Community-owned assets or organizations are those that are owned and controlled through some representative mechanisms that allow a community to influence their operation or use and to enjoy the benefits arising.
Benefits of ownership in infrastructure projects such as dams and irrigation are claimed to include increased responsiveness to needs of that community and the community valuing the projects more highly.
Community land buyouts
Communities can sometimes buy the land they live on and manage them through locally-run trusts. There are many examples of this in Scotland including Eigg, Assynt and Ulva.
In Saranac Lake, New York, after the local Ames Department Store closed due to bankruptcy and residents were forced to travel 50 miles (80km) to Plattsburgh for staples, the town was approached by Walmart which offered to build a 250,000-square-foot (23,000m2)supercenter, but the community felt that Walmart would negatively impact local business and increase traffic. As an alternative, a community-owned store was organized and shares were sold to community residents. $500,000 was raised by about 600 residents who made an average investment of $800. The store, Saranac Lake Community Store, opened in October 29, 2011, in remodeled facilities in downtown Saranac Lake. Powell, Wyoming, also has a community store established in 2002 under similar circumstances. In both instances the securities were intrastate offerings registered under less onerous state securities laws rather than federal law.[1] Funds were raised in a similar way for an independent bookstore in Brooklyn, a coffeehouse in Oakland, and restaurants in Hastings-on-Hudson, New York[2] and Hardwick, Vermont. In Hardwick two enterprises were created, one which operates a restaurant which prepares meals using locally grown food, another which bought and equipped the location as a restaurant.[3]
The New Rules Project of the Institute for Local Self-Reliance a nonprofit corporation has worked to make financing of community owned business less onerous. H.R.2930, the Entrepreneur Access to Capital Act Archived 2012-12-15 at the Wayback Machine , would relax securities law requirements making it easier for a community to raise money for community owned enterprises.[4]
↑ Cortese, Amy (November 12, 2011). "A Town Creates Its Own Department Store". The New York Times. Retrieved November 14, 2011. Community ownership seems to resonate in these days of protest.
Bryden, J and Geisler, C (2007) Land Reform and Community - a ‘new wave’ land reform? Land Use Policy
Community Owned Business This article by the American Independent Business Alliance explains the distinctions between community-owned and cooperative businesses and indexes many examples of community-owned enterprises in different business sectors.
"Local Stock Exchanges and National Stimulus" by Michael H. Shuman, originally published in the Federal Reserve Bank of San Francisco's Community Development Investment Review Volume 5, Issue 2, 2009
Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores in the United States and 23 other countries. It is headquartered in Bentonville, Arkansas. The company was founded by brothers Sam and James "Bud" Walton in nearby Rogers, Arkansas in 1962 and incorporated under Delaware General Corporation Law on October 31, 1969. It also owns and operates Sam's Club retail warehouses.
A cooperative is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise". Cooperatives are democratically controlled by their members, with each member having one vote in electing the board of directors. They differ from collectives in that they are generally built from the bottom-up, rather than the top-down. Cooperatives may include:
Saranac Lake is a village in the state of New York, United States. As of the 2020 census, the population was 4,887, making it the largest community by population in the Adirondack Park. The village is named after Upper, Middle and Lower Saranac lakes, which are nearby.
A chain store or retail chain is a retail outlet in which several locations share a brand, central management and standardized business practices. They have come to dominate many retail markets, dining markets, and service categories in many parts of the world. A franchise retail establishment is one form of a chain store. In 2005, the world's largest retail chain, Walmart, became the world's largest corporation based on gross sales.
The socialist market economy (SME) is the economic system and model of economic development employed in the People's Republic of China. The system is a market economy with the predominance of public ownership and state-owned enterprises. The term "socialist market economy" was introduced by Jiang Zemin during the 14th National Congress of the Chinese Communist Party (CCP) in 1992 to describe the goal of China's economic reforms.
The American multinational retail chain Walmart has received criticism from parties such as labor unions and small town advocates for its policies and business practices.
A worker cooperative is a cooperative owned and self-managed by its workers. This control may mean a firm where every worker-owner participates in decision-making in a democratic fashion, or it may refer to one in which management is elected by every worker-owner who each have one vote. Worker cooperatives may also be referred to as labor-managed firms.
An industrial and provident society (IPS) is a body corporate registered for carrying on any industries, businesses, or trades specified in or authorised by its rules.
