Canadian Credit Unions and the Prospects for a Post-Capitalist Economy


Erin Flanagan, York University

The growing polycrisis in Canada associated with deteriorating living and working conditions in many nations have increased calls for a post-capitalist socialist economy. Among the most widely discussed means of accomplishing this goal is the late Erik Olin Wright’s call for eroding capitalism by developing alternative economic structures and processes. In this paper we consider how one of the means cited by Wright and others for eroding capitalist structures, credit unions, can contribute to this goal. Yet, despite their obvious advantages for most Canadians over the major profit-driven banks, membership in credit unions continues to represent only a minority of the Canadian population. In this paper we consider the role that credit unions and other alternative institutions can play in promoting Wright’s notions of equality and fairness, democracy and freedom, and community and soldarity in a post-capitalist society as well as the barriers to achieving these objectives. We propose that in addition to provide a model of collective ownership for other areas such as food distribution, housing, and telecommunications, credit unions can take on a broad advocacy role calling for public policy that more equitably distributes financial and social resources to the population.

Non-presenting author: Dennis Rafael, York University

This paper will be presented at the following session: