Revisiting Public Ownership

Public ownership in the form of nationalization of the banking sector has re-emerged on the public agenda. Yet, there has been very little debate about the meaning, status, and function of public ownership as an alternative strategy in the context of globalization and advanced capitalism. Here, as a contribution to this agenda we advocate forms of public ownership tailored to enhance democratic decision making in the economy, to achieve greater equality and social cohesion, and wherever possible to encourage localized rather than central control and ownership.JEL classification: B51; H10; L00.