Local development as a strategic alternative in Fife

Once again many will question the dependence on a global market economy as headlines shout, “China’s ‘Black Monday’ sends markets reeling”. For months, in a range of publications, Mohamed El-Erian, who chairs President Obama’s Global Development Council, has been forecasting the risk of a ‘perfect storm’, adding that considering ‘its destructive potential, it warrants serious attention by policymakers’, though China does not loom large in his list of contributing factors.

fifediet small family2

Mike Small (with family, above) is said to be ‘behind’ the Fife Diet local eating experiment, which aims to relocalise food production and distribution on a regional basis, as a response to globalisation and climate change. See a 2008 Telegraph article and more in depth on the Transition Culture website.

Remarkably, it is funded by the Scottish Government’s Climate Challenge Fund and has also received funding from Celebrating Fife, the Co-op Community Fund and Awards for All.

Over an eight year period the Fife Diet has developed from a simple idea framed around ‘local eating’ to a complex one about sustainable food, environmental justice, globalisation and culture. They set out to build a sustainable food movement that popularised eating healthy, local produce in Fife, starting from the understanding that there is something fundamentally wrong with the food system but also from the thought that they could, by acting collectively, do something about it.

They now believe that food has become central to the precarious economy. Real progress won’t be made until control is regained over the retail experience, and profiteers that benefit from products that fuel obesity are confronted.

In the Food Manifesto they are developing, they call for opportunities for the ‘right to grow’ and an expectation of quality healthy food in our public institutions, aiming eventually to become – as the Scottish government puts it, a ‘Good Food Nation’.

FAQ: “But what fruit do you eat?” Fife’s Pittormie fruit farm produce:

fife's pittormirefruitboxjuly091

Remarkable achievements listed on their site:

CELEBRATING OUR OWN FOOD CULTURE

When we started we were met by a mixture of incredulity and poorly-disguised scepticism. People really didn’t think that you could eat food from Fife, and survive at all. It was just unthinkable, unimaginable.

CARBON SAVINGS

In 2011-2012 we saved 1019 tonnes of C02e. Then, in a three year period (April 2012- March 2015) we saved a further 6976.37 tonnes of C02e. These are immediate savings, by diverting food waste from landfill thereby avoiding creating methane, for example, or by sequestering carbon and enriching soil with compost, but also by eating locally, growing our own food, eating organic, changing the meat we ate (and eating less of it).

OUTREACH

We held or attended over 500 outreach events over the three years, engaging with 15,520 people.

GROWING SPACES

We established a community food growing garden, a wildlife and forest garden and a vibrant volunteer and community group who are maintaining them. We hosted 57 events at the garden, including the children’s gardening club, large community lunches and volunteer sessions.

COMMUNITY ENGAGEMENT

We ran 79 weekly children’s gardening clubs (79 clubs over three years) and hosted 7 large-scale community events.

LEADING THE WAY

We were part of building a new food movement in Scotland that encompasses the right to food, championing small producers, insisting on sustainability as a measurement of quality in food production and celebrating food sovereignty.

NEW ORCHARDS

We planted 7 orchards around Scotland from Galloway to Sutherland with our Silver Bough tour (‘ a cultural conversation about apples’).

SCHOOL LUNCHES PILOT

We collaborated with Fife Council and the Soil Association in a pilot project exploring regionally sourced, healthy, sustainable and organic school lunches. See here.

INSPIRATIONAL PRINTED MATERIAL

We published a series of inspiring posters, postcards, booklets and other materials including recipe books, calendars, guides on native apple varieties and a booklet on gardening with kids. We also produced a free Ebook for our members of Collected Recipes from the life of the project.

BIRTHING THE ORCHARD COLLECTIVE

We curated and hosted the National Orchard gathering and helping the Orchard Collective into existence.

THE BIGGER PICTURE

We are proud to have been part of a wider movement and welcomed the collaborative work over the past eight years with such groups as Nourish, the Soil Association, Slow Food, Permaculture Scotland and Transition Towns.

