Join Ander Etxeberria, spokesperson for the Mondragon Corporation, as he shares insights into the revolutionary cooperative model thriving in the Basque Country. He delves into how Mondragon emerged from the ashes of the Civil War, fostering community and cooperation. Topics include the transformative power of regenerative economics, the importance of solidarity in work, and the benefits of giving workers a voice. The conversation challenges traditional capitalism and presents a sustainable, people-focused alternative to economic systems.
John Fullerton advocates for a regenerative economy that aligns with natural systems to promote sustainability and long-term survival.
The Mondragon cooperatives exemplify how worker ownership and collective decision-making can create economic security and minimize inequality.
Recent Bay Area philanthropic initiatives focus on redistributing wealth to support indigenous land sovereignty and grassroots community projects for systemic change.
Deep dives
John Fullerton's Journey from Wall Street
John Fullerton, once a prominent figure at JPMorgan Chase, left his successful banking career due to insights that revealed the unsustainability of traditional capitalism. He views capitalism as deeply destructive and believes a new source of prosperity is necessary, emphasizing the need to move away from continuous resource extraction. Now, he advocates for an economy that aligns with natural systems, believing that such a shift is crucial for long-term survival. Fullerton's transition highlights a growing movement toward reimagining economic structures to prioritize sustainability over profit.
Introduction to Regenerative Economics
Fullerton's course on regenerative economics aims to educate participants about an economic model founded on principles of sustainability and ecological integrity. He posits that the economy is a living system, dependent on human ingenuity and interwoven with the broader biosphere. This perspective requires a fundamental alignment of economic practices with natural processes, advocating for a model that regenerates rather than depletes resources. The approach encourages participants to rethink what wealth truly means, extending beyond financial capital to include social and natural capital.
Principles of a Regenerative Economy
Fullerton outlines eight key principles of regenerative economics that strive to create a more equitable economic system. These principles emphasize holistic views of wealth, community empowerment, and the importance of maintaining a right relationship with the environment. For example, the model encourages practices like regenerative agriculture that restore ecosystems and improve local economies through collective participation. By aligning economic activities with ecological realities, these principles offer a pathway toward addressing systemic issues related to capitalism.
The Mondragon Cooperatives as an Example
The Mondragon cooperatives in Spain serve as a practical example of how a regenerative economy can function outside traditional capitalist frameworks. Founded in the post-World War II era, these cooperatives prioritize worker ownership and decision-making, creating a high level of workplace democracy and economic security. Members share profits collectively, reinvesting in their communities while also fostering a strong sense of solidarity among workers. This model not only enhances job security but also minimizes income inequality, demonstrating that community-centric economies can thrive.
Radical Philanthropy and Land Rematriation
Recent initiatives in the Bay Area illustrate a shift in philanthropy towards redistributing inherited wealth to support indigenous land sovereignty and community projects. Organizations like the Catali Foundation fund efforts to reclaim land and support grassroots movements focused on ecological restoration. This approach challenges conventional philanthropic practices tied to capitalism, instead aiming to enact systemic change by investing in community-led solutions. Such efforts suggest that transformative action, regardless of its size, can foster a broader cultural shift towards equality and sustainability.
In our season finale, we visit with people on two continents who are turning core structures of capitalism on their heads – or, at least, sideways.
By John Biewen with co-host Ellen McGirt. Interviews with John Fullerton, Ander Etxeberria, Deseree Fontenot, Corrina Gould, Regan Pritzker, Dana Kawaoka-Chen, Mateo Nube, and Marjorie Kelly. Story editor: Loretta Williams. Music by Michelle Osis; Lilli Haydn; Chris Westlake; Alex Symcox; and goodnight, Lucas. Music consulting by Joe Augustine of Narrative Music. Episode art by Harper Biewen. "Capitalism” is a production of the Kenan Institute for Ethics at Duke University, in partnership with Imperative 21.