Some economics explained, economic terms and bibliography. This book provides an introduction for the 'Stewardship Economy' series to some key economic concepts for the non-specialist and lists the references, as far as they are available.

Julian Pratt (1948 -2018) worked as a doctor in rural South Africa in 1975 and observed the factors contributing to the pattern of disease. He realised how the grossly unequal distribution of land for agriculture was having a devastating impact on people’s health and nutrition, the consequences of poverty and the need for migrant labour. As a result, he became passionate about land reform and pursued this interest for the next 40 years. He researched, proposed and campaigned for a radical approach to the market economy, one which would replace private ownership of land with a system he described as stewardship. Following his time in Africa, Julian became a GP in Sheffield. Increasingly interested in systems of care, in 1993 he moved to the King’s Fund in London, a health policy think tank. He wrote a book which reflected on the emerging model of general practice, Practitioners and Practices: A Conflict of Values? (1995). And with colleagues there he developed a “whole systems” approach to improving healthcare which drew on complexity theory and viewed organisations as living systems - described in Working Whole Systems: Putting Theory into Practice in Organisations (1999). In 2011 he published Stewardship Economy, private property without private ownership. The book sets out his vision for stewardship, a new type of property right for land and other natural resources. Under stewardship, those using land, ‘stewards’, have exclusive rights to use the land and, in return, they pay a stewardship fee (land value tax). These fees would, in time, replace other taxes to fund public services and a universal basic income. From 2011 -18 he researched the detailed work that formed the subsequent books, published in 2021.

The economy, wealth and universal income focuses on the impact of stewardship on the national and global economy, how the distribution of wealth would be changed and the impact of a Universal Income

Land, environment and climate explores how a stewardship economy would transform the way we use land, provide housing and develop our cities. It goes on to consider how stewardship would help address pressing environmental and climate concerns.

Efficient, fair taxes and the role of the state describes the some of the adverse effects of of our current system of taxation and considers the role of the state in a stewardship economy.

We need a different way of doing things. We need an economy that makes things fairer and more equal. We need economic systems that flourish within our environmental limits and mechanisms that prioritise sustainability. We need radical ideas. And, most importantly, we need ways to turn those ideas into a reality. Stewardship Economy explores how reimagining our relationship with land and the natural environment could address some of the critical challenges facing our local and global communities. It proposes a new way of viewing rights to land and other natural resources, something its author, Julian Pratt, calls stewardship. Under stewardship, similar to the current system, people have exclusive right to use the land. But in return for this right they have a duty of care for the land. They also have a duty to compensate others in the community who are excluded from using the land. This compensation is paid as a stewardship fee. A steward also has full ownership, in the traditional sense, of any buildings on the land. The system is based on the principle that everyone is entitled to an equal share of the wealth that is created by natural resources. The stewardship fee (land value tax) is gathered by governments and used in a combination of three ways (i) in place of conventional taxes, (ii) to fund public services and (iii) redistributed through the provision of a universal income. The stewardship book series sets out the moral and economic arguments for stewardship as well as demonstrating how it would work in practice and how transition to a full stewardship economy could happen. The first book in the series provides a summary of the proposal. The subsequent books provide further justification for the arguments made and the technical detail. Julian Pratt researched the history and the economics of the ideas set out here over many years. As a young doctor, he worked in Africa where he was deeply affected by the disease and preventable deaths he was witnessing. He realised that unequal distribution of agricultural land and the related poverty were key causes. Looking for solutions, he became interested in 18th and 19th century radical thinkers such as Thomas Spence, Thomas Paine and Henry George and saw how some of what they proposed could address economic inequality. Through this enquiry Julian became committed to a radical rethink of the economic system and saw a form of land tax as a fundamental part of this. Julian first released Stewardship Economy in 2011 and he continued to develop the ideas until his death in 2018. Over the last few years authors and commentators from different perspectives have proposed various aspects of what Julian brings together in a unifying whole. His work is being republished now because his ideas are more relevant than ever for the global challenges of the 2020s.

Valuing land and managing transition sets out in some detail how to establish the market rent of land and how to make the transition from an ownership to a stewardship economy. It also considers how the revenue from stewardship fees might be distributed.

The first introductory practical guide of its kind, this book brings together principles of corporate governance, investor stewardship and enterprise sustainability in the context of institutional investment. Stewardship codes are developing in diverse markets to provide a framework for responsible institutional investment practices and fiduciary duties for beneficiaries. While codes provide a starting point, the application of stewardship in practical terms can be challenging for many institutional investors. Written by two well-known corporate governance experts, George Dallas and Mike Lubrano, and based on the ICGN training course on stewardship that they developed, this book gives needed clarity, rigor and guidance to practitioners about what we know—and don't know—about stewardship, governance and sustainability. It explores the theoretical foundations of stewardship, linking these to day-to-day decision-making and providing real-life examples and practical tools to evaluate issues that arise for companies from an environmental, social and governance perspective and generate ideas about how to make investor stewardship a practical reality in similar cases. Investor stewardship and ESG professionals, portfolio managers, senior managers, regulators and finance students will appreciate this unique guide to developing, refining and operationalising investor stewardship capabilities in line with the respected and internationally recognised ICGN policy framework.