Much more here: http://fifediet.co.uk/fife-diet-chronology/

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End note: protect and rediversify local economies

pp hines logoAs LWM’s co-founder, Colin Hines, has written, there is growing opposition to a system which regards as inevitable the driving down of tax rates for higher income earners, worsens social and environmental conditions and kills local jobs and small business opportunities:

“Whistling in the dark to keep up the nation’s economic spirits by promising export-led growth in an era of rising Asian dominance is a ridiculous policy. The alternative to these dangerous and damaging dark alleys is to propose a set of practical measures for protecting and rediversifyng local economies. This is the only way to tackle the economic and environmental crises, return local control of the economy to citizens and provide a sense of hope for their future . . .”

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Will beneficial alternatives emerge from the Greek crisis?

nefAndrew Simms of the New Economics Foundation thinks so, commenting: “While disaster reveals a society’s economic and social weaknesses, it also reveals where true resilience and real value can be found – in the ability of people to cooperate at the local level to meet a community’s needs”.

Localise West Midlands’ Localising Prosperity programme suggests that approaches to economic development that concentrate more on ‘locally grown’ enterprise, supply chains and investment are more successful in creating successful places, well-being and social justice.

lwm loc  prosp graphic2

In a diverse, localised economy, more people have a stake, which redistributes economic power, reducing disconnection, inequality and vulnerability to ‘too big to fail’ institutions.

Greek survey questions could include some of those LWM listed for the West Midlands:

  1. What sectors and types of economic activity could be localised?
  2. By how much could economic activity be localised?
  3. What quantifiable benefits might it bring?
  4. Decentralising capitalism and capital outflows from the region.
  5. Localising money supply and markets.

Two relevant developments

Peer to peer technology [P2P]

The Guardian has reported the story of Volos, a Greek city where locals have adopted an alternative currency, known as the Tem. As the country struggles with its worst crisis in modern times, with Greeks losing up to 40% of their disposable income as a result of austerity imposed in exchange for international aid, the system has been a huge success. Although locals insist the Tem, which is also available in voucher form, will never replace banknotes they say it is a viable alternative. The mayor of Volos says that the alternative currency has proved to be an excellent way of supplementing the euro: “We are all for supporting alternatives that help alleviate the crisis’s economic and social consequences. It won’t ever replace the euro but it is really helping weaker members of our society. In all the social and cultural activities of the municipality, we are encouraging the Tem to be used.”

Parallel economies

Elsewhere, Andrew Simms reminds us, in the wastelands created by recession in Detroit in the United States, unemployed people have turned to urban gardening to grow their own food and reclaim abandoned plots of land. People have done the same in poor parts of New York.

After the financial crisis that wrecked Argentina’s economy at the turn of the millennium, community gardens sprang up alongside community kitchens. Things went much further in Argentina as whole arms of government ceased to function properly. El Movimiento de Trabajadores Desocupados, the movement of unemployed workers, brought groups together to do everything from making food, to building shelters, creating markets for people to sell their products, schooling and, also, demonstrating. They created, in effect, a parallel economy. Panaderia, bloquera and ropero – bakeries, block making, and clothes making and selling were a particular focus which is perhaps unsurprising being the basics of a livelihood: food, shelter and clothing.

Decentralising capitalism and controlling capital outflows from the region

Greece shut down its banking system, ordering lenders to stay closed for six days starting on Monday, and its central bank moved to impose controls to prevent money from flooding out of the country. This might lead to a process of domestic investment, reversing the process of the Thatcher government’s legislation which starved British industry of investment funds.

Whatever the causes of the crisis: over-spending on German military equipment, high public expenditure, failure to collect taxes, lack of ‘due diligence’ on the part of lenders or the single currency, many hope to see the emergence of creative ways of developing a stable Greek economy.

Described as a “small quasi-closed economy” by the director of the Centre for European Policy Studies – with 12.4% of the country’s labour force employed in producing food and cotton, one of the world’s leading fishing industries and the substantial revenue from tourism and shipping – Greece seems to have a ‘head-start’.

Is a quiet political revolution getting under way?

As the old order with its class and gender hierarchies gave way, George Monbiot points out that the void filled with junk could have been occupied by a better society, built on mutual support and connectedness, without the stifling stratification of the old order.

The feast to which we were invited is only for the few’

foe logoInstead, as the developed world – saturated with advertising, the handmaiden of market fundamentalism – became reliant on rising consumption to avert economic collapse, he notes that Friends of the Earth has begun to explore how we might reconnect with each other and with the natural world. New models for urban living are based on sharing rather than competitive consumption:

  • the sharing of cars and appliances and tools,
  • of money (through credit unions and micro-finance) and power.
  • community-led decision-making, over transport, planning and, perhaps, rent levels, minimum and maximum wages,
  • municipal budgets and taxation.

