The failure of Hudson Yards should be both an object lesson and an opportunity. Grotesque hyper-luxury, with taxpayer subsidy no less, has had its day. Let’s build for regular people. Hudson Yards could be a monument to what was, and could still be.
As much pride and empowerment as there is in community ownership of food-producing gardens and financial services such as credit unions, research shows those sorts of grassroots efforts cannot close the ever-growing racial wealth gap . . .
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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.
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.
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