Matt Prewitt: Lawyer, Writer, & President of RadicalxChange Foundation
Apr 15, 2024
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Matt Prewitt, President of RadicalxChange Foundation, discusses rethinking property rights with Margaret Levi. They explore Partial Common Ownership as a fairer asset management solution. Their collaboration with Stanford and Dark Matter Labs focuses on reimagining ownership institutions to create a politics of change.
Legitimacy of new institutional arrangements must align with liberal politics for fair asset management.
Legitimate power considerations encompass both legality and moral justifications within liberalism.
Partial common ownership introduces impermanent interests to prevent power imbalances and promote equitable benefits distribution.
Deep dives
Rethinking Property Rights and Liberalism
Rethinking property rights entails considering the uneasy relationship between property and political liberalism. A core concern raised is the legitimacy of new institutional arrangements and how they align with liberal politics. Liberalism, as discussed, involves constraining power to establish an equitable relationship between authority and citizens. Property ownership within the context of liberalism has been critiqued for potentially concentrating power and becoming sites of illiberalism, highlighting the need for reevaluation.
The Concept of Legitimacy and Constraints on Power
Discussions delved into the concept of legitimacy within a legal framework and its intersection with liberalism's principles. The analysis illuminated that legitimate power is not solely defined by legality but also considers moral justifications. The critique of liberalism revolves around the application and misconstrual of its principles, particularly regarding property and economic institutions. The emphasis on identifying and addressing illegitimate power examines how power imbalances and monopoly elements challenge liberal objectives.
Introduction to Partial Common Ownership
Partial common ownership emerges as a concept that redefines ownership structures to address power imbalances inherent in traditional ownership models. By introducing impermanent ownership interests that rotate through auctions, this system aims to distinguish between political and non-political power associated with assets. The allocation of power over assets seeks to prevent monopolistic control and ensure equitable distribution of benefits.
Application and Benefits of Partial Common Ownership
Concrete examples of implementing partial common ownership, such as in art collectives, showcase the operational dynamics and advantages of this system. The approach involves segmenting ownership interests into time-limited dominion rights and residual assets, fostering collective stewardship. The residual component acts as a collective holding that directs generated income back to the community, promoting a fair and sustainable distribution of benefits.
Theory of Change and Future Implications
The theory of change linked to partial common ownership highlights a paradigm shift in ownership norms towards equitable and effective ownership arrangements. By fostering experiments and critical mass adoption of this system, broader acceptance and innovative ownership practices are anticipated. The potential influence on governmental decisions and public perception reflects a step towards redefining property frameworks and advancing common good goals.
In today’s episode, guest host Margaret Levi interviews Matt Prewitt, President of RadicalxChange Foundation. With the tables turned from our last episode, Margaret interviews Matt on rethinking property rights. Beginning with a reflection on the state of political liberalism, Matt dives into the mechanics of Partial Common Ownership (also known as “Plural Property”) and it being part of the solution to manage assets in a fairer, more efficient way and how experimentation like PCO can lead toward a politics of change.
RadicalxChange has been working with Margaret Levi and her team at Stanford, together with Dark Matter Labs, on exploring and reimagining the institutions of ownership.
This episode is part of a short series exploring the theme of What and How We Own: Building a Politics of Change.
Margaret Levi is Professor of Political Science and Senior Fellow at the Center for Democracy, Development and Rule of Law (CDDRL) at the Freeman Spogli Institute (FSI) at Stanford University.