A nation of citizen investors.

"The more ownership there is in America," said George W. Bush last June, "the more people have a vital stake in the future of this country."

This is a profound notion. The idea behind what the President has called the "Ownership Society" is far larger than any proposal to reform Social Security, or make homebuying easier, or boost the economy by cutting taxes on dividends. Bush wants more ownership because he wants to change the shape of America. He understands that people who own stocks and real estate--who possess wealth of their own--have a deeper commitment to their community, a more profound sense of family obligation and personal responsibility, a stronger identification with the national fortunes, and a personal interest in our capitalist economy. (They also have a greater propensity to vote Republican.)

If he succeeds, the President may be able to shift the entire foundation of our domestic politics. Today's Entitlement Age, based on New Deal assumptions that discourage economic independence and often place government in a role antagonistic to the private sector, will fade. And there will rise instead an Ownership Society, based on the assumption that when families share in the growth of businesses and the economy, everyone benefits.

Turning investors into a political force

Dramatically more Americans possess financial wealth now than in the recent past. As recently as 1980, only 4.6 million U.S. households owned mutual funds; by 2003 that figure had roared upward to 53.3 million. More than half of American families currently own stocks, bonds, or real estate. Meanwhile, a record 83 percent of married families now own their own homes.

But don't underestimate the difficulties in convincing these Americans to begin acting as a political force. These owners have little group consciousness. They don't see their interests as distinct, the way that seniors, for example, do.

About ten years ago, I began thinking about starting an organization whose mission would be to expand, educate, and represent this burgeoning group--which at the time was called the "investor class" (a phrase I never liked, because of its Marxist connotations and its aura of separateness). "Ownership Society" is much better. Ownership can change a person. And an Ownership Society--as opposed to a class of any sort--can comprise an entire nation.