Diversity of economic ownership is key to a successful Scottish Economy, say experts.
EDAS Debate shines a light on the importance of economic ownership to reducing disparities in Scotland’s economy
A new debate series from the Economic Development Association Scotland (EDAS) has raised important questions around ownership of land, capital and economic activity in Scotland, and the benefit that different ownership models have in addressing poverty, inequality and tackling the climate crisis.
The first event in the new ‘Let’s Talk About..’ series saw an expert panel featuring Jane Morrison-Ross, CEO of South of Scotland Enterprise, Miriam Brett, Co-Director of Future Economy Scotland, and renowned UK economist and author Ann Pettifor share their insights on the importance of ownership models, whether particular types of ownership herald greater economic development gain and if Scotland needs to do more to increase the diversity of ownership models.
Co-Director of thinktank Future Economy Scotland Miriam Brett said that whilst Scotland takes a more democratic approach towards ownership, there is an increasing need for people to have a greater stake and say in the assets that control their lives.
“Shareholders that are geographically remote aren’t best placed to guide ownership – democratic business models actively enable wealth created by workers, users and communities to flow back to them,” she explained.
“The expansion of democratic business ownership can support a wide range of intertwined goals relating to climate, environmental and economic justice.”
Hosted by EDAS Chair Neil McInroy – an international expert in economic development and community wealth building – the debate is the first in a series of events as part of the organisation’s desire to reassert the practice of economic development at the heart of Scotland’s economy, as laid out in its new strategy for 2024-2027.
The organisation acts as a facilitator in the debate series, providing an independent platform for debate, discussion and audience engagement.
South of Scotland Enterprise Chief Executive Jane Morrison-Ross outlined the need for a three-pronged focus on the economy, environment and community.
She said: “It makes absolute sense that we can create an economy that is geared towards a just transition, but also looks after people and has a sense of place.
“It’s not about profit for profits sake, but taking a new approach to ownership and wealth distribution amongst local communities. We can’t keep doing the same things and expect different results.”
Political Economist, author and public speaker Ann Pettifor reminded attendees that decisions about the pricing of energy and grains were not made in Scotland, but in remote, speculative, global markets for commodities. She said:
““I think it’s important to lift our eyes above the local landscape and to pay attention to the wider global financial system and its impact on our daily lives and livelihoods.
“We need to restore the balance between economy and place – then we can really hope for change. The transformation I am hoping for is one that takes place well beyond the borders of Scotland”.
EDAS, which has more than 3,250 members, is the country’s foremost membership association for organisations and people with an interest in economic development, widely recognised by policymakers and politicians as the sector’s go-to body.
Details of future debates will be available in due course on the EDAS website edas.org.uk.