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The Citizen's Share: Reducing Inequality in the 21st Century, by Joseph R. Blasi, Richard B. Freeman, Douglas L. Kruse
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A compelling argument for broad-based profit sharing and employee ownership in keeping with the economic vision of America’s Founders
The idea of workers owning the businesses where they work is not new. In America’s early years, Washington, Adams, Jefferson, and Madison believed that the best economic plan for the Republic was for citizens to have some ownership stake in the land, which was the main form of productive capital. This book traces the development of that share idea in American history and brings its message to today's economy, where business capital has replaced land as the source of wealth creation. Based on a ten-year study of profit sharing and employee ownership at small and large corporations, this important and insightful work makes the case that the Founders’ original vision of sharing ownership and profits offers a viable path toward restoring the middle class. Blasi, Freeman, and Kruse show that an ownership stake in a corporation inspires and increases worker loyalty, productivity, and innovation. Their book offers history-, economics-, and evidence-based policy ideas at their best.
- Sales Rank: #250791 in Books
- Published on: 2014-06-24
- Original language: English
- Number of items: 1
- Dimensions: 9.16" h x .69" w x 6.21" l, 1.23 pounds
- Binding: Paperback
- 320 pages
Review
“America used to be based on broad access to wealth and property. If you want to know more about this tradition, and how to revive it, read this book.”—Thomas Piketty, author of Capital in the Twenty-First Century (Thomas Piketty)
“Citizens should know about The Citizen’s Share--it’s important. And there is no better trio than Blasi, Freeman, and Kruse to tell them about it.”--Alan Blinder, Princeton University (Alan Blinder)
“The proposal . . . stands apart from alternate policy initiatives . . . because it addresses the concentration of wealth and political power at the top. The idea of expanding employee ownership deserves serious consideration.”—Thomas B. Edsall, New York Times (Thomas B. Edsall New York Times)
“The founders . . . agreed that America would survive and thrive only if there was widespread ownership of land and businesses. Professor Joseph R. Blasi and Douglas L. Kruse of Rutgers and Richard B. Freeman of Harvard gathered many of the founders’ writings on this topic for their book . . . Copies are currently circulating among congressional staffs in both parties as politicians brace themselves to face what polls show is a rapidly rising concern over economic growth concentrating at the top.”—David Cay Johnston, Newsweek (David Cay Johnston Newsweek)
"The Citizen's Share provides a thoughtful . . . analysis of the benefits of encouraging greater employee ownership of businesses . . . In seeking to increase employee compensation as well as tax reform, Washington should be thinking hard about how to expand and encourage greater employee ownership and/or revenue sharing."—Dean Zerbe, Forbes Magazine
(Dean Zerbe Forbes Magazine)
“This provocative study exposes a long-lost history of successful profit-sharing within U.S. capitalism. Good business (not conscience), the authors argue, holds the promise of a more equal and therefore more democratically organized society. This is an optimistic, but eminently plausible scenario.”—Alice Kessler-Harris, author of In Pursuit of Equity: Women, Men and the Quest for Economic Citizenship in Twentieth Century America (Alice Kessler-Harris)
“A model of sober scholarly analysis and impassioned political advocacy. . . . Here is a book on economic policy that might make the Founding Fathers smile”—Jonathan I. Levy, author of Freaks of Fortune: The Emerging World of Capitalism and Risk in America. (Jonathan I. Levy)
"An accessible, and informative, story of government and business support for worker ownership . . . . Spotlights an important area of American economic history."—Library Journal (Library Journal)
“This book offers the compelling vision of a better healthier American economy founded on the basic principles of employee ownership and profit sharing. The deep-rooted history of this American vision is elegantly interwoven with the results of modern rigorous research. The Citizen’s Share is a wonderfully readable book with an important message that will provoke serious thought and discussion.” —Martin L. Weitzman, Professor of Economics, Harvard University. (Martin L. Weitzman)
“A few years ago, Blasi, Kruse, and Freeman caught people’s attention with an intriguing thesis: that a company performs better when owned by its workers . In this book, the authors go a step further. They make the interesting and provocative claim that worker ownership also improves democracy. Readers may disagree with the conclusion, but they will want to understand the argument.” —Eric S. Maskin, Nobel laureate in Economics, Harvard University
