Capitalism 3.0: A Guide to Reclaiming the Commons

Peter Barnes presents a plan to upgrade capitalism to address twenty-first-century challenges. The commons—collective natural and cultural resources belonging to all humanity—faces depletion under current corporate, globalized capitalism (Capitalism 2.0). This system concentrates power in profit-maximizing corporations that exploit the commons while distributing profits to a small portion of the population. Barnes proposes Capitalism 3.0, a revised operating system that protects the commons while retaining capitalism's strengths. His central innovation is the commons trust, a market-based legal entity that can limit commons use, charge rent, and distribute dividends in cash and services to all people. Barnes envisions multiple commons trusts that would formalize obligations to future generations, fellow citizens, and nature. Using markets and property rights, these trusts would work to create improved conditions for everyone.