Workers owning the business < people who care owning the business
That can take the form of workers, but equally founders or just people with an interest in what the business does. Equally though hard to get a founder who doesn’t care about what the business does, but many workers genuinely just want a paycheck and to go home (myself included).
The problem is, stock markets and the existence of easily tradable shares, options etc. actively encourage people who not only don’t care about the business, but would be willing to mess it up for short term gain.
You’re right, private owners who care are better than private owners who don’t care.
Worker owned and controlled companies are preferable (not just ESOPs where decisions are still not made democratically) because democracy allows for error correction. Even the most benevolent king still has a limited amount of attention, information and decision making ability.
Workers owning the business < people who care owning the business
That can take the form of workers, but equally founders or just people with an interest in what the business does. Equally though hard to get a founder who doesn’t care about what the business does, but many workers genuinely just want a paycheck and to go home (myself included).
The problem is, stock markets and the existence of easily tradable shares, options etc. actively encourage people who not only don’t care about the business, but would be willing to mess it up for short term gain.
You’re right, private owners who care are better than private owners who don’t care.
Worker owned and controlled companies are preferable (not just ESOPs where decisions are still not made democratically) because democracy allows for error correction. Even the most benevolent king still has a limited amount of attention, information and decision making ability.