this post was submitted on 21 Jul 2023
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Asklemmy
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Capitalism has 3 main features:
- Private property (even in land)
- Employer-employee relationships
- Markets
Capitalism is misnamed. Early theorists mistakenly identified capital ownership as the root feature that gave the employer the right to the whole product that workers produce. The employment contract gives the employer the right to the whole product of the firm. Coops correct this. Power leads to employers typically being capital owners, which is why the misnomer stuck. @asklemmy
It took me all day to understand