Community Capitalism

I wanted to wrap up the year by writing about something I have been thinking about for the last few months:

Who owns the best businesses in the world?

I am trying to draw a line from inherited wealth of feudal lords to community-owned services with tokens.

The last 1,000 years can be roughly split into two 500-year chunks: feudalism & capitalism. Feudal lords controlled all of the land, farms, buildings and capital. This was passed down inside families and never distributed to the workers.

Capitalism totally changed that.
Risk, reward and ruin were separated when joint-stock companies became more common. The prerequisite for successful entrepreneurship shifted from inheritance to initiative.

People without wealth could access it and start new ventures.

Founders started founding new companies.
Equity compensation kicked off in the 1950s but it really went into overdrive when it was mixed with high-growth technology companies backed with high-risk equity bets. Silicon Valley perfected the art. Employees at many of the most successful technology companies became owners.
The SEC did two huge things this year. They raised the crowdfunding limit to $5m and introduced a proposal to allow gig workers to receive stock.

I predict that we will see competitors to Airbnb, Uber and DoorDash all take advantage of this rule.
https://t.co/ptLHUJyUbQ
What was the greatest technology investment of the 2010s that was available to the general public? Answer: The Ether Sale in 2014

Initial investors in that event who held on to $1,000+ Ether made 3,000x their money. There has never been an event like it.

https://t.co/4S7maTq6As
Every month, a bunch of new ways to earn tokens pops up: mining, staking, liquidating, curating, slashing, contributing, securing, managing.

Protocols are rewarding the participants with a share of the capital.
https://t.co/C93K1H4HD7
This year, the stock market was pushed to new heights during a pandemic while millions of people lost their jobs. The wealth gap is becoming a wealth gulf.

I do not have all the answers to this problem, but my gut tells me that we need more people to become owners of technology.
Owning public stock in the digital services is not enough. We need to own the services themselves. Big technology companies have become more powerful than nation states. The community capital of the 21st century must be distributed as far as possible.

https://t.co/b3HYOzuLIu
I hope we will look back on the digital services of today in the same way we view the feudal lords of yore. These tyrants that controlled the digital land and forced us to till their soil.

There is so much amazing stuff to be built. Community capitalism is coming.
Note: These thoughts are extremely loose and have only a smattering of historical depth. I welcome all corrections, clarifications and criticism.

I just wanted to get this idea out.

If you would like to read the full post, I just sent it out on Substack: https://t.co/3c9N31W31Y

More from Economy

One of the hardest problems post-pandemic will be how to revive so-called "left behind" places.

Post-industrial towns, run-down suburbs, coastal communities - these places were already struggling before the crisis and have fared worst in the last year.

What should we do?

Today, @ukonward sets out the beginning of a plan to repair our social fabric. It follows our extensive research over the last year, expertly chaired by @jamesosh, and funded by @jrf_uk, @Shelter and @peoplesbiz.

https://t.co/d3T5uPwG9N


Before I get into recommendations, some findings from previous Onward research.

In 2018, we found 71% of people believe "community has declined in my lifetime"

In 2019, we found 65% would rather live in “a society that focuses on giving people more security” vs 35% for freedom


This was the basis for our identification of 'Workington Man' as the archetypal swing voter in 2019, and led us to predict (correctly) that large numbers of Red Wall seats could fall. A key driver was a desire for security, belonging and pride in place.


There is also a key regional dimension to this. We also tested people's affinity with the UK's direction of travel, across both cultural and economic dimensions - revealing the extraordinary spread below: London vs. the Rest.
https://t.co/HrorW4xaLp
In this paper, we study vote choices of voters who are left-wing on economic issues and authoritarian/nationalist on cultural issues, especially immigration. For these voters, there is no often party combining positions in this way.


In the data from the Campaign Panel of the German Election Study 2017, many voters prefer higher social benefits and taxes and want to restrict immigration. @ches_data show that no party bundles issue positions in this way.


In the article, we show that many such “left-authoritarians” perceive the party they voted for to also hold a left-authoritarian position. Interestingly, this includes many AfD voters who report a perceived left-wing economic position of the party.


Our statistical models study the interplay between this (mis-)perceived congruence and issue importance, using an open-ended question on the most important political problem in Germany.

We find that (mis-)perceived congruence and issue importance interactively shape the left-authoritarian vote. Simply, perceived congruence matters more on an important issue—and issue salience matters most if voters accurately perceive incongruent party supply.

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🌺कैसे बने गरुड़ भगवान विष्णु के वाहन और क्यों दो भागों में फटी होती है नागों की जिह्वा🌺

महर्षि कश्यप की तेरह पत्नियां थीं।लेकिन विनता व कद्रु नामक अपनी दो पत्नियों से उन्हे विशेष लगाव था।एक दिन महर्षि आनन्दभाव में बैठे थे कि तभी वे दोनों उनके समीप आकर उनके पैर दबाने लगी।


प्रसन्न होकर महर्षि कश्यप बोले,"मुझे तुम दोनों से विशेष लगाव है, इसलिए यदि तुम्हारी कोई विशेष इच्छा हो तो मुझे बताओ। मैं उसे अवश्य पूरा करूंगा ।"

कद्रू बोली,"स्वामी! मेरी इच्छा है कि मैं हज़ार पुत्रों की मां बनूंगी।"
विनता बोली,"स्वामी! मुझे केवल एक पुत्र की मां बनना है जो इतना बलवान हो की कद्रू के हज़ार पुत्रों पर भारी पड़े।"
महर्षि बोले,"शीघ्र ही मैं यज्ञ करूंगा और यज्ञ के उपरांत तुम दोनो की इच्छाएं अवश्य पूर्ण होंगी"।


महर्षि ने यज्ञ किया,विनता व कद्रू को आशीर्वाद देकर तपस्या करने चले गए। कुछ काल पश्चात कद्रू ने हज़ार अंडों से काले सर्पों को जन्म दिया व विनता ने एक अंडे से तेजस्वी बालक को जन्म दिया जिसका नाम गरूड़ रखा।जैसे जैसे समय बीता गरुड़ बलवान होता गया और कद्रू के पुत्रों पर भारी पड़ने लगा


परिणामस्वरूप दिन प्रतिदिन कद्रू व विनता के सम्बंधों में कटुता बढ़ती गयी।एकदिन जब दोनो भ्रमण कर रहीं थी तब कद्रू ने दूर खड़े सफेद घोड़े को देख कर कहा,"बता सकती हो विनता!दूर खड़ा वो घोड़ा किस रंग का है?"
विनता बोली,"सफेद रंग का"।
तो कद्रू बोली,"शर्त लगाती हो? इसकी पूँछ तो काली है"।