Just Money: Banking as if Society Mattered

<div class="xblock xblock-public_view xblock-public_view-vertical" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@53b0314b0a3d4646822f11bc3e2545f6" data-init="VerticalStudentView" data-block-type="vertical" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <h2 class="hd hd-2 unit-title">Rethinking Assets</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@33fdd9f99f1d49d3b62d37ae77930715"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@33fdd9f99f1d49d3b62d37ae77930715" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;">In communities that have <span style="font-size: 12pt; color: black;">limited access </span><span style="font-size: 12pt; color: black;">to money and </span><span style="font-size: 12pt; color: black;">good debt,</span><span style="font-size: 12pt; color: black;"> there are often other economic activities and assets in those communities that are of value.<span style="mso-spacerun: yes;"> </span> Changing our thinking around assets is one way of building community wealth in the absence of financial capital.<span style="mso-spacerun: yes;">  </span></span></p> </div> </div> <div class="vert vert-1" 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<div class="xblock xblock-public_view xblock-public_view-vertical" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@1d6d6d502e1345b2aad671c755d12a18" data-init="VerticalStudentView" data-block-type="vertical" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <h2 class="hd hd-2 unit-title">Optional: Instituto Banco Palmas</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@7ddab9ef7a43456e8d995228cd5740e1"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@7ddab9ef7a43456e8d995228cd5740e1" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;"><span style="color: #000000;">In this section, we will explore the case of <span style="font-size: 12pt;">Banco</span><span style="font-size: 12pt;"> Palmas—the first community-organized bank in Brazil.  We will talk with Asier Ansorena, the Director of Credit and Innovation at Instituto Palmas, about how community residents were able to reinvent their local economy.</span></span></p> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;"><br />Though we highly recommend watching it, this video is <strong>not required</strong>.</p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@f5a5dac4f2a64534972d784326de3496"> <div class="xblock xblock-public_view xblock-public_view-video xmodule_display xmodule_VideoBlock" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@video+block@f5a5dac4f2a64534972d784326de3496" data-init="XBlockToXModuleShim" data-block-type="video" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "Video"} </script> <h3 class="hd hd-2">Interview with Asier Ansorena</h3> <div id="video_f5a5dac4f2a64534972d784326de3496" class="video closed" data-metadata='{"autoAdvance": false, "prioritizeHls": false, 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<div id="f5a5dac4f2a64534972d784326de3496"></div> <h4 class="hd hd-4 video-error is-hidden">No playable video sources found.</h4> <h4 class="hd hd-4 video-hls-error is-hidden"> Your browser does not support this video format. 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He received a BA in Economics and Political Science from the University of Michigan in 2006 and subsequently worked for AIESEC, a youth-led international organization, on projects related to social entrepreneurship in the Middle East, Europe, and Latin America. He began working for Instituto Banco Palmas in 2009, overseeing microcredit operations. Since 2013 he has been responsible for the development of PalmasLab, a Research and Innovation Lab for the Solidarity Economy.</p> </div> </div> <div class="vert vert-3" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@e0b28b7a526f4fa39e0bc638aa2d3df2"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@e0b28b7a526f4fa39e0bc638aa2d3df2" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <h3>More on Banco Palmas</h3> <p class="MsoNormal"><strong><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">History of the Neighborhood</span></strong></p> <p class="MsoNormal"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">The neighborhood of Conjunto Palmeiras was created in 1973, when Fortaleza’s municipal<span style="color: red;"> </span>government implemented a policy designed to promote tourism and increase land value in the city center.<span style="mso-spacerun: yes;">  </span>The city accomplished these goals by removing favela<a href="#_ftn1" name="_ftnref1" title="" style="mso-footnote-id:ftn1"><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[1]</span></span></span></span></a> residents from prime central and coastal zones<span style="color: red;"> </span>of the city and relocating them to the edges of metropolitan area.<span style="mso-spacerun: yes;">  </span>The municipal agency that implemented this policy, divided the outlying suburban lands and allocated plots to families through a lottery system.