Vinnufélag

Vinnufélag is an Icelandic term that translates to "work association" or "labor cooperative." It refers to a form of collective enterprise where workers jointly own and manage the means of production. This model is rooted in socialist and cooperative traditions, emphasizing democratic control and equitable distribution of profits among members. Unlike traditional capitalist businesses where ownership is concentrated in the hands of a few shareholders or individuals, in a vinnufélag, all active workers are typically members and have a say in the company's decision-making processes.

The core principles of a vinnufélag include solidarity, mutual responsibility, and the pursuit of common economic goals. Members contribute their labor and often capital, and they share in the risks and rewards of the enterprise. Decision-making is often hierarchical, with a board elected by the members, but the ultimate authority rests with the collective membership. Profits generated are usually reinvested in the business, distributed among members as dividends, or used for social purposes. This structure aims to empower workers, reduce economic inequality, and foster a more collaborative work environment. While not as prevalent as in some other countries, the concept of vinnufélag reflects a historical and ongoing interest in alternative economic models within Iceland.