Re-Inventing Corporations

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Abstract
The paper shows how current corporations are deficient in their ability to promote economic efficiency, justice, self-governance, social accountability and environmental sustainability. To ameliorate these deficiencies it is proposed that the static, perpetual and monopoly property rights of stockholders be replaced with dynamic, time-limited, co-ownership rights. This would create Ownership Transfer Corporations (OTC's) which could be used to reduce the ability of investors to obtain profits in excess of the incentive required to attract their investment. The excess incentive or ‘surplus profits’ could then be shared with corporate stakeholders by making them co-owners. As the stakeholders would include employees, customers, and suppliers, the general adoption of OTC's would produce a universal income. National income could be re-distributed without work or welfare and taxes. OTC's would extend the self-governing attributes of Mondragon co-operatives and provide a simpler and more effective way than Employee Stock Ownership Plans (ESOP's) for either capitalising socialism and/or democratising the wealth of nations.

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