 Coupon socialism aims to distribute the profits of firms equally amongst citizens without unacceptable losses in efficiency compared to contemporary capitalism. The model eliminates capitalist class relations whilst retaining market mechanisms. Ownership is distributed equally through arrangements which involve a stock market and decentralised decision making. Its most striking institutional feature is perhaps the creation of two kinds of money—call them “dollars” and “coupons”—which are not convertible by individuals (who cannot legally exchange coupons for dollars or transfer coupons as gifts or bequests). Dollars are used to buy all the commodities that you might currently purchase (including labour power and consumption goods) except that they cannot be used to buy ownership rights in listed companies. The latter can only be purchased by individuals with coupons, and coupons are distributed to individuals in an egalitarian manner. The shares are priced in coupons but any subsequent dividend would be in dollars. At the legal age of maturity, individuals receive their per capita share of the total coupon value of the economy. It is assumed that most individuals will invest their coupons in shares through mutual funds rather than directly. A share of a firm entitles the mutual fund to a share of the relevant firm’s profits, and a share of a mutual fund entitles the individual to a share in the fund’s revenues (Roemer 1996: 20). The model effectively endows citizens at adulthood with a modest income stream during their lives, generated from the profits of public companies that are not directly owned by the state. The various restrictions on the relevant property rights ensure that the scope for accumulating wealth in means of production is limited. Differentials in coupon wealth would exist, but the main causes of inequality would be differential wages and savings behaviour.