Cooperatives championed as solution to economic inequality
November 08, 2024 | Environment, Revenue and Taxation, Labor, Procurement, and Statistics, Research, and Planning , Legislative, Guam
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In a recent government meeting, advocates for cooperative businesses presented compelling arguments in support of Bill 365-37, which aims to establish the Guam Uniform Limited Cooperative Association Act. The bill is seen as a pivotal step towards enhancing economic democracy and reducing income inequality on the island.
Ted Wei, representing Pacific Asian Equity, highlighted the historical significance of cooperatives in the platforms of political figures like Bernie Sanders and Jeremy Corbyn, emphasizing their potential to combat poverty and foster economic stability. Wei proposed that any business for sale should first be offered to its workers, who would receive government support in the form of grants and interest-free loans to facilitate their purchase. This approach, he argued, underscores the transformative power of cooperatives in building a more equitable economy.
Tori Manley, a community member and small business owner, shared her experiences operating a climbing gym and badminton gym with multiple owners. She noted that while they already function collaboratively, a formal cooperative structure would provide the necessary legal framework to enhance their operations and community engagement. Manley stressed the importance of education on cooperative models to promote economic resilience and attract workers seeking fulfilling employment.
Jennalyn Abenalas, a social entrepreneur and district manager, expressed strong support for the bill, particularly its implications for the cannabis industry. She argued that cooperatives would empower community members by ensuring equal voting rights and fostering a culture of inclusivity and collaboration. Abenalas emphasized that involving diverse voices in decision-making processes would lead to better organizational outcomes and a more sustainable economy.
The testimonies presented at the meeting reflect a growing recognition of the cooperative model as a viable solution for economic challenges faced by the community. Advocates are calling for the passage of Bill 365-37 to formalize and support cooperative enterprises, which they believe will enhance social welfare and economic stability across Guam.
Ted Wei, representing Pacific Asian Equity, highlighted the historical significance of cooperatives in the platforms of political figures like Bernie Sanders and Jeremy Corbyn, emphasizing their potential to combat poverty and foster economic stability. Wei proposed that any business for sale should first be offered to its workers, who would receive government support in the form of grants and interest-free loans to facilitate their purchase. This approach, he argued, underscores the transformative power of cooperatives in building a more equitable economy.
Tori Manley, a community member and small business owner, shared her experiences operating a climbing gym and badminton gym with multiple owners. She noted that while they already function collaboratively, a formal cooperative structure would provide the necessary legal framework to enhance their operations and community engagement. Manley stressed the importance of education on cooperative models to promote economic resilience and attract workers seeking fulfilling employment.
Jennalyn Abenalas, a social entrepreneur and district manager, expressed strong support for the bill, particularly its implications for the cannabis industry. She argued that cooperatives would empower community members by ensuring equal voting rights and fostering a culture of inclusivity and collaboration. Abenalas emphasized that involving diverse voices in decision-making processes would lead to better organizational outcomes and a more sustainable economy.
The testimonies presented at the meeting reflect a growing recognition of the cooperative model as a viable solution for economic challenges faced by the community. Advocates are calling for the passage of Bill 365-37 to formalize and support cooperative enterprises, which they believe will enhance social welfare and economic stability across Guam.
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