Such initiatives, facilitated by the state can bring people together with a sense of shared purpose, ownership and mutual support that centralised decision-making can never provide. But in some areas, non-party political movements are achieving this without that elusive government facilitation

Independents

Peter Macfadyen, Kate Bielby and Mel Usher of Independents for Frome
Peter Macfadyen, Kate Bielby and Mel Usher of Independents for Frome

Today, a neighbour gave the writer a cutting about Frome’s declaration of independence.

This Somerset market town has developed “flatpack democracy”, taking political power at a local level and enabling people to have a greater say in the decisions that affect their lives.”

Independents for Frome took all 17 seats on Frome’s town council, with vote-shares as high as 70%, and support from people who cast their other votes for the main political parties.  

Localism in action

Though local Conservatives were convinced that austerity had to apply even at the most local level, the council has borrowed around £750,000 to invest in buildings and land:

  • green spaces have been spruced up
  • game-changing help has been given to the local credit union
  • he council is involved in a new renewable energy cooperative,
  • and has put money into the setting up of a new “share shop”

In Devon the Buckfastleigh Independents group have followed a similar path. the town’s new deputy mayor, Pam Barrett says the town is ”a working-class town that’s been suffering from a real loss of services.” After fighting – successfully – to keep open a library and swimming pool, she and other residents stood for town council seats that had not been contested for “20 or more years”. One of the catalysts, she says, was a box of 10 copies of the Flatpack Democracy booklet, which was brought in by one of her colleagues. On 7 May, they also took nine of 12 seats, and started running the show.

Flatpack Democracy ideas are being shared with other groups in Devon and Somerset and though people in Alderley Edge, Cheshire were not aware of developments in the West Country, their thinking is much the same: as one newly elected councillor, Mike Dudley-Jones, said: “our basic mantra is that there is no place for mainstream party politics at this level”.

On election day, Conservatives lost all nine of the parish council’s seats to this group – Alderley Edge First – which also took the village’s one seat on Cheshire East council.

Good taxpaying corporate citizens

fairtaxmark logoThe Fair Tax Mark is being adopted by UK business setting a new standard in responsible tax practice – from the smallest shop to the biggest multinational. It is the label for good taxpayers – companies and organisations that are proud to pay their fair share of tax.

The Fair Tax Mark is an assurance that a company is open and transparent about its tax affairs and pays the right amount of corporation tax at the right time in the right place. It has been awarded to several companies, including:

  • SSE, the UK’s broadest-based energy company;
  • Go Ahead Group, a FTSE250 UK company that operates train and bus services;
  • Unity Trust Bank, a specialist bank for social economy organisations and the wider civil society;
  • Lush Cosmetics, a multinational manufacturer and seller of handmade cosmetics;
  • Midcounties, the largest independent co-operative society in the UK, operating a range of businesses in Food, Travel, Pharmacy, Funeral, Childcare, Energy, Post Offices and Flexible Benefits;
  • Urban IT Support, a small firm providing easy-to-understand computer, network and mobile device support to homes and businesses;
  • and The Phone Co-op, the only telecoms provider in the UK that is owned and run by its customers.

fair tax header,

Community energy solutions: Plymouth

In 2012 Plymouth’s co-operative city council established a Low Carbon City Team, which helped to identify the city’s potential for community energy solutions and forge partnerships. The council funded pre-development, initial community engagement and business plan development.

plymouth bencom header

In 2013 it joined forces with local residents to form Plymouth Energy Community (PEC) which then set up a second Industrial & Provident community benefit society (Bencom), PEC Renewables, to fund and manage renewable energy installations. PEC has 850 members, 95% of whom are local residents, and the number is rising, with more joining as the current share offer progresses.

Marie-Claire Kidd reports that Plymouth’s energy future is changing. PEC Renewables launched its first share offer in February 2014. It closed after seven weeks, oversubscribed at £602,000, with 144 investor members, around half of them local. This enabled it to install free solar photovoltaics on 18 schools and three community buildings between May and November 2014.

pec investors

The installations, which collectively represent 0.78 megawatts, are now generating half-price electricity for their community building hosts. Surplus electricity is sold to the grid. The bencom also receives income in the form of a government subsidy, via the Feed-in Tariff.

