Nadia, however, never made it to this conference. She got caught up by affairs in Sheffield instead, mostly instituting the new economic system, which she thought important enough to keep her there. The legislature was passing the laws of eco-economics, fleshing out the bones drawn up in the constitution. They directed co-ops that had existed before the revolution to help the newly independent metanat local subsidiaries to transform themselves into similar cooperative organizations. This process, called horizontalization, had very wide support, especially from the young natives, and so it was proceeding fairly smoothly. Every Martian business now had to be owned by its employees only. No co-op could exceed one thousand people; larger enterprises had to be made of co-op associations, working together. For their internal structures most of the firms chose variants of the Bogdanovist models, which themselves were based on the cooperative Basque community of Mondragon, Spain. In these firms all employees were co-owners, and they bought into their positions by paying the equivalent of about a year’s wages to the firm’s equity fund, wages earned in apprentice programs of various kinds at the end of schooling. This buy-in fee became the starter of their share in the firm, which grew every year they stayed, until it was given back to them as pension or departure payment. Councils elected from the workforce hired management, usually from outside, and this management then had the power to make executive decisions, but was subject to a yearly review by the councils. Credit and capital were obtained from central cooperative banks, or the global government’s start-up fund, or helper organizations such as Praxis and the Swiss. On the next level up, co-ops in the same industries or services were associating for larger projects, and also sending representatives to industry guilds, which established professional practice boards, arbitration and mediation centers, and trade associations.

The economic commission was also establishing a Martian currency, for internal use and for exchanges with Terran currencies. The commission wanted a currency that was resistant to Terran speculation, but in the absence of a Martian stock market, the full force of Terran investment tended to fall on the currency itself, as the only investment game being offered. This tended to inflate the value of the Martian sequin in Terran money markets, and in the old days it would probably have blown the sequin’s value right through the roof, to Mars’s disadvantage in trade balances; but as the fracturing metanats continued to struggle against cooperativization back on Earth, Terran finance remained in some disarray, and did not have its old house-on-fire intensity. So the sequin ended up strong on Earth, but not too strong; and on Mars it was just money. Praxis was very helpful in this process, as they became a kind of federal bank for the new economy, providing interest-free loans and serving as a mediated exchange with Terran currencies.

• • •