“The only thing missing is ownership that answers to the people — not to shareholders.”

Like, all people in the world?

Customers? Employees?

What does this mean?

EDIT: It’s shareholders, but each person has one vote regardless of share count.

IMHO this should have been written “to the customers and employees”. To me, those are the people who compose a business enterprise.

JackFr an hour ago | parent | next [-]

But the customers and employees don’t actually put up the money for the enterprise.

If you assume there is an airplane — great, run the airline for the customers and employees. But the cost of the airplane can’t be handwaved away.

I’ve never seen that work. There is a fundamental tension between those groups. Hence, member-owned co-ops and employee-owned co-ops.

> I’ve never seen that work. There is a fundamental tension between those groups. Hence, member-owned co-ops and employee-owned co-ops.

Focusing strictly on shareholders (value) has been en vogue since the 1970s:

Before that the general thinking was along the lines of:

Somehow companies managed to survive and grow before the 1970s.

	▲	JumpCrisscross an hour ago \| parent [-]
		> Focusing strictly on shareholders (value) has been en vogue since the 1970s It's been in vogue, in circles, since the 17th century. We're not talking about for-profit structures here.