<span style="mso-spacerun: yes;">  </span>The allocated land was not urbanized, meaning it lacked public services such as electricity, sanitation, running water, and transportation, and it<span style="color: red;"> </span>was far from schools, hospitals, banks, and other critical facilities.<span style="mso-spacerun: yes;">  </span>Removal from the coast also made it nearly impossible for most communities to continue their primary livelihood, fishing.<span style="mso-spacerun: yes;">  </span>Conjunto Palmeiras was one of the neighborhoods created in this process.</span></p> <p class="MsoNormal"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">There was little organization of civil society in Conjunto Palmeiras until the formation of the Associação dos Moradores do Conjunto Palmeiras<a href="#_ftn2" name="_ftnref2" title="" style="mso-footnote-id:ftn2"><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-size: 12pt;">[2]</span></span></span></span></a> (ASMOCONP) in 1981.<span style="mso-spacerun: yes;">  </span>ASMOCONP led the fight for public services in Conjunto Palmeiras by staging protests and lobbying the local government.<span style="mso-spacerun: yes;">  </span>By 1988, the city had connected the neighborhood to the public water supply and added electricity and streetlights.<span style="mso-spacerun: yes;">  </span>By the early 1990s, the residents had successfully built a sewage system, improved drainage, and paved the roads.<span style="mso-spacerun: yes;"> </span></span></p> <p class="MsoNormal"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">However, despite improvements in the neighborhood infrastructure, the residents of Conjunto Palmeira remained deeply impoverished.<span style="mso-spacerun: yes;">  </span>A 1997 ASMOCONP survey found that 75% of adults were illiterate and 90% of families received less than two minimum wages monthly.<span style="mso-spacerun: yes;">  </span>The mismatch between physical development and neighborhood income forced many families to sell their homes and leave the neighborhood, as they were not able to pay their utility fees.<span style="mso-spacerun: yes;"> </span></span></p> <p class="MsoNormal"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;"><b style="mso-bidi-font-weight:normal"><br />Banco Palmas<br /><br /></b></span>Through a series of community meetings beginning in January 1997, the residents of Conjunto Palmeiras decided to start a project that would generate income and trade <i style="mso-bidi-font-style:normal">within</i> the neighborhood. <span style="mso-spacerun: yes;"> </span>They asked themselves the question: “why are we poor?”, which began a process of investigating the flow of money within the neighborhood by mapping production and consumption.<span style="mso-spacerun: yes;">  </span>The residents realized that while there were resources within the neighborhood, most money was being spent outside the neighborhood, which drained the local economy.<span style="mso-spacerun: yes;">  </span>In order to stimulate the local economy and build local businesses, the residents created Banco Palmas, which was inaugurated in January 1998.<span style="mso-spacerun: yes;">  </span>Banco Palmas is the first community organized bank in Brazil.<span style="mso-spacerun: yes;">  </span>The initial investment in the bank of R$2,000, came from a local NGO called Cearah Periferia.<span style="mso-spacerun: yes;">  </span>Soon, the bank was able to collect R$30,000 worth of funds from a variety of other NGOs, both local and international.<span style="mso-spacerun: yes;">  </span>This second wave of funds was intended specifically for making microcredit loans.<br /><br />Banco Palmas is a community development bank (CDB).<span style="mso-spacerun: yes;">  </span>As a CDB, it offers microcredit and other micro-financial services, but can be distinguished from a microfinance institution (MFI) in that microcredit is only one part of a larger set of activities the bank undertakes to sponsor local development.<span style="mso-spacerun: yes;"> <br /><br /></span>Banco Palmas offers a number of micro-financial services including credit and insurance to cope with this deficit in banking services in Conjunto Palmeiras.<span style="mso-spacerun: yes;">  </span>Banco Palmas (and other CDBs) offer below market interest rates that can be progressively tailored to the financial capacity of the client so as to subsidize those with the lowest incomes.<span style="mso-spacerun: yes;">  </span>This is an opportunity not only for subsidization, but to actively develop a sense of solidarity and mutual support within the community.<span style="mso-spacerun: yes;">  </span>Along these lines, any income from the credit operations remains within and is reinvested in the community.<span style="mso-spacerun: yes;"> <br /><br /></span><i style="mso-bidi-font-style:normal">Social Currency<br /><br /></i>Banco Palmas circulates a social currency that is recognized and used locally.<span style="mso-spacerun: yes;">  </span>The idea behind the currency is to “dam” the flow of ideas, people, and money that previously passed through the community and instead create a new, community-based economy by circulating resources within the neighborhood.