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> Among the proposals in the book are that employees should have 50% of the seats on company boards; that the voting power of even the largest shareholders shou
by abdullahkhalids 7y ago
> Among the proposals in the book are that employees should have 50% of the seats on company boards; that the voting power of even the largest shareholders should be capped at 10%;
This is really the solution to the heart of the rising inequality problem [1]. I don't know at what point in the history of world was it decided that shareholders would get the vast majority of voting rights. But it is time, that got changed. Labor needs its voice heard.
[1] Economic inequality is bad because rich people have more political power than poor people. Democracy = equal political power for all.
- thedudeabides5 7y agoDemocracy = people get a vote. Not necc equality. There's a long history of well intentioned policy experiments such as these manifesting in massive suboptimal outcomes. USSR had some ideas too. If you put a limit on the voting power of the largest shareholders for public companies, you radically disincentive companies from going public. Access to the financial returns from the best companies in the world, and participation therein through public equity markets seems like a good thing for equality and something we shouldn't be fighting. I like a world where founders and owners have a vote consistent with their economics, and if they make bad decisions, have to sell more shares and get diluted. A world where founders and owners don't go public, and employees don't get any access to financial returns or voting stakes seems like a likely outcomes from ^ proposal.