(Eric S. Maskin)
“There is a depressing familiarity about much of the discussion on what to do about America’s widening income inequality. Some remedies are uncontroversial but hard-to-achieve (such as improving education); others are the subject of furious argument (such as more progressive taxation). Debate is heated, but within a fairly narrow set of potential solutions. Once in a while, though, more creative proposals are added to the mix. . . . The Citizen’s Share is one of those. The authors show, convincingly, that the logic of citizen capitalism has periodically motivated American politics and business since the Founding Fathers.”—The Economist
(The Economist)
“The American worker isn’t doing so well. . . . Joseph Blasi, Douglas Kruse, and Richard Freeman offer a novel solution. . . . The impulse toward broadly extending property ownership is one that has a long history in America. . . . [E]xpanding employee ownership could be a solution to the problems of stagnating worker compensation and rising income inequality.”—Christopher Matthews, Time Magazine (Christopher Matthews Time Magazine)
“Based on a series of national surveys, the authors reckon that some 47% of full-time workers have one or more forms of capital stake in the firm for which they work, whether from profit-sharing schemes (40%), stock ownership (21%) or stock options (10%). About a tenth of Fortune 500 companies, from Procter & Gamble to Goldman Sachs, have employee shareholdings of 5% or more. Almost a fifth of America’s biggest private firms . . . have profit-sharing or share-ownership schemes. Some 10 million people work for companies with ESOPs.”—Brad DeLong, University of California, Berkeley, and the Washington Center for Equitable Growth (Brad DeLong)
"This important book demonstrates conclusively that employee ownership can be an effective business model, resulting in efficient outcomes."—Jonathan Michie, President, Kellogg College, University of Oxford (Jonathan Michie)
“Based on comprehensive data and painstaking historical research, The Citizen's Share provides a superb overview of employee ownership in the United States. At a moment when economic inequality has reached an apogee and trust in corporations a nadir, when the employment relationship has frayed in companies across the U.S., and American industry faces challenges from around the globe, the authors' message could not be more important.”—Viviana A. Zelizer, author of Economic Lives: How Culture Shapes the Economy (Viviana Zelizer)
“The Citizen’s Share is a must-read for current and future business leaders as well as policymakers who believe all American’s are entitled to participate in a healthy and growing U.S. economy. This insightful tapestry of history, economics and psychology begins by telling the story that our country was founded with the right for all citizens to ownership and ends with 10 non-partisan policy recommendations that will ensure ownership is a right for all, not just the 1%.”—Carine M. Schneider, Chairman of the Board, Global Equity Organization (Carine M. Schneider)
“Rutgers management professors Joseph Blasi and Douglas Kruse and Harvard economics professor Richard Freeman wrote The Citizen’s Share. . . . They argued that worker ownership had a long history in the American economy and a long history of bipartisan and cross-ideological support. . . . One proposal to implement [their] strategy would be to have state and federal governments link corporate tax rates to the extent of the companies’ profit sharing: The more that’s shared, the lower the rate.”—Harold Meyerson, The American Prospect (Harold Meyerson The American Prospect)
"The Citizens Share demonstrates that employee ownership is as American as apple pie. Let’s put it to use to improve our lives and strengthen our democracy. The authors do a superb job of showing the way to do so."--Thomas A. Kochan, Co-Director, MIT Institute for Work and Employment Research
(Thomas Kochan)
“George Washington liked the basic idea, as did Thomas Jefferson. We should build on our rich national tradition of support for widespread asset ownership. Joseph Blasi, Richard Freeman and Douglas Kruse develop this proposition in a new book, The Citizen’s Share, which lends historical perspective to their empirical research on shared capitalism.”—Nancy Folbre, Economix, The New York Times (Nancy Folbre Economix, The New York Times)
