co-operative socialism money banking and finance issues

19:34

co-operative socialism money banking and finance issues 

since co-operative socialism abolishes rent interest and profits and decides a much reduced level of income inequality the question of the use of money. in a world of co-operative socialism becomes important 

the most obvious solution to the question of banking and finance for cooperatives. Is 4 banks to be effectively? the common purse filled up by the community as it's market-based social economy cooperatives generate. financial surplus 

Which capitalism would call its profits so that they financial service industry becomes a benefit to wealth creation? 

accordingly one model of a banking system would be a collection of solidarity cooperatives where the community decides through a mixture of grant and living incomes to everyone. 

For those cooperatives to operate on an interest-free and not-for-profit basis. 

Eventually of course since the use of money will disappear. These banking systems will become redundant. 

one possible 

future development for the banking system Would be as part of the international support which a nation-state gives to the generation of a global Co-operative commonweal. in such a state if a 

country which feels that it needs extra support from countries which are more favourably placed in it could make an appeal to the National banking systems for financial support on a grant not basis. 

That leads us to the whole question of international solidarity work which will be part of the next section.