A Stokvel is an invitation-only club which can serve as a rotating
credit union (pool money and take turns to get the pot) or a savings scheme
(pool the money to reduce the costs of saving and investing). I am a Soutie. One
foot in South Africa, and one foot in the United Kingdom (my wife is British)…
so my interest in Stokvels seems appropriate. The name (but not the idea of
group saving) comes from the rotating cattle auctions of English Settlers to
the Eastern Cape in South Africa (“stock fairs”). Stokvels have a Constitution
which dictates who contributes, how much, what gets done with the money, and
how it gets paid out. A Community Wealth Fund could be a Stokvel that pays a
Universal Basic Income to all the members of the community. A Universal Basic Income
is a periodic payment delivered to all on an individual basis without means
test or work requirement. This could be funded partly through redistribution,
and partly through building a long-term solution in the form of Capital. We can
talk about the kind of world we believe in, or we can build it together. Starting
with agreement, and following through with action.
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