Open Letter to the Governments of the G8

The people of the world have watched with shock and disbelief as some global financial structures have dissolved in panic, and bastions of the investment and banking industry have collapsed and disappeared. They have wondered as the world’s political leaders have beenforced to commit vast amounts of taxpayers’ money, in an effort to bolster and stabilise banks and stock markets that have been shaken to the very core by corporate greed and profit-driven mismanagement. They now fear what the effects of all this will be on the real economy.At the same time, those same world’s citizens know that there is an alternative secure, stable and sustainable model of business owned and controlled by 800 million people worldwide.      It is true to its global values and principles of self-help, sustainability, community ownershipand control, democratic participation, fairness and transparency. It is a model of business that is not at the mercy of stock markets because it relies instead on member funds for its value; and is not subject to executive manipulation and greed because it is controlled by local peoplefor local people. It is a business where the profits are not just distributed to its shareholders, but are returned to those who trade with the business, thus keeping the wealth generated by local businesses in the local community for the good of the local environment and families.Read the rest at: http://www.ica.coop/publications/pressreleases/2008-g8.pdf