Re: Harnessing the poverty-fighting power of public institutions, Aug. 24

Posted on in Policy Context

TheStar.com – Opinion/Readers’ Letters
Aug 30 2015.   Larry Gordon

It is encouraging to see community leaders in Toronto looking at the Cleveland model for community economic development.

Funneling a portion of large public institution spending to local businesses that create jobs for marginalized communities could be a game-changer. But a key element of the Cleveland model seems to be getting little attention in Toronto.

In Cleveland, a number of employee-owned co-operative enterprises were formed to provide services to the universities, hospitals and other community agencies. The co-op enterprise model not only provides jobs, but gives employees an ownership stake, equity and a share of the profits.

Studies have shown co-op enterprises have a much higher survival rate than traditional investor-owned forms of business, which is a common-sense outcome since the stakeholders have an direct ownership interest.

Toronto should learn from and adopt the Cleveland model, including the key element of employee-owned co-ops.

Larry Gordon, Toronto

< http://www.thestar.com/opinion/letters_to_the_editors/2015/08/30/government-funding-is-key.html >

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