Ask Prof Wolff: Avoiding Harmful Capitalist Cycles in Co-ops

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Patron of Economic Update asks: "How would inflation, cyclic depression and the other harmful capitalistic economic behavior be avoided in the cooperative model?"

This is Professor Richard Wolff's video response.

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Showing 1 comment

  • Edward Dodson
    commented 2022-07-13 15:33:29 -0400
    It is also essential that cooperatives own the land on which they function and not have to pay rent to a landlord. The cooperative board can then set ground rent charges not to generate a profit but sufficient revenue to pay for democratically-agreed upon public goods and services. That said, the cooperative exists within a political community. That political community also needs revenue to pay for public goods and services. The cooperative, as owner of land, rightfully owes to the political community an annual payment equal to the ground (i.e., location) rental value of whatever land is held. According to economic theory, if the full ground rental value is publicly collected, the price of land will be zero (or nearly so). Thus, a primary source of price inflation of all goods will be removed from the economy.

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