<span style="mso-spacerun: yes;">  </span>The currency, called the Palmas, is pegged one-to-one to the Brazilian Real.<span style="mso-spacerun: yes;">  </span>For each Palma in circulation in Conjunto Palmeiras, Banco Palmas holds one Real in reserve.<span style="mso-spacerun: yes;">  </span>Consumption loans are given fully or partially in Palmas, which can only be spent within the neighborhood. The currency is legal and is not designed to replace or compete with the national currency, but to complement it.<span style="mso-spacerun: yes;"> <br /><br /></span><i style="mso-bidi-font-style:normal">Professional Training<br /><br /></i>Professional training courses are offered by Banco Palmas to enable community members to acquire workplace and entrepreneurial skills so they may make the best use of the loans they are given.<br /><br /><br /><b style="mso-bidi-font-weight: normal">Instituto Palmas<br /><br /></b>As Banco Palmas grew, so did its networks and operations outside the neighborhood of Conjunto Palmeiras.<span style="mso-spacerun: yes;">  </span>By 2003, the bank had grown substantially enough that the leadership of ASMOCONP and Banco Palmas decided to create Instituto Palmas, the Palmas Institute.<br /><br />Instituto Palmas has played an instrumental role in spreading the Banco Palmas model and building the economic solidarity movement across Brazil.<span style="mso-spacerun: yes;">  </span><span style="mso-spacerun: yes;"> </span>As part of this work, the Institute is involved in the formation of new community banks across the country, professional development, neighborhood-led technological innovation, participatory local research, and general community engagement around local issues. Though the Institute was created after the bank, the bank is now considered one of many projects of the Institute.<span style="mso-spacerun: yes;">  </span>Thus, the organizations are sometimes referred to collectively as Instituto Banco Palmas.<span style="mso-spacerun: yes;"> </span></p> <p class="MsoNormal"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;"><o:p> <br /></o:p></span><i style="mso-bidi-font-style:normal">Modified Excerpt from: Steponaits, Lillian. “Too Legit to Quit:Exploring Concepts of Legitimacy and Power in Scaling-Up Community Development Work.” MIT Master in City Planning Thesis. June, 2014. <</i><i style="mso-bidi-font-style:normal">http://dspace.mit.edu/handle/1721.1/90106>.</i></p> <p><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">     </span></p> <div style="mso-element:footnote-list"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;"></span><br clear="all" /><hr align="left" size="1" width="33%" /><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;">  </span> <div id="ftn1" style="mso-element:footnote"> <p class="MsoFootnoteTextCxSpFirst"><span style="font-family: 'Open Sans', Verdana, Arial, Helvetica, sans-serif;"><a href="#_ftnref1" name="_ftn1" title="" style="mso-footnote-id:ftn1"><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-size: 10pt;">[1]</span></span></span></span></a> Favelas are publicaly owned lands that are privately subdivided and occupied.</span></p> <p class="MsoFootnoteTextCxSpFirst"><a href="#_ftnref2" name="_ftn2" title="" style="mso-footnote-id:ftn2"><span class="MsoFootnoteReference"><span style="mso-special-character: footnote;"><span class="MsoFootnoteReference"><span style="font-size: 10pt;">[2]</span></span></span></span></a> Residents’ Association of Conjunto Palmeiras</p> </div> </div> </div> </div> </div> </div>

<div class="xblock xblock-public_view xblock-public_view-vertical" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@4e8f10b96dd84f4d8a3fda3642764506" data-init="VerticalStudentView" data-block-type="vertical" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <h2 class="hd hd-2 unit-title">Economic Democracy</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@877afac29598460c8c394fc49970a1c9"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@877afac29598460c8c394fc49970a1c9" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p> </p> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;"><strong>Economic Democracy<br /><br /></strong></p> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;">At the core of the story of Banco Palmas’s asset based development is a deep-rooted history of democratic participation and action.  In this course, when we talk about democratic action, we’re not just talking about voting for politicians who will make decisions and build economic policy.  We’re talking about direct, informed engagement with decisions about how resources are distributed and owned. </p> <p class="MsoNormal" style="font-size: 16px; line-height: 25.6px;">You’ve heard us use the term “Economic Democracy” several times throughout this course and it is based on the idea that the economy is what we make it. We have the right to build a local economy that is just, cares for all and protects our environmental and social commons.  Economic democracy happens when communities exert democratic control over resources, particularly through collective or cooperative ownership, in which the benefits of the asset or resource accrue to all the owners and decision-making is done democratically (either through representation or direct control). <br /><br />Economic democracy, in practice, means that we try to minimize the separation between individuals, communities, and civil society as a whole from the institutions that control resources. This can mean doing things like building up worker cooperatives, credit unions, or even taking part in processes like participatory budgeting.  The goal is to build cooperative ownership and democratic control over resources and then to use those resources to influence and democratize major ruling institutions over time.</p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@515820f0e5dd4dee8ee4bb6ef384a797"> <div class="xblock xblock-public_view xblock-public_view-video xmodule_display xmodule_VideoBlock" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@video+block@515820f0e5dd4dee8ee4bb6ef384a797" data-init="XBlockToXModuleShim" data-block-type="video" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "Video"} 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<div class="xblock xblock-public_view xblock-public_view-vertical" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@vertical+block@9b4d3f813e824f8c80982575d835a5ae" data-init="VerticalStudentView" data-block-type="vertical" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <h2 class="hd hd-2 unit-title">Optional: Bronx Cooperative Development Initiative</h2> <div class="vert-mod"> <div class="vert vert-0" data-id="block-v1:MITx+11.405x+2T2020+type@html+block@c2b770e0e1a54a7f9e72e0a4ac9dcbb7"> <div class="xblock xblock-public_view xblock-public_view-html xmodule_display xmodule_HtmlBlock" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@html+block@c2b770e0e1a54a7f9e72e0a4ac9dcbb7" data-init="XBlockToXModuleShim" data-block-type="html" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "HTMLModule"} </script> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;">In this section we will hear from Jorman Nuñez & Nick Iuviene from the Bronx Cooperative Development Initiative in New York City.  This project is an outstanding example of the process of building Economic Democracy in the poorest urban county in the United States.</p> <p style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;"><br />Though we highly recommend watching it, this video is <strong>not required</strong>.</p> </div> </div> <div class="vert vert-1" data-id="block-v1:MITx+11.405x+2T2020+type@video+block@138335cff26f45599fde936fcb867e73"> <div class="xblock xblock-public_view xblock-public_view-video xmodule_display xmodule_VideoBlock" data-request-token="a014047a03eb11f0a0c20affe2bbc7c1" data-usage-id="block-v1:MITx+11.405x+2T2020+type@video+block@138335cff26f45599fde936fcb867e73" data-init="XBlockToXModuleShim" data-block-type="video" data-runtime-class="LmsRuntime" data-course-id="course-v1:MITx+11.405x+2T2020" data-has-score="False" data-graded="False" data-runtime-version="1"> <script type="json/xblock-args" class="xblock-json-init-args"> {"xmodule-type": "Video"} </script> <h3 class="hd hd-2">Interview with Jorman Nuñez and Nick Iuviene</h3> <div id="video_138335cff26f45599fde936fcb867e73" class="video closed" data-metadata='{"autoAdvance": false, "prioritizeHls": false, "recordedYoutubeIsAvailable": true, "ytTestTimeout": 1500, "poster": 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His commitment to designing systems to address the causes of poverty emerged out of his work as a community organizer with the Northwest Bronx Community and Clergy Coalition (NWBCCC), where he organized young people around issues of sustainable economic development, education, and voter education. It was during this time that Jorman co-founded the Urban Youth Collaborative, a city-wide youth organization working on education reform. He moved on from NWBCCC to lead a career in electoral organizing, where he managed many political campaigns. He currently coordinates the Bronx Cooperative Development Initiative, a local effort in the Bronx that seeks to leverage local assets to drive economic development strategies targeted at building wealth and ownership among low-income residents. Jorman, a lifelong resident of the Bronx, has taught both community organizing and spoken word at the high school level.</p> <p><em>Nick Iuviene</em></p> <p>Nick Iuviene is the Program Director of Just Urban Economies at CoLab. His work focuses on urban economic democracy projects including the Bronx Cooperative Development Initiative and the Emerald Cities Collaborative. Previously Nick worked as a community organizer in the Bronx and was co-founder of BlackLeaf Studios, a technology development firm in Brooklyn, NY. Nick has a Masters degree in City Planning from MIT. His graduate thesis, "Building a Platform for Economic Democracy: A Cooperative Development Strategy for the Bronx", looked at how to develop cooperative networks in communities as the organizational infrastructure for socially equitable and environmentally sustainable economic development.</p> </div> </div> </div> </div>