PEC Renewables launched its second community share offer this February, this time with a £950,000 target. It will fund more free solar photovoltaics, and bring the bencom’s community fund to more than £1.2m. It is forecasting a return of up to 6% for members, which rises to 10.5% including tax relief. The offer, which closes on 5 May, has already raised £510,000.

midland house council offices plymouth

Plymouth’s largest solar roof will be installed on Plymouth Life Centre, a diving centre and one of the busiest leisure centres in the country, and there will be solar panels on four more schools, bringing the total to 1.3MW. (Above: panels on Midland House, a Plymouth council office)

Plymouth has 11,500 households in fuel poverty – 10% of its population – and an energy-inefficient housing stock. The city council has produced a plan to reduce emissions from the council estate by 20% by 2015 and reduce citywide emissions by 30% by 2020.

One of its main aims is to help local people to understand their energy options, so it is promoting grant schemes for free cavity and loft insulation and subsidised external wall insulation, offering savings of around £260 per household per year. It has also provided energy tariff advice for over 600 households, offering average savings of £180 per year.

PEC Renewables’ community fund is being used to tackle the challenges of rising energy costs, fuel poverty and climate change. Projects include PEC’s fuel debt advice service, which has helped local residents clear £55,000 of energy bill arrears in the last 10 months, and its energy team, which trains volunteers to provide free home energy advice to at-risk households.

 

To learn about Plymouth’s plans for the future, read Ms Kidd’s article.

Could Brummie bonds fund house building?

john clancyCity councillor John Clancy, who once worked in the venture capital market, explains in a Chamberlain Files article,  [accessed via the Brummie], that  ‘Brummie bonds’ can provide much needed investment and kick-start building by local councils and housing associations across Birmingham.

Some readers will remember that the Brummie Bonds concept was incorporated in the 2003 People’s Pensions Proposal, informally presented to MPs, an MEP and NGOs by a London colleague Colin Hines (co-founder of Localise West Midlands) with co-authors, accountant Richard Murphy (now of Tax Justice fame) and MP Alan Simpson. Read on here.

In October 2004, David Bell’s article on the subject in the Post: Buy a share in Brum pointed out that bond issues are used to raise finance by federal states in Germany and many other local authorities around the world, but although English councils have powers to issue bonds none are believed to have used them.

John Clancy’s vision is of a 40-ward investment strategy. An access-all-areas Brummie Bond investment issue is needed and he records that the Labour Party’s policy announcement last weekend on the Future Homes Fund is effectively the revival of the concept of housing bonds itself:

  • Anyone saving for a house deposit can put it in an ISA to which the Government would contribute 20%. The Labour Party is proposing that those funds would be earmarked for new house building. The banks would be directed to invest these assets into housing bonds.
  • Local councils and housing associations would issue bonds into which the UK’s banks would be required to invest. This would keep investment by UK citizens in the UK and, effectively, into local and regional investment.
  • If local developers are sitting on a land bank where planning permission for housing is already given, then the “use it or lose it” principle would have to apply. If there is capital ready and willing to buy and build from housing bonds, then so be it. Positive, active creative capital will need to push out dormant, destructive, delayed capital.

There is now a growing consensus that investing in UK housing is the best investment strategy for the health and wealth of the funds. They provide healthy returns on a risk adjusted basis to the pension funds.

A recent analysis by TradeRisks.com recommends hard-nosed investors (especially pension funds) to go into social housing bonds rather than corporate bonds, and that now is the best time to do so. Sixteen of the biggest 60 Housing Associations have now issued own-name public housing bonds. It’s time for local councils to do the same.

Government has relaxed the rules on investment and recognised the key part that local government pension schemes have to play in regeneration, infrastructure and ‘green’ investments. Cllr Clancy says that if any local government pension fund has not laid out its 30% housing and infrastructure asset investment strategy, we should ask why it has not done so. He ends:

It’s time for Bonds: Brummie Bonds.

Let’s build.

America: six big shifts towards an economy that distributes economic benefits widely and minimizes damage to the environment

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sarah van gelderSarah van Gelder (right) is co-founder and executive editor of YES! Magazine which feature powerful ideas and practical actions towards a more just and sustainable world. She has co-founded a cohousing community, organized tenants and built a produce cooperative, providing local, sustainably grown whole foods, at affordable prices, to residents who want local, sustainable food sourced within walking distance of their homes.

