Article Review On Democratizing The Economy

Published: 2021-06-18 05:20:31
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Category: Banking, Community, Development

Type of paper: Essay

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Unequal development and economic status have been a persistent problem in America. The gap between the rich and the poor is high and is been amplified by several factors. How can an individual help reduce this gap? There is a great deal of actions that an individual can do. This concerns the development of alternative economic institutions including practical problem solving that have begun centered on egalitarian wealth, nurturing democracy and community life and avoiding climate catastrophe and fostering liberty.
A small, thoughtful group can change the world. The following are some of the areas small groups can focus on and rationalize the economy. Citizens need to put your money in a credit union and then participate in its governance. Can the credit unions bring change to the economy? In the United States, the credit unions hold assets worth about $ 1 trillion that can be equivalent to one of the largest US banks. The Bronx's Bethex Federal Credit Union serves over 9,000 members and has a $ 16 million deposits. Hope credit Union of Jackson in Mississippi has generated $ 1.7 billion and finances more than 130,000 members in the Delta region. These unions cushion the member from predator lenders who are very exorbitant. Caution has to be applied in the operations of the unions to ensure that they all fulfill their mandates. Therefore, non-profit making unions can help in the liberations of the economy and empower the people.
The citizens can as well help in creation of co-op or application of employee ownership and adopt social and environmental standards as part of their missions. What do these unions play in the economic welfare of the members? Worker owned co-ops help democratize economy and the community. The co-ops help guarantee jobs in the unions and reduce unemployment and chances of being laid off. The unions also utilize open-book-management, whereby the members can review and give their opinions. There is enough evidence that worker-owned companies are democratic and responsible for general improvement of the workers and the community.
The citizens can demand participatory budgeting. Does this have a positive impact on the lives of the citizens? Participatory budgeting ensures that the citizens determine how their taxes are used. For example, the Chicago residents brainstorm ideas and develop them into proposals and direct about $ 1 million of the wards discretionary funds towards their top projects. These open forums help in shaping development towards the needs of the citizens. It is thus appropriate to encourage the use of participatory approaches in development and policy making.
The open forums can as well be used for holding into account the local anchors like universities and other non-profit making organizations to do their part including management of resources and fight unemployment and global warming. Higher education employs up to 4 million and has about 210 million students. These institutions can be modeled to go beyond academic missions. These can also be used to promote peace and integration since they attract students from all the walks of life. The fact that these students are the future generation makes it easier to use them in changing the trend in the economy in US. This has been applied in the country to reduce racial disintegration that had persisted for a long time. Hospital and other non-profit making organizations can be used to democratize the society by ensuring that services are offered to all without any bias. The wealth can be democratized using independent institutions. This can lead to the much needed economic freedom.
With well organized groups and participatory budgeting, the community can reclaim and democratize development in the region. This is done to ensure that, development is citizen based and sustainable. Community development corporations mainly found in the low-income area have been very important to the development. For example, the CDCs have created thousands of units in Columbia. Public money has to be used for the good of the public through the CDCs.
The public participation can ensure that retirement benefits are used properly to bring maximum gain. This can be done by ensuring that they invest in high profit investments other than the traditional ones. To ensure sustainability in all production means, citizens can champion for the green economy that is aimed at reducing pollution of the environment. This shall stop the rapid climate change is detrimental to sustained development. Faith organizations can as well be mobilized to direct their money towards local financial institutions and community development. This is because they hold substantial amounts of wealth that can benefit the general public. Society may not progress without proper democratic institutions. It is thus important for the citizens to form groups that can be used to fight for democracy and unemployment. Organized groups can be used to champion for the rights of laid off workers and stop the trend of retrenching workers for the benefit of the few rich men.
Discussion questions
- What causes differences in wealth ownership in USA?
- Describe the historical perspective and
- Describe the current status
- Is democracy of any economic value to the citizens of USA?
- Discuss using USA as an example
- Explain the process of democratization of the economy
- Discuss the implications of unemployment to the citizens of USA?
- Describe the current status in historical perspective
- Describe the racial differences in employment
- Give possible solutions to specifically unemployment

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