The ultimate community for building the right economy for our changing times (which is the real value of "wealth") is the Mid-Century Modern social innovation of the social trust for Workforce Pensions as an evolutionary adaptation of the 19th Century social innovation of social trusts for Civil Society Endowments.
This is a true 21st Century planetary commons that is constituted by the laws of its creation with the aim of investing money in financing for enterprise for income as well as safety to assure income security, in a dignified retirement for evergreen populations of current and future retired workers, in the case of Pensions, and for mission, in the case of Endowments, as a private benefit for some, directly, that is also a public good for us all, consequently.
These social trusts are also constituted by the laws of their creation with the character of vast size (they control millions to billions to tens of billions to hundreds of billions, individually, aggregated into the tens of trillions, collectively, worldwide), programmatic purpose (their aim is to invest money for income as well as safety to assure security and dignity forever) and forever time (they just keep going, across the generations).
The prudent stewards of these social trusts derive from this character, under the circumstances prevailing since 1983, the capacity to use the technologies of spreadsheet math, desktop publishing and digital communication to negotiate with enterprise of any size, in any business, anywhere on the planet.
We can also see, if we take the time and make the effort to look, that Private Equity exercises this capacity, which they acquire from the Pensions & Endowments who finance their activities, almost exclusively, to financially engineer profit extraction through a process the market as "value creation".
What we can and should be teaching ourselves to see, is that the actual stewards of these social trusts can also exercise this capacity, themselves, directly, to financially engineer socially beneficial cash flows through negotiated agreements on equity paybacks to an actuarial/fiduciary cost of money, plus opportunistic upside, from enterprise cash flows prioritized by contract for suitability, longevity and fairness in how the business does business.
And we also can and should be teaching ourselves to see that these stewards of security and dignity in the right economy are accountable to us, to our common sense as reasonable people familiar with such matters as aims character, capacity and circumstances, for their exercise of discretionary control within the constraints of prudence in the exercise of their capacity, derived from their character, in undivided loyalty to their aims, as constituted by the laws of their creation.
Our co-director Miriam Brett joined a CLES - Centre for Local Economic Strategies webinar to discuss how Celtic nations are tackling key challenges using community wealth building approaches. Accessible version of the Municipal Journal's article on the event available here: cles.org.uk/blog/much-to...
with Huw Thomas, Rhiannon Hardiman, Mary McManus, Liam Quinn
Much to learn from Celtic wealth building
https://cles.org.uk
Fantastic news, wishing the APPG all the very best!