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The key difference here is that the “communities” are not recognized with any particular ownership interest. Does the owner of the company have a right to take

The key difference here is that the “communities” are not recognized with any particular ownership interest. Does the owner of the company have a right to take risks with the business? It is a serious impairment of ownership if not, and will likely lead to more-stagnant societies. The entire engine of America’s superior prosperity (even at the individual level) has been based on risk taking, while stagnant systems have their own problems (Greece, Italy come to mind with pre-covid crises) and can be a vector of corruption as the principal-agent problem remains unsolved and those entrusted with the well being of the community often work to enrich and empower themselves instead. This is not to say that we cannot say the community ought to have more of a say, this is merely to point out that there is a tradeoff that affects society in general. If we are to succeed in making this tradeoff it will be in part by better aligning the interests of business owners and the community, and we should be aware of how hard a problem that is when we go to attack it.

rini17 6y ago
The option to take risks with the business is not a right, but a privilege. It brings prosperity only if exercised carefully. It is done less and less so, with more and more arrogant excuses, and sadly, it will be USA's undoing.
marcus_holmes 6y ago
> The entire engine of America’s superior prosperity (even at the individual level) has been based on risk taking This is a story that America tells itself. It's not necessarily true. And currently the USA in in enormous debt, partly because of the vast cost of bailing out its financial institutions and large corporations. "Risk-taking" is increasingly only being done by private individuals. Large American businesses are certainly not being exposed to the results of their risks - they're being bailed out, socialising the risk but privatising the reward. In this case, if the community is shouldering the responsibility of bailing out companies that are in danger of collapsing, shouldn't there be some "impairment of ownership" as you put it? Aren't those communities entitled to ask that the company is run for their benefit too?

rini17 6y ago

The option to take risks with the business is not a right, but a privilege. It brings prosperity only if exercised carefully. It is done less and less so, with more and more arrogant excuses, and sadly, it will be USA's undoing.

marcus_holmes 6y ago

> The entire engine of America’s superior prosperity (even at the individual level) has been based on risk taking This is a story that America tells itself. It's not necessarily true. And currently the USA in in enormous debt, partly because of the vast cost of bailing out its financial institutions and large corporations. "Risk-taking" is increasingly only being done by private individuals. Large American businesses are certainly not being exposed to the results of their risks - they're being bailed out, socialising the risk but privatising the reward. In this case, if the community is shouldering the responsibility of bailing out companies that are in danger of collapsing, shouldn't there be some "impairment of ownership" as you put it? Aren't those communities entitled to ask that the company is run for their benefit too?