1976- The Year Maine State Corporatism Reclaimed Its Might

All it took was overthrowing two essential principles of the Maine Constitution!

Back in 2011, when I created this image, the ratio of investment made by the public in private corporations was 60% of the private company’s capital investment. The deal is arranged by the State representing public investors who forego a share of the profits, in exchange for “job-creation”. Since 2011, the public-private capitalization ratio has been reversed so that the public pays 40% and the owners cover the 60%. I do not know why it was changed but I suspect federal intervention since this is the standard you find everywhere including in non-profits such as the Boothbay Regional Development Corporation. 5202-A was originally part of the charter for the Maine Capital Corporation. The rest of the MCC was repealed leaving 5202-A in place, a tax exemption that transforms refundable tax credits into subsidies.

In 1969 the Home Rule Amendment was added to the Maine Constitution. It designates authority to the inhabitants of the municipality.to amend municipal charters and to approve publ…