The managers have power. They are helped by corporation status (a State creation) and by the fact that when they screw up the central banks print some money and

The managers have power. They are helped by corporation status (a State creation) and by the fact that when they screw up the central banks print some money and write them a check (of course some schemes are used to hide this process a little bit). This last bit is the most important. Even if you don't want to blame the managers, profit and loss mechanism is gone, so we are not under capitalism but in a command economy