The U.S. African Development Foundation (USADF) is an independent U.S. government agency established by Congress in 1980 to invest directly in African grassroots enterprises and social entrepreneurs. USADF's investments aim to increase incomes, revenues, and jobs by promoting self-reliance and market-based solutions to poverty. USADF targets marginalized populations and underserved communities in the Sahel, Great Lakes, and the Horn of Africa. It partners with African governments, other U.S. government agencies, private corporations, and foundations to achieve transformative results.
The Institute for Local Self-Reliance (ILSR) is a nonprofit organization and advocacy group that was founded in 1974. The organization provides technical assistance to communities about local solutions for sustainable community development in areas such as banking, broadband, energy, independent business, and waste. ILSR has three main offices, one in Washington, D.C., Portland, Maine, and Minneapolis, Minnesota.
Bharti Enterprises Limited is an Indian multinational conglomerate, headquartered in Delhi. It was founded in 1976 by Sunil Bharti Mittal. Bharti Enterprises owns businesses spanning across telecommunications, manufacturing, insurance, real estate, hospitality, and food. The group's flagship company, Bharti Airtel, is a telecom service provider with operations in more than 18 countries across Asia, Africa and Europe. The company ranks amongst the top two mobile network operators globally by number of subscribers.
Retailing in India is one of the pillars of its economy and accounts for about 10 percent of its GDP. The Indian retail market is estimated to be worth $1.3 trillion as of 2022. India is one of the fastest growing retail markets in the world, with 1.4 billion people.
The United States EB-5 visa, employment-based fifth preference category or EB-5 Immigrant Investor Visa Program was created in 1990 by the Immigration Act of 1990. It provides a method for eligible immigrant investors to become lawful permanent residents—informally known as "green card" holders—by investing substantial capital to finance a U.S. business as long as it creates at least 10 new, full-time jobs for Americans and work-authorized immigrants. The EB-5 program is intended to encourage both "foreign investments and economic growth." The EB-5 Immigrant Investor Visa Program is one of five employment-based (EB) preference programs in the United States.
Taxes provide the most important revenue source for the Government of the People's Republic of China. Tax is a key component of macro-economic policy, and greatly affects China's economic and social development. With the changes made since the 1994 tax reform, China has sought to set up a streamlined tax system geared to a socialist market economy.
Taxes provide an important source of revenue for various levels of the Government of the Republic of China. The tax revenue of Taiwan in 2015 amounted NT$2.1 trillion.
Economic democracy is a socioeconomic philosophy that proposes to shift ownership and decision-making power from corporate shareholders and corporate managers to a larger group of public stakeholders that includes workers, consumers, suppliers, communities and the broader public. No single definition or approach encompasses economic democracy, but most proponents claim that modern property relations externalize costs, subordinate the general well-being to private profit and deny the polity a democratic voice in economic policy decisions. In addition to these moral concerns, economic democracy makes practical claims, such as that it can compensate for capitalism's inherent effective demand gap.
Marc Eric Lore is an American entrepreneur, businessman, investor, and NBA owner. In December 2021, CNBC reported that Lore is now the Founder, Chairman, and CEO of the Wonder Group. From 2016 to 2021, he was the President and CEO of Walmart U.S. eCommerce. Lore was appointed in September 2016 to lead Walmart's e-commerce division when his company Jet.com—an e-commerce website launched in 2014—was acquired by Walmart, Inc. Walmart purchased Jet for $3.3 billion.
Four Seasons Mall was an enclosed shopping mall in Plymouth, Minnesota, a suburb of the Twin Cities. Four Seasons Mall once comprised 117,000 square feet (11,000 m2) of retail space with approximately 26 storefronts. The mall opened in 1978 and the last tenant, Marcello's Pizza, closed on February 29, 2012. The mall was abandoned for a decade until the city demolished it in late 2022. A 411-unit apartment complex, several office and retail buildings, and a Metrolink park-and-ride are planned for the site.
Tanomoshiko is a variety of rotating savings and credit association (ROSCA) found in Japan. Historically they played a major role in economic life in Japan and among the Japanese diaspora, and still survive on an informal basis in some parts of the country.
The Chinese government initiated a fiscal and taxation system reform in 1992, prepared and promulgated in 1993, and finally implemented in 1994. The reform was a large-scale adjustment of the tax distribution system and tax structure between the central and local governments, which was regarded as a milestone in the transition of China's fiscal system from planned economy to market economy. The main purpose of the tax-sharing reform is to alleviate the budget deficit since the end of the 1980s. As the reform achieved indeed remarkable results, it yet evoked problems like heavier financial burden of local governments. In order to make ends meet, governments started to let lands which eventually pushed up the land and housing price. Therefore, the tax-sharing reform is considered to be the reason of China's severe land finance.
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