Employee equity programs created a new entrepreneurial class and fostered a generation of employee-owned companies. They also led to rampant inequality.

Without Silicon Valley cutting employees in on the deal, all of our economic value could have funneled to the top instead of just nearly all of it. Our task now is to drastically expand what Silicon Valley started: To increase the share of companies owned by working employees and to increase the share of worker equity that goes to non-executive employees.

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