The growing wealth concentration, automation in industry, and climate crisis demand a new approach to business. Traditional corporate structures are inherently undemocratic and serve the interests of a small group of elites. To address this issue, businesses can shift their focus away from solely benefiting shareholders and instead prioritize a broader group of stakeholders, such as workers and local communities.
By adopting alternative business models that prioritize stakeholder interests, businesses can create a more democratic governance structure and distribute profits more equitably. Worker ownership is one such model that has proven to build wealth and empowerment for workers. When workers have a stake in the company’s success and are involved in decision-making processes, there is a greater sense of alignment and shared purpose that benefits everyone involved.
The U.S. government has an opportunity to create a supportive environment for worker ownership models to thrive, which can lead to increased benefits for stakeholders and reduced inequality. By shifting away from traditional shareholder-first approaches and embracing more inclusive business structures, we can create a more equitable and sustainable economy for all.