Sarah points out that, in America as in Britain, corporations and the wealthy are recovering well after the collapse of the global economy in 2008. This is confirmed by Nomi Prins, (left, a senior fellow at America’s Demos) who has worked as a managing director at Goldman-Sachs, a Senior Managing Director at Bear Stearns and senior strategist at Lehman Brothers.

nomi prinsShe records that corporate profits have jumped back to near-historical highs, and banks are hoarding an extra $1 trillion in reserve at the Fed. However, Ms Prins points out that over 90% of the population have “an overhang of debt, stagnant wages and inferior jobs, all exacerbating income inequality”.

Sarah asserts that many people are losing patience with the corporate economy—and turning to initiatives that build a new economy. Grassroots groups, local entrepreneurs and broad-based coalitions are building the foundations of an economy that distributes economic benefits widely and minimizes damage to the environment. She lists six big shifts (the links are very well worth following):

  1. Local food, once a tiny niche market, has gone mainstream. The growing, processing, and marketing of local foods is booming in many areas, including the eastern U.S., abandoned neighborhoods in Detroit, Michigan and towns and cities throughout the country. Via farmers markets and direct purchases from growers, the food travels quickly from farm to table, keeping it fresh and nutritious. Local food isn’t always greener, but a local diet does reduce emissions from food transportation, support local jobs, and connect people to their neighbors and local environment.
  1. More workers own their jobs. Worker-owned co-ops have been spreading, particularly since the recession. While they, like all businesses, can struggle, they also can help keep good jobs stable and keep money in the community. In the Bronx in New York City, the 2,300 employees who work at Cooperative Home Health Care Associates get better pay, more job security, and more training for career advancement than their counterparts at competing firms. In Chicago, workers at a manufacturing plant who were laid off when the plant was shut down bought out the factory and now operate it as New Era Window and Doors. The most famous example of worker ownership, however, is in the Basque region of Spain, which has more than 70,000 worker-owners in more than 200 enterprises. Labor unions and community activists in the United States are beginning to emulate the success of Spain’s Mondragon Cooperatives, especially in hard-hit rust belt regions.

karma kitchen

  1. The economy goes DIY. Making, DIY, and sharing culture: ethic of reuse and no waste, a bias for local and small-scale, and a preference for generosity is blossoming. Young people especially are building tiny houses and writing open source software. Online platforms like Couchsurfing let people share their homes with travelers. Others have started “pay-it-forward” restaurants where you pay not for your own meal, but for the person behind you in the line.
  1. Money grows more responsible. Campaigners in 22 states aim to open government-owned banks at the state, county or municipal level to finance local economies and keep profits nearby. The latest trend, in light of the threat of climate disruption, is to divest from holdings in coal, oil, and gas companies. To date, more than 800 global investors have pledged to divest over $50 billion. Redirecting assets from big corporations and Wall Street to sustainable local enterprises is providing investment capital needed to fuel the new economy.
  1. clt berkshiresSome homes stay affordable. A small percentage of people are living in community land trust homes – affordable by design – and foreclosure rates were one-tenth of the national level. This success is causing cities and advocates for the poor elsewhere to look at this as a model of permanently affordable housing. Keeping basic necessities, like our homes, out of the speculative market helps stabilize the economy and averts the disruption and impoverishment that results from predatory real estate and lending practices.
  1. Innovation emerges to protect our resources. The new economy draws on the wealth of common assets, including fresh water, the Internet, green spaces in our cities, and the storehouse of knowledge we inherit from previous generations.

It does so in a way that neither depletes them nor excludes others. That means protecting water quality, keeping the Internet open, protecting the stability of the climate, and ensuring access to a good education—for ourselves and for those not yet born.

The new economy is being built on grassroots-led, pragmatic actions that people around the U.S. and around the world are taking to create widely shared, sustainable prosperity.

Read Sarah’s article here: http://www.yesmagazine.org/new-economy/six-ways-the-us-is-building-a-people-powered-economy

 

Syriza MPs help to promote the social economy by donating 10-20% of their wage

anca voinea co-opIn a Co-operative News article, Anca Voinea notes that  Syriza has highlighted the importance of reviving the co-op movement, seeing it as a distinct economic model that would be part of their movement for a broader social and solidarity economy.

