Working for regional development? The case of Canadian labour-sponsored investment funds

In today's global economy, a number of challenges have been posed for worke rs and community members. However, despite being weakened by multinational capital and neo-liberal policy agendas, workers and trade unions remain cap able of shaping the geography of capitalism. While UK and US labour organiz ations have considered a range of strategies to protect their members, an i nnovative and impressive attempt at tackling the politics of finance and ca pital has come from within the Canadian labour movement. In attempting to r esist globalization, certain Canadian unions have actively engaged with the investment of their members' pension fund money, through the creation of l abour-sponsored investment funds. In this paper, I draw on empirical materi al collected in Canada to explore the development of these labour-sponsored funds. Through investing in these provincial funds, workers and community members allow their money to be reinvested in local businesses, anchoring c apital and saving jobs. These labour investment institutions combine a comp etitive return for shareholders with wider community regeneration. I argue that the creation of similar labour investment institutions could give Brit ish unions a proactive role in local economic development.