Property as a Fiduciary Relationship and the Extension of Economic Democracy

Abstract

During the last two centuries, property understood as an exclusive and unlimited dominion became common sense. Before, the idea of property as a fiduciary relationship, which is still present in contemporary social constitutionalism, was closely linked to the view that the exercise of freedom entails the capacity to shape those property rights that channel socioeconomic life. Today, new ways to operationalise such an approach must be found. This article explores the scope of ‘direct strategies’ (the state as proprietor, democratically limited forms of private property, and common property) and ‘indirect strategies’ (the distribution of ‘social power’ through the introduction of unconditional public policy schemes such as basic income) in the recovery of the idea and the practice of collective fiduciary control over the economic realm.