48 Questions
What is the primary reason why many people are economically vulnerable?
They do not own private property that produces wealth
Who are the rich and powerful in today's economy?
The people who own land and technology
What is the primary source of wealth in the 21st century?
Land and technology
What is the result of concentrated ownership?
Economic power is concentrated
Why are most non-property-owning workers economically vulnerable?
They can only produce insecure subsistence incomes from their jobs
What is the ideal economic system according to the passage?
A system where everyone has an equal opportunity to own shares in companies
What is the primary way that people become rich and powerful?
By owning shares in companies that use advanced technology
What has not increased much over the last 1,000 years?
The wealth-producing power of an individual worker
What is the primary goal of the Economic Democracy Act?
To democratize access to capital ownership and profits
How much is added to America's productive assets annually?
$4 trillion
What is the purpose of a Capital Ownership Account (COA)?
To access interest-free capital credit for investments
What is the main benefit of the Economic Democracy Act for workers?
Access to capital ownership and profits
What type of companies can be invested in through a Capital Ownership Account (COA)?
Companies where a family member works, has a monthly billing account, or is well-managed and profitable
What is the name of the historic act that the Economic Democracy Act is modeled after?
The Homestead Act of 1862
What is the primary benefit of the Economic Democracy Act for communities?
Access to interest-free credit for community development
What is the goal of Companies establishing Employee Stock Ownership Plans (ESOPs) and Consumer Stock Ownership Plans (CSOPs)?
To provide benefits to employees and customers
How much would every citizen gain by age 65 under the Economic Democracy Act?
Access to capital ownership and profits
What is the alternative economic system proposed by the Economic Democracy Act?
A 'just third way' combining elements of socialism and capitalism
What is the main purpose of the Economic Democracy Act?
To promote community land planning and governance decisions through citizen participation
How would the Federal Reserve System support businesses under the Economic Democracy Act?
By supplying local banks with the money needed for business growth
What is the purpose of Capital Ownership Accounts in the Economic Democracy Act?
To provide a means for citizens to purchase shares in companies with interest-free capital credit
How would citizens pay for the shares purchased with interest-free capital credit?
With tax-deductible dividends from the companies
What is a key benefit of the Economic Democracy Act for citizens?
A decent and regular income from the earnings of accumulated capital
What is a long-term benefit of the Economic Democracy Act for citizens' families?
Income-producing property to pass on to children
What is the primary reason why people who own technology and land have significant economic power?
Because they have control over the means of production
What is the primary difference between rich and powerful individuals and economically vulnerable people?
Their ability to own income-producing wealth
What is the primary reason why many people are not able to produce secure incomes?
Because they do not own the means of production
What is the primary characteristic of a just and democratic economy?
Equal access to the means of owning income-producing wealth
What is the primary advantage of owning shares in companies that use advanced technology?
It allows individuals to profit from the work that technology does
What is the primary reason why the wealth-producing power of an individual worker has not increased much over the last 1,000 years?
Because they do not own the means of production
What is the primary consequence of concentrated ownership in the economy?
It leads to a concentration of power among a few individuals
What is the primary benefit of owning income-producing wealth?
It provides individuals with economic power and security
What would be the main benefit of citizens having access to capital credit under the Economic Democracy Act?
They would be able to invest in shares representing newly added machines and structures.
How would the Federal Reserve System support businesses under the Economic Democracy Act?
By supplying local banks with the money needed for business growth.
What would be the main purpose of 'irrigating' new money and credit through Capital Ownership Accounts?
To democratize access to capital credit.
What would be the long-term benefit of the Economic Democracy Act for citizens?
They would be able to pass on income-producing property to their children.
How would citizens pay for the shares purchased with interest-free capital credit?
Through tax-deductible dividends of the companies they invest in.
What would be the result of citizens having access to capital credit under the Economic Democracy Act?
They would be able to invest in shares and become owners of the capital they accumulate.
What is the primary goal of the Economic Democracy Act, other than generating private sector profits?
To systematically distribute ownership of new growth to every individual citizen
What is the primary way for citizens to access interest-free capital credit under the Economic Democracy Act?
Through a local bank with a Capital Ownership Account (COA)
What type of companies can citizens invest in through a Capital Ownership Account (COA)?
Companies for which a family member works
What is the historical act that the Economic Democracy Act is modeled after?
Lincoln's Homestead Act of 1862
What is the primary benefit of the Economic Democracy Act for communities?
Attraction of interest-free credit for development and infrastructure
How do citizens repay the interest-free capital credit under the Economic Democracy Act?
Through future pre-tax earnings of the capital itself
What is the ultimate goal of the Economic Democracy Act for citizens?
To provide every citizen with a share in power over technological progress
What is the primary benefit of the Economic Democracy Act for workers?
Participation in the profits from sustainable economic growth
What is the alternative economic system proposed by the Economic Democracy Act?
A 'just third way' that combines private sector profits with ownership for every citizen
How much is added to America's productive assets annually, according to the passage?
$4 trillion
Study Notes
Wealth and Power
- Throughout history, the rich and powerful have owned the means of production, which has enabled them to accumulate wealth and power.
- Today, the means of production are primarily land and technology, and those who own these assets have significant economic power.
The Problem of Concentrated Ownership
- The problem is that too few people own the income-producing wealth, while many people own nothing and owe more than they own.
- This concentration of ownership leads to economic insecurity and powerlessness for many citizens.
Economic Power and Property
- Economic power is closely tied to property ownership and the means to acquire property.
- In today's economy, the most significant forms of property are advanced technologies and corporate equity.
The Solution: Economic Democracy
- The Economic Democracy Act proposes a new way to distribute wealth and power, where every citizen can gain ownership in the means of production.
- This would involve providing access to capital credit, enabling citizens to purchase shares in companies that use advanced technology.
The Economic Democracy Act
- The Economic Democracy Act would allow every citizen to gain ownership in the means of production, without taking away from current owners.
- Every child born today could gain a share in the profits from sustainable economic growth by age 65.
How it Works
- Citizens could access capital credit from a local bank to purchase shares in companies, with the loan repaid through future profits.
- Companies could establish Employee Stock Ownership Plans (ESOPs) and Consumer Stock Ownership Plans (CSOPs) for workers and customers.
- Communities could establish for-profit Citizens Land Development Cooperatives (CLDCs) to attract interest-free credit for development and infrastructure projects.
Access to Capital Credit
- The Economic Democracy Act enshrines access to capital credit as a fundamental right of citizenship.
- The Federal Reserve System would supply local banks with the money needed for private sector growth, which would then be distributed through Capital Ownership Accounts.
Wealth and Power
- Throughout history, the rich and powerful have owned the means of production, which has enabled them to accumulate wealth and power.
- Today, the means of production are primarily land and technology, and those who own these assets have significant economic power.
The Problem of Concentrated Ownership
- The problem is that too few people own the income-producing wealth, while many people own nothing and owe more than they own.
- This concentration of ownership leads to economic insecurity and powerlessness for many citizens.
Economic Power and Property
- Economic power is closely tied to property ownership and the means to acquire property.
- In today's economy, the most significant forms of property are advanced technologies and corporate equity.
The Solution: Economic Democracy
- The Economic Democracy Act proposes a new way to distribute wealth and power, where every citizen can gain ownership in the means of production.
- This would involve providing access to capital credit, enabling citizens to purchase shares in companies that use advanced technology.
The Economic Democracy Act
- The Economic Democracy Act would allow every citizen to gain ownership in the means of production, without taking away from current owners.
- Every child born today could gain a share in the profits from sustainable economic growth by age 65.
How it Works
- Citizens could access capital credit from a local bank to purchase shares in companies, with the loan repaid through future profits.
- Companies could establish Employee Stock Ownership Plans (ESOPs) and Consumer Stock Ownership Plans (CSOPs) for workers and customers.
- Communities could establish for-profit Citizens Land Development Cooperatives (CLDCs) to attract interest-free credit for development and infrastructure projects.
Access to Capital Credit
- The Economic Democracy Act enshrines access to capital credit as a fundamental right of citizenship.
- The Federal Reserve System would supply local banks with the money needed for private sector growth, which would then be distributed through Capital Ownership Accounts.
Explore the relationship between wealth and power, and how the concentration of ownership affects the economy and society.
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