THE 3rd WAY: ECONOMIC REFORM or SOCIAL REVOLUTION the solution to income inequality... Building "Inclusive Capitalism" through Employee Ownership * HOW WEALTH IS CREATED *, by Upendra Chivukula, Veny W. Musum
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THE 3rd WAY: ECONOMIC REFORM or SOCIAL REVOLUTION the solution to income inequality... Building "Inclusive Capitalism" through Employee Ownership * HOW WEALTH IS CREATED *, by Upendra Chivukula, Veny W. Musum
Best Ebook THE 3rd WAY: ECONOMIC REFORM or SOCIAL REVOLUTION the solution to income inequality... Building "Inclusive Capitalism" through Employee Ownership * HOW WEALTH IS CREATED *, by Upendra Chivukula, Veny W. Musum
THE 3rd WAY is a very big idea. In the INFORMATION AGE, you simply cannot get ahead on wages alone! In addition to your labor, you MUST acquire capital (stock, real estate, technology, etc.). If you are a young person, you must learn these invaluable principles now. If you are a parent, teach the critical lessons in this book to your children and insure they have a happy life. Moreover, every citizen needs to demand the common sense "real hope" and "real change" public policies advocated in this book from their elected leaders to make the broad-based acquisition of capital easier for everyone! Now the middle class is in crisis. Median wages adjusted for inflation have decreased steadily for decades. The middle class is simply not sharing in the nation's capital centered economic growth. Widespread current discontent is destined to lead to serious unrest unless we promptly put the correct solutions in place. The knee-jerk reaction is to blame the rich, the banks, and large corporations, resulting in plenty of anger and resentment, yet offering few practical solutions. Playing the blame game overlooks the root cause of the problem, which is structural in nature: American capitalism does not have enough wealth-making capitalists. Exponential advances in technology relentlessly exacerbate the ever widening chasm between the productive power of capital vs. labor. An innovative system to re-link these fundamental forces must be expeditiously ordained to equitably share the capitalist blessings of wealth and avert a looming social calamity. "Inclusive" capitalism would change the playing field by offering significant tax incentives to corporations willing to establish employee stock ownership plans (ESOPs), allowing employees to acquire capital shares without depleting their own savings. Stock holdings would provide the middle and lower classes with what they so desperately need: income capital in ADDITION to earnings via their labor. Co-authors Veny W. Musum and Upendra Chivukula offer a bipartisan exploration of employee ownership, its history, how ESOPs work, and the simple, common sense policies Americans must demand the government implement for this PROVEN wealth building system to grow exponentially. Thousands of small closely-held business and large, publically-traded corporations use employee stock ownership plans successfully, benefitting millions of employees. It's time for both individuals and governments to understand the importance of embracing “inclusive capitalism” and economic democracy on an aggressive national and international scale.
THE 3rd WAY: ECONOMIC REFORM or SOCIAL REVOLUTION the solution to income inequality... Building "Inclusive Capitalism" through Employee Ownership * HOW WEALTH IS CREATED *, by Upendra Chivukula, Veny W. Musum- Amazon Sales Rank: #866195 in Books
- Published on: 2015-10-15
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .66" w x 6.00" l, .87 pounds
- Binding: Paperback
- 292 pages
Review KIRKUS REVIEWS TITLE INFORMATION THE 3rd WAYUpendra Chivukula and Veny W. MusumTHE 3rdWAY Publishers (292 pp.)$21.95 paperbackISBN:978-1-4942-5460-5; January 4, 2016 BOOK REVIEW An ambitious book offers a radical proposal to save capitalism by exponentially increasing the number of capitalists. According to the two debut authors and various politicians, the American middle class is ailing; while wealth is increasingly concentrated in the hands of a plutocratic elite, inequality skyrockets.Chivukula, New Jersey's former Deputy Speaker and Democrat, and Musum, a prominent Republican businessman, argue that the crux of the problem is that labor has gradually become severed from capital, and so the vast majority of productivity in the economy is supplied by a disenfranchised class hobbled by an appalling lack of appropriate payment for its efforts. The authors contend that the solution to this problem is to make the economy more inclusive by expanding the private ownership of both small businesses and corporations. This would be largely accomplished by a systematic overhaul of the tax system, which would simultaneously decrease taxes and dismantle various tax barriers to the proliferation of Employee Stock Ownership Plans. Those stock plans permit workers to enjoy the advantages of ownership while avoiding the principal disadvantages: they don't have to buy this stock with their own wages or front their own property as collateral. The authors repeatedly make clear that this enlargement of the owner class, or the creation of more capitalists, drives their proposal. "Here's the bottom line: Dramatically accelerate broad based property/capital ownership. Do that by requiring every corporate tax incentive conditioned on having some form of a broad based ownership share plan for their workers. Period." The authors believe that this approach navigates between the alternatives of ferocious capitalism and ideological socialism. They call this the third way, which is an expression of "economic democracy." This is not a facile exercise in political idealism: Chivukula and Musum furnish considerable empirical evidence that their strategy will not only work, but also be politically appealing to a broad spectrum of citizens, irrespective of party allegiances. This remains an impressively ambitious effort to find pragmatic and innovative solutions to problems created and sustained by blinkered partisan commitments. A serious, rigorous contribution to the debate over how to rescue a drowning middle class. Kirkus Media LLC, 6411 Burleson Rd., Austin, TX 78744
Review "Chivukula and Musum's easy to read THE 3rd WAY convincingly explains a set of common sense policies that can expand the wealth created by capitalism to all working Americans. Wage only income continues falling farther and farther behind fellow citizens who have large ownership stakes in our nation's productive assets. Our national leaders need to read and implement their road map to a fair and enriching economy for all Americans." J. Michael Keeling, CAE President - The ESOP Association Washington, DC "THE 3rd WAY makes the case for action to spread wealth and ownership in a style we all can grasp. May it help mobilize people nationwide across the political spectrum on the best way to rebuild middle class America: greater capital ownership by regular citizens." Richard B. Freeman, PhD Herbert Ascherman Chair in Economics at Harvard University Senior Fellow, National Bureau of Economic Research (NBER) Senior Fellow, London School Centre for Economic Performance Co-Director, Labor and Worklife Program at Harvard Law School Fellow of the American Academy of Arts and Science "Mr. Chivukula, who is a well-known politician in the US, demonstrates in this book that he and his co-author, Veny Musum combine political acumen with thoughtful meditation on economic democracy. They deserve our congratulations." Jagdish Bhagwati, PhD University Professor of Economics, Law and International Affairs, Columbia University "Chivukula and Musum, co-authors of THE 3rd WAY, present a compelling political and economic basis for more inclusive capital ownership that would reverse the long-term trend of income inequality and would expand the middle class. Building off decades of research, they propose federal and state policies that are within reach of our current political system, and outline the dire consequences if policies are not embraced to encourage broader based employee ownership. This is an excellent compilation of research data and significant policy implications presented in straight-forward manner." Mary Ann Beyster - President Foundation for Enterprise Development Fostering Innovation, Entrepreneurship, and Ownership Executive Producer, We the Owners "THE 3rd WAY reminds us of a hopeful fact; values can, on occasion, trump ideologies. New Jersey provides us with a Republican Committeeman (Veny W. Musum) and a Democratic Assemblyman (Upendra Chivukula) who agree that America urgently needs a more inclusive and democratic form of capitalism. What these authors have discovered they have common is what matters. Their insights signal a new direction for American politics and economics." Dr. Christopher Mackin, Founder, Ownership Associates; Professor, Labor and Worklife Program at Harvard Law School and Adjunct Lecturer Rutgers School of Management and Labor Relations "The authors of THE 3rd WAY have done of marvelous job of explaining why neither conventional capitalism nor conventional socialism is capable of solving the two most pressing problems of the day - the rising inequality of income and of wealth and the disappearance of the American middle class. Unlike most books that only serve to identify the problem, THE 3rd WAY prescribes specific legislative and governmental actions that can be taken to alleviate them. This is a must read for all politicians and citizens who have been asking what they can do to help restore economic democracy to America." John Menke - President and CEO Menke & Associates, Inc. The Nation's Premiere ESOP Advisors "America became a free, independent and self-governing people because it was created by men and women who first owned property. Not on loan from the King or Lord, but real ownership. From that developed the demand to control their government. Our freedom comes from ownership, not the ballot box. The means of production are no longer simply land and animals: an ownership society must also now include shares of companies. This way embodies growth, independence, self-reliance, dignity and real equality before the law and man." Grover Norquist Founder and President Americans for Tax Reform "THE 3rd WAY's emphasis on employee ownership as a way forward is a refreshing departure from the usual policy proposals on dealing with inequality that either have not worked, or have little chance of becoming law." Cory Rosen, PhD Founder, National Center for Employee Ownership "Turning the idea of spreading employee ownership into reality has long been a passion of mine - as indeed it was for President Reagan, whom I served as a special assistant. This idea resolves the great ideological conflict of our era by achieving socialist ideals through capitalist means. It is vitally important that we increase worker participation and control in our processes of wealth creation. It is equally important that we preserve our ingenious, freedom-expanding reliance on private property rights. This book is a most welcome entrant into the debate, its authors offering a credible pathway to a system that prizes employee ownership. It deserves the most widespread consideration and discussion." Dana Rohrabacher United States Congressman, (R) California President Ronald Reagan's Speechwriter "THE 3rd WAY is a communications breakthrough! The authors have "got" the essentials of Louis Kelso's message. And they have imparted that message so simply and accurately that others can understand it, too--and more important--translate it into political action and wise government policies." Patricia Kelso President of The Kelso Institute Wife of the late Louis O. Kelso - Father of the ESOP movement Co-author of many of Louis Kelso's most important books, congressional submissions, columns and speeches.
About the Author Chivukula was nominated by Governor Chris Christie as a Commissioner to the N.J. Board of Public Utilities on September 18, 2014 and confirmed by the Senate on September 22, 2014. Prior to that, Democrat Upendra Chivukula served as the Deputy Speaker of the New Jersey Assembly, and represented the 17th Legislative District. He was the first South-Asian representative in the state's history. Born in Nellore, India, Chivukula came to the United States in 1975. He holds a masters degree in electronic engineering, and is one of the New Jersey Legislative's leading experts on science and technology. He co-chairs the Energy Task Force for the Council of State Governments. Republican Veny W. Musum began his career in corporate America as a district manager for Clairol, managing the top sales district in the country. He moved on to John Paul Mitchell Systems in Beverly Hills and quickly rose to become the company's longest-running senior vice president. Presently a Guest Lecturer at Rutgers University, Musum enjoys imparting to their students his firsthand expertise and the significance of acquiring income producing capital. Musum's involvement in local and state government includes serving on New Jersey's Property Tax Commission, co-chairing a subcommittee on regionalization and efficiency, and serving multiple times on the Bernards Township Republican County Committee.
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Most helpful customer reviews
4 of 4 people found the following review helpful. The 3rd Way is a revolutionary solution for income inequality! By John Anthony Incredible book! Lots of information that is easy to digest and apply. In a world where every economic argument and solution are wrapped in left/right vitriol, Chivukula and Musum squarely address income inequality in a fresh, non-political and throughly workable manner. The two political opposites have hit on the jugular of spreading the wealth, without unfairly penalizing the winners, while creating equal opportunities for workers. As the authors say, the problem with capitalism is not enough capitalists. The two set about to show how every worker can become part of the capitalist success story. They go on to describe in detail how companies can provide Employee Stock Ownership Plans for their workers that give each employee an opportunity to share in the success they work to build. ESOP's are nothing new and over 15 million employees already participate in similar plans. What is new is the ingenious way the authors describe for using tax credits to help fund the programs. With deductions for the company and a painless way to invest for their employees, the 3rd Way deserves attention. With the newest Affordable Care Act requirements upsetting the benefits picture for thousands of companies and their workers, The 3rd Way deserves a look by every buisinessowner or manager wanting to hold onto good people. The book is easy read with plenty of diagrams to make a complex subject accessible. As a business owner, I highly recommend this book.
4 of 4 people found the following review helpful. A great idea for a New Revolution, The 3rd Way Wins Big! By Catherine T Salamone This is finally what America needs! This book simply explains the answer to creating wealth. Through employee ownership, the employee can gain financial independence and the corporation will have a committed dedicated employee for long term gain. This is a Win / Win for everyone.! Great book and can't wait to recommend it! Cathie Salamone, NJ Businesswoman/ Sr.VP Commercial Real Estate.
3 of 3 people found the following review helpful. Extremely interesting for its bluntness and new ideas. By Joseph R. Blasi What has been missing from the inequality debate is a readable book that bridges the political divide and presents both the Democratic and the Republican voice in the same volume, with a set of consensus policy ideas that are clearly written and highly accessible. Chivukula and Musum are not academics so this is a popularly written volume, unrehearsed and blunt. They articulate a serious middle class criticism of economic inequality that is raw and unvarnished. They explore the bipartisan overlap that most observers completely miss. They clearly explain why broader capital ownership represents a fresh statement of an old idea that requires public education and debate and policies to advance the idea. Because this book articulates diverse viewpoints, you may not accept every analysis or every prescription, but you will find a stark and radical and refreshing statement of citizen frustration with some straightforward proposals that require serious discussion. Joseph Blasi, Rutgers University
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