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Sure, it's a fairly commonly expressed sentiment. My question to that is, where are the big, successful, innovative products, services and companies going to co
by simonh 5y ago
Sure, it's a fairly commonly expressed sentiment. My question to that is, where are the big, successful, innovative products, services and companies going to come from? Who is going to create them, and who is going to own and control them?
Let's take Isaacman as a fairly randomly selected example. At age 16 he identified poor practices in the payments processing market and started a business. Instead of having to wait a month for card processing to be set up for a business, he would have them up and running in 1 day. How much money has that saved the US economy? Apart from the company itself, how many jobs at other companies has that cumulatively supported?
Aside from that, through his control of the company, Isaacman has steered it to greater and greater success, supporting every more jobs and customer businesses. Clearly he knows what he's doing and is the right person to run the company. So what's the sense in confiscating his share of the company? Who should it be given to, and therefore who instead of Isaacman should run it?
Marxism says Isaacman shouldn't have had the opportunity to start the company in the first place. All capital allocation should be controlled by the state, putting bureaucrats in charge of everything. Collectivists say the employees should own it, but employees don't want to assume the risks that owners and investors do. They generally don't want to have to assume the responsibilities either. There's nothing to stop employee owned companies thriving in most developed countries, that doesn't happen because the dynamics of such enterprises just don't work in practice. Yes of course there are exceptions, great, but why are they so desperately few?
I'm not against employees having a say in company affairs, they're legitimate stakeholders and should rightly have a voice, but control and ownership must be earned and it must come with responsibility and acceptance of risk.
- JKCalhoun 5y agoI guess millionaires, not billionaires?