> 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:

* https://en.wikipedia.org/wiki/Friedman_doctrine

Before that the general thinking was along the lines of:

* https://en.wikipedia.org/wiki/Stakeholder_theory

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

> 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.