The American Prospect
Dollars and Sense
We have working examples of the kinds of cooperative banking and financial institutions we need in order to scale up our vision of a New Economy beyond corporate control: from cooperative banks to credit unions, to federal loans and the community’s own investment. By enriching this sector, we can nurture the power of workers over capital, an age-old struggle that the most recent financial crisis makes only more urgent. But there are real constraints.
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Cuban authorities began discussing three years ago how to transform bankrupt small and medium-sized state businesses - plagued by pilfering, embezzlement and general inefficiency - into cooperatives. The Communist Party adopted a sweeping five-year plan to "update" the economy in 2011, which included moving more than 20 percent of the state labor force of 5 million people into a new "non-state" sector of private and cooperative businesses.