The following is a transcript of the video above, from our webinar “Remaking the Economy: Liberating Finance to Build a More Just World.” View the full webinar here.

Fernando X. Abarca: The work that I think that a lot of us are doing here is trying to create the models that serve as an example for folks to be able to begin to just see or imagine a different alternative. I’ll also say that we don’t have to go out and look for people to come and figure this stuff out. 

Our people are already here. It’s about moving the resources and support so that they can be able to do that work—to be able to create. […]

“A huge part of the work…is trying to have people be able to practice. And I think that’s critical to the type of society that we’re trying to rebuild here.”

One of the things—the challenge that we need to figure out, especially when it comes to investment and housing—we need long-term, flexible capital. Yes, in order to bring in the capital, to amass capital to be able to create the communities that we want to see from an economic standpoint. But we also need flexible capital that buys us time. 

We need to have the luxury of time to be able to practice, to be able to make mistakes, to then pivot, to then probably make another mistake, and pivot again, and try to figure this thing out.

I think folks are just like: “Well, capitalism is the thing. It’s the norm. It’s the thing that works. Nothing else has worked.”…To me, that’s a weak argument—have we really tried to scale anything else? 

Can we give it its time in order for alternatives to really be able to grow and expand? And again, we need the time to be able to fail, and do it again, and practice. 

I think that that’s a huge part of the work that we’re doing here, is trying to have people be able to practice. And I think that’s critical to the type of society that we’re trying to rebuild here.