[P2P-F] Fwd: Chris Cook critiques trusts

[Michel Bauwens]

http://p2pfoundation.net/Trusts

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Date: Thu, Jan 6, 2011 at 5:43 PM
Subject: Chris Cook commented on your link.
To: Michel Bauwens <michelsub2004 at gmail.com>


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Hi Michel,
Chris Cook commented on your link.
Chris wrote: "This is down the same road as Peter Barnes 'Capitalism 3.0' I
think, and if so is flawed IMHO by the legal concept of Trusteeship, which
was invented by lawyers (and FOR lawyers). Trusteeship is based upon the
positive control of a 'Trustee' on behalf of a ' Beneficiary', and one of
the key problems is that in order to actually DO anything with assets held
in trust it is necessary to employ managers as agents, whose interests are
conflicted with those of both trustee and beneficiary. This intractable
principal/agency conflict also applies to all Companies, whether or not
operating 'For Profit'. It also applies to States/ Public Sector
organisations. The P2P architecture I advocate is based not upon ACTIVE
control of assets, but passive custody where the custodian has negative
rights of control. ie he may say what may NOT be done rather than what SHALL
be done with productive assets. The use of such custodians is already
routine in the financial system. Virtually all institutional share trading
takes place in respect not of the shares, but of the economic interests in
the shares which are immobilised in the hands of a custodian. So it must be
IMHO in order to achieve a practical real world P2P system, where undated
credits in respect of the use value of productive assets (eg rental value,
energy value and intellectual value) hldl in custody may be exchanged within
a suitable framework of trust."

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