IN ADDITION TO BEING A WORKER. I THINK
SHAREHOLDING IS A FUNDAMENTAL CONNECTION BETWEEN THE INDIVIDUAL AND THE
CORPORATE CAPITALIST SYSTEM AND THE UNEMPLOYED OR SELF-EMPLOYED DEFINITELY
NEED TO HAVE THAT CONNECTION AS WELL. I DON'T THINK SHAREHOLDING IS
DISCONNECTED AND CERTAINLY NOT WELFARE BECAUSE WITH SHAREHOLDING ONE HAS A
STAKE IN POLITICS AND TAX POLICY AND ENVIRONMENTAL POLICY ETC. AND MUST MAKE
THE NECESSARY TRADE-OFFS AS A FULL PARTICIPANT. BUT THERE ARE STILL
CORPORATE GOVERNANCE/STAKEHOLDERS ISSUES THAT NEED TO BE RESOLVED.
MICHAEL


Dan Bell
International Program Coordinator
Ohio Employee Ownership Center
Kent State University
Kent, OH 44242
(330) 672-3028
(330) 672-4063 fax
dbell@kent.edu
http://www.kent.edu/oeoc/