Syriza had shown interest in the movement over the last two years and is preparing for new legislation to support co-operative principles, promote co-operative education, transfer of companies to the workers and establish co-operatives of similar standards to those in Latin America and France.

syriza2

 

When incoming prime minister Alexis Tsipras (above) presented his agenda to parliament, he made a commitment to growing the social economy, including co-ops. Syriza has now launched a public consultation to gather opinions about the promotion of the social economy.

VioMe in Thessaloniki went bankrupt and the workers, who had not been paid for over a year, occupied the building to prevent the owner from taking away the machinery and products in stock. The factory is now in public administration and the workers are fighting a legal battle for ownership of the enterprise. They are also calling for a change in the legal framework to allow workers to take over enterprises. Mr Tsipras promised to support this effort with legal reforms. He has also spoken about the importance of co-operative banks as a vehicle for development.

Reading about this venture reminded the writer about an Argentinian workers’ initiative recorded here.

greek solidarity header

An online platform, Solidarity4all, first mooted by the late Tony Benn, showcases different examples of informal co-operation, from social pharmacies to grocery stores or free lessons, including newly formed co-ops. Syriza has helped the Solidarity4All initiative, with each MP donating 10-20% of their wage to promote the social economy. People have taken matters into their own hands through grassroots activism and local collective action. The many and varied social solidarity initiatives include social pharmacies, social medical clinics, social kitchens, social groceries, Okmarkets without middlemen, a social collective of mental health professionals, social solidarity drop in centres, time banks (sharing skills and time), olive oil producers sharing olive oil, the ‘potato movement’ where farmers trade direct with consumers cutting out the supermarkets. Read more about Solidarity4All here.

A new citywide currency keeping money earned in city in the local economy

karen andy reeve pound

Above: Karen Leach from Localise West Midlands and Andy Reeve from Impact Hub Birmingham who have produced a currency note exclusive to Birmingham – see http://www.birminghammail.co.uk/news/midlands-news/birmingham-could-next-city-launch-8810436.

They are planning to follow the model of the existing Bristol Pound, which is currently used by 782 firms and generates £1 million of business each year.

Karen Leach, coordinator at Localise West Midlands, said: “What normally happens is money leaves the area all the time because you spend money in an organisation that isn’t locally based and locally owned. Money is constantly sucked out like water down a big plughole from the local economy. That’s what we’re trying to stop.”

Since its creation more than two years ago, the Bristol Pound has become the UK’s largest rival to Sterling and the first city-wide currency. Brixton, Stroud, Totnes and Exeter have also introduced the scheme – and it is hoped the Birmingham Pound will repeat their success with independent businesses.

bristol poundThe Bristol Pound, a non-profit organisation, is regulated by the Bristol Credit Union and has received backing from Bristol City Council which has discussed plans to pay staff in the currency. Around a quarter of current Bristol Pound transactions are made using paper notes in £1, £5, £10 and £20 denominations while the rest are made electronically by mobile phone text messages or online. Read more here: Bristol Mayor chooses to be paid in Bristol Pounds.

Consultations on developing the idea will be made by a campaign group of local credit unions, trade organisations and businesses following an initial meeting last week.

Co-operatives: raising and developing the weakest part of our local communities and civil society?

The roots of the co-operative movement in Italy go back to 19th century workers’ associations, with credit services, agricultural and building co-ops forming an important part of the overall economy. There are more than 20, 000 cooperatives, including housing and banking movements, with over 3 million members.

In 2011 Jeffrey Hollander asserted that the success of worker cooperative models in Italy and Spain presents US & UK with a compelling model for building a new, sustainable economy: 

italian co-ops text pics

An alternative to the “throw-away culture created by the powers that control the economic and financial policies of the globalized world”

Reuters reports that Pope Francis, speaking to members of the Confederation of Italian Co-operatives, condemned economic systems that “suffocate hope” and a globalised culture that treated its employees as disposable. New models and methods are needed that offer an alternative to the “throw-away culture created by the powers that control the economic and financial policies of the globalized world.”

He adds:

“Co-operatives should continue to be the motor that raises and develops the weakest part of our local communities and civil society”

The Pope said that the establishment of more co-operatives could help to solve crises of unemployment among young people and offer women jobs with a work-life balance that enabled them to care for their families.

Finally he called for money to be ‘at the service of life, managed in the right way by real co-operatives where capital does not command men but men command capital.