“Employee ownership—profit sharing, stock sharing and other employee-ownership plans—can increase your workers’ productivity and innovation. Research shows that workers at companies with employee ownership plans work harder, are more creative and more loyal. That translates into better company performance. ‘The impacts are larger when the programs are larger, as in many closely held ESOP companies and some model publicly traded companies,’ say Rutgers professors Joseph Blasi and Douglas Kruse and Harvard economist Richard Freeman, in their new book The Citizen’s Share.”—Michael Kling, Entrepreneur Magazine (Michael Kling Entrepreneur Magazine)
“One of the big frustrations about income inequality is that when corporate profits grow, they aren’t shared equally–typical employees sees very little from it, while the people at the top, and big investors, reap most of the rewards. . . . One solution? Give average workers direct ownership in the company and its profits. . . . [A] new book called The Citizen’s Share advocates government tax incentives to encourage companies to introduce profit-sharing and stock-ownership programs for their employees, or expand the programs they already have. . . . The authors argue that increased ownership and a share in profits may be the key to reviving the American middle class.”—David Parkinson, Economy Lab, Toronto Globe and Mail (David Parkinson Economy Lab, Toronto Globe and Mail)
“Three professors would rather see income flowing into the hands of the many, and they’ve written a book to point the way. . . . ‘The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.’ Keynes wrote those words about England in 1936. To deal with the same faults, America needs more ‘citizen’s shares’ in 2014.”—Gerald E. Scorse, Baltimore Chronicle and Sentinel (Gerald E. Scorse Baltimore Chronicle and Sentinel)
“[A] thought-provoking addiction to the literature, given the current debates on economic inequality.”—Choice (Choice)
"Important and insightful. . . . Offers history-, economics-, and evidenced-based policy ideas at their best."—Politico (Politico)
About the Author
Joseph R. Blasi, J. Robert Beyster Professor and sociologist, and Douglas L. Kruse, professor and economist, are both at the School of Management and Labor Relations, Rutgers University. Richard B. Freeman is Herbert Ascherman Professor of Economics at Harvard University.
Most helpful customer reviews
7 of 7 people found the following review helpful.
A MUST READ FOR EVERYONE!
By Veny W. Musum
An utterly amazing recount of what our Founding Fathers vision really was for this country and how "Economic Democracy" is the only sensible and true way forward for us and indeed the world.
Safe to say in the eyes of our founders like Jefferson, Adams, Madison, Washington and later Lincoln they would declare we have lost our way. You will learn from this book precisely why they would feel that way. For, they had the highest and most noble goals for America and all her people. Until this extremely important book their full vision is NOT the one we have been taught in our limited history lessons. Everyone needs to read this book to appreciate what their comprehensive and achievable goals were for their citizens.
Blasi, Kruse and Freeman have clearly shown us the way the greats envisioned our future. It is a future we have thusfar failed to really understand and fully implement. Broad property ownership through wisely shared capitalism is the key!
In addition, they show many powerful examples from Silicon Valley to P&G of how employee ownership has been proven to work, when structured correctly, for the betterment of workers, their companies, the nation and all of humanity. They have gone well beyond theory to make a rock solid case of a much better way for us all.
The goals the authors set forth are ones we are wise to observe. If not, no doubt we are on an inescapable collision course for a further inordinate concentration of wealth, further collapse of the middle class and complete obliteration of the poor. This can only lead to intense trouble ahead. It is trouble that can be averted if we have a populace and enlightened elected officials with the wisdom to heed the profound advice in this most important book.
3 of 3 people found the following review helpful.
The Modern Online Peer to Peer Share Economy is 220 Years Old
By James G. Workman
Worth buying for the post revolutionary story of fisheries alone! I'm a history major and totally missed the forces that united unlikely allies out of Hamilton and Jefferson. Brilliant and persuasive, has enriched my understanding of America and where we come from economically and politically in our heritage.
2 of 2 people found the following review helpful.
This Book Proves The Urgent Need To Restore Kelso's Capitalism
By Donald A. Collins
Readers will find sharp differences from our early history in the equality most of its citizens received in the days of our Founding Fathers and now. Such figures as Jefferson, Adams, Madison, Washington and later Lincoln were clear about the need for broader citizen ownership.
Of course slaves did not so participate and this sea change must be accounted as real progress, but “The Citizen’s Share” by Joseph R. Blasi, Richard B. Freeman and Douglas I. Krause, recently published, I am, as an alumnus, pleased to report, by the Yale University Press, takes us back to our beginnings as a republic, where we find for example in the writings of James Madison, who wrote the Bill of Rights to our Constitution substantial moral concern against slavery and against “unnecessary opportunities” for “the “few” that would lead to unmerited accumulation of riches (page 34).
Perhaps the greatest Middle Class builder for the burgeoning immigrant numbers who came in waves after the US was founded, was the wide continent upon which they could obtain with or without the Homestead Act (page 35), property in our vast growing Westward continental expansion. Again, as with slavery, native Americans were not the beneficiaries, but US capture of most of North America was assured. And as the authors note broader property ownership than would have otherwise happened.
This seminal new book was sent to me as a gift by my friend and colleague, Patricia Kelso, Chair of the Kelso Institute. As a long time office mate of Patricia’s in SF, along with her husband, the late Louis O. Kelso, I was keenly aware of their philosophy about capitalism and its Achilles Heal (i.e. inequitable earned income distribution) which they brilliantly diagnosed and long ago proposed viable solutions to fix.
This quote from Louis, the brilliant economist, lawyer and social philosopher sums up the looming dilemma he wrote eloquently about in numerous books and papers exactly 50 years ago:
“The basic moral problem that faces man as he moves into the age of automation, the age of accelerating conquest of nature, is whether he is really fit to live in an industrial society; whether his institutions will adjust rapidly enough; whether he will rivet himself with an absurd institution like full employment in the economic order when it is not only unnecessary but unadministratable in anything but a slave society; whether freed from the necessity to devote his brain and brawn to the production of goods and services, he can address himself to the work of civilization itself."
(Louis O. Kelso, 1964)
Patricia’s letter to me which accompanied her gift offers keen relevance to the distribution problem and thus bears partial quotation:
“Since the Great Depression, income distribution, open or covert, has seemed the only alternative for keeping the economy going.
But there is another possibility: broadening private individual ownership of the public corporations and small businesses that not only produce goos and services, but also the income to buy them. This alternative reinvigorates the American Dream.
As the German jurist Prof. Herwig Roggermann has pointed out, our “ownership society” is at the same time a non-ownership society. When only 1% of families own 40% of the things that produce income, we should hardly be surprised by income disparities of corresponding magnitudes.
By making ownership accessible to those whom the existing system effectively excludes we preserve our legal, business and social infrastructure, which is based on the institution of private property. Private property is also the foundation of our constitutionally-guaranteed civil liberties and rights.
Aldous Huxley said in Brave New World: “If you believe in democracy, make arrangements to distribute ownership of property as widely as possible.”
End of Patricia Kelso quote
In addition to land, there are in our history examples of businesses such as Procter and Gamble and many in Silicon Valley who offered employees ownership. But clearly this was not wider and more effective.
However, Louis and Patricia Kelso were the first exponents of a clear and workable plan that could still make boarder ownership a workable and attainable route to solving this onerous wealth distribution dilemma. Anyone who knows the history of unbridled capitalism, which for example, was foisted on Chile under General Pinochet knows that such an approach concentrates not broadens citizen participation.
The Citizen's Share authors properly call for more employee benefits, but Kelso’s vision for wider use of employee stock ownership plans (page 219) was hurt when tax incentives were removed for big public companies. Further the widespread cutting off pension contributions by many big companies and their substituting 401 k’s has not helped expand employee ownership
The genius of ESOPs—and its associated entities which constitute Kelso’s vision of “binary economics”–look them up on the Kelso Institute website!!–allowed substantial numbers of employees to earn their shares and while sometimes imperfect in their establishment, the ESOP concept needs urgent revival with full tax incentives restored.
The authors give us plenty of examples of how citizens could gain a bigger ownership share in the vast US economy, but with the corporate lobbyists rampantly seeking special rewards for the already rich and gaining them daily, it is hard to imagine that these authors’ goal will be speedily obtained
Clearly, US capitalism has gone amok as with lopsidedly askew ownership goes the power to purchase privilege from a government which idealistically should provide equality of services and rights to its citizens, not just to those with the most money.
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