Cooperative: Ownership Matters

The Labour Party of United Kingdom is probably the first political party to oppose neo-liberalism because of “anaemic growth, stagnant wages and productivity, stark inequality, low investment, indebted consumer, frequently bubbling asset” and climate severity ( Lawrence, Pendleton and Mahmoud, 2018 ).  According the New Economic Foundation “The flaws in the neoliberal model came to a head 10 years ago during the great financial crisis and resulting economic crash. Since then, profound structural changes have been few and far between. Instead the broken economy has lumbered on zombie-like, leading to greater inequality and a growing political tension between a relatively narrow, elite group of winners and those whose living standards have stagnated.”

There can no longer be any doubt that this approach has failed spectacularly; the only question is what will – and should – come next.

Prof. Joseph Stiglitz

In his bestseller Making Globalisation Work , Nobel Laureate Prof Joseph Stiglitz has said that “Global warming has become a true challenge of globalisation (p17)” In the same book, he has announced that the “another world is possible”. Moreover, he has written an article After Neoliberalism on Project Syndicate that “There can no longer be any doubt that this approach has failed spectacularly; the only question is what will – and should – come next.”

Considering the emerging global issues, everyone needs the New Economy to fulfil the gap created by neo-liberalism which has led to “greater inequality and a growing political tension.” As an alternative, centrally controlled economy i.e. communism is totally unable to address the individual aspiration; and the dusking capitalism can not “change the way we think” (Stiglitz). So, the cooperative ownership can be the best foundation of new economy. However, “Making Globalisation work is not easy because the beneficiaries from globalisation are very powerful and will resist of reformation.”

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