<Ways to Share Wealth Beyond the Super-Rich>
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It is increasingly common to hear about the widening gap in wealth distribution. Recently, Oxfam reported that the wealthiest ten billionaires have seen their share of global income double since the onset of the pandemic.
Such stark statistics can be disheartening, leading to feelings of helplessness and apathy. However, I find hope in the concept of democratized wealth—the idea that the collective achievements of humanity should be more equitably shared and accessible to everyone. These concepts are not new; many exist quietly within society and deserve more recognition and participation.
Here, I introduce a few of these ideas and initiatives related to democratized wealth, highlighting how everyday individuals can contribute positively. Before diving in, it’s essential to share some foundational beliefs guiding my advocacy for these initiatives:
- We are overdue for adopting diverse forms of democratized wealth, and we must reshape our organizations and actions towards more decentralized, democratic, and human-centered structures.
- Value is subjective, and we can all enhance our wealth through various forms of voluntary interactions and exchanges.
- There exist currencies beyond mere money, a range of values beyond profit, and multiple facets of prosperity.
- Follow the money trail—particularly the influential funds—and redirect your financial support wherever possible.
- It’s likely that we cannot rely on others to address our challenges; thus, we should proactively seek solutions ourselves.
- This isn't an idealistic Robin Hood approach. There are no guarantees that these efforts will yield significant changes.
- We must work with the resources at hand, doing what we can from our current positions while accepting the outcomes.
- In the spirit of Stephen Covey’s The 7 Habits of Highly Effective People, begin with your circle of influence and strive to expand it until it overlaps with your broader circle of concern.
- Fostering a sense of agency will lead to progress, reinforcing further gains in a positive feedback loop.
A Developing Glossary
Here’s a concise overview of ways to more effectively distribute and share wealth rather than allowing it to concentrate at the top 0.1%.
B Corporations
A B corporation is a voluntary business designation that meets rigorous social and environmental performance standards set by B Lab. This nonprofit network aims to transform the global economy for the benefit of all people and the planet. You can explore an international directory of approximately 1,700 B corps across 50 nations. I was pleased to find a local brewery and coffee chain recognized in my city.
Bartering
Bartering—exchanging goods without cash—has ancient roots. Today, it exists in both informal exchanges among neighbors and structured transactions within the barter industry. The latter, treated as legitimate business income by the IRS, offers advantages that promote community engagement and economic growth. Individuals can start their own neighborhood bartering clubs to share resources.
Circular Economy
Contrary to the wasteful practices of the linear economy, the circular economy emphasizes sharing, reusing, repairing, and recycling materials to prolong their life cycle. This model supports antique shops, consignment stores, and repair services, as well as broader industrial initiatives promoting sustainability.
Cooperatives
Cooperatives are adaptable business models where users or producers are also owners, operating for mutual benefit instead of outside profit. While urban residents may be familiar with food and housing co-ops, rural communities also rely on various cooperative utilities and agricultural organizations.
Community Investment Cooperatives
Community investment cooperatives allow neighbors to pool resources to control and invest in local projects and improvements. For instance, Milwaukee’s Riverwest Investment Cooperative successfully preserved Falcon Bowl, a historic bowling alley. Residents can invest in these cooperatives, earning returns while supporting local development.
Credit Unions
Credit unions function as nonprofit financial institutions owned by their members. They provide banking services while returning profits to members through lower fees, better rates, and educational programs. Here are additional reasons to consider moving your finances to a credit union.
Employee-Owned Businesses
In employee-owned enterprises, workers share in the financial success of their organizations, fostering a sense of ownership and commitment. Millions of Americans hold stakes in their companies through various ownership plans. Supporting these businesses can promote a more equitable economy.
Ethical Economy
The ethical economy encompasses business practices guided by moral principles. Following the financial crisis of 2008, authors proposed a new ethical economic framework, and scholarly discourse continues to explore this concept.
Favors Economy
The favors economy refers to the informal exchange of favors without monetary compensation, enhancing community ties. These favors can range from tangible assistance to the sharing of knowledge.
The Concept of Free
Contrary to some beliefs, "free" is not a sustainable business model. However, it serves as a valid method for distributing goods and fulfilling needs. Initiatives like universal free lunches and public transportation demonstrate how access to free resources can benefit communities.
Local First
The Local First movement advocates for supporting local businesses to strengthen regional economies. Research shows that spending locally keeps a higher percentage of money within the community, fostering resilience and sustainability.
Sliding-Scale Pricing
Sliding-scale fees adjust prices based on a customer’s financial situation, commonly seen in healthcare and counseling services. This model helps ensure that essential services remain accessible to all, regardless of income.
Supporting Small Businesses
Dominant corporations often hinder the growth of local economies. By prioritizing small and independent businesses, we can combat this trend and foster a more equitable marketplace.
Slow Business
The Slow Business movement emphasizes conducting business with a focus on broader values, such as community, well-being, and sustainability. This approach champions quality over profit, encouraging thoughtful engagement with economic practices.
Exploring these various economic alternatives reveals extensive opportunities for redistributing wealth beyond traditional capitalist frameworks. We do not need to reinvent the wheel; we can start redirecting our resources and attention toward these initiatives right now.
Sharon Woodhouse owns Conspire Creative, which provides coaching, consulting, conflict management, project management, book publishing, and editorial services for solo entrepreneurs, creatives, authors, and small businesses.