The US government’s escalating trade war has forced Canadians to quickly rethink and prepare to reorient Canada’s economy. Discussions have thus far focused on developing new export markets and reducing barriers to interprovincial trade. These are important initiatives, but Canadians can do more and better.
In this time of crisis, when the Canadian economy, sovereignty, and well-being are increasingly threatened, Canada needs more fundamental and innovative action to make its economy independent, strong, and resilient to external shocks.
The Canadian economy must be better for workers, small businesses, families, and communities. Canada needs ideas that are both creative and tested — ideas that will find support across the political spectrum. Fortunately, there are policies that meet these criteria: Canadians can make their economy more resilient by making workplaces more democratic, giving workers more ownership and control.
An important way forward is to facilitate the creation of more democratic employee-owned firms in Canada. Indeed, this idea has momentum: federal legislation took effect last year that creates employee ownership trusts (EOTs) as a promising new vehicle to achieve this aim.
In a democratic employee-owned firm, employees collectively own a majority of the company, have meaningful rights to help shape decisions, and profits are shared broadly and equitably. Democratic employee-owned firms include a range of possible company structures including worker cooperatives and EOTs.
Employee-owned firms exist in Canada, although there…
Auteur: Michael K. MacKenzie
