ENLISTING WORKERS TO RESTRUCTURE BUSINESS

Preserving Jobs and Businesses in Challenging Times

Workers jobs are threatened as never before due to the worldwide economic downturn brought on by the COVAD 19 pandemic. Over the last sixty years, the booms and busts of capitalism have driven workers to demonstrate solidarity and stage initiatives to acquire the threatened company they work in to keep it operating. These have been termed worker buyouts or employee buyouts depending on the culture. From a Christian viewpoint, this has its roots in the encyclical Rerum Novarum, and its emphasis on justice, workers rights, the dignity of work and the principle of subsidiarity – decisions are to be made by those who have to carry them out. The famous worker cooperative Mondragon Co-operative Corporation in Catholic Spain was initiated by the Catholic priest Father Arizmendiarreta and has become a pilgrimage thousands take to understand the Christian business model of sharing in ownership, decision making and profits.

This phenomenon of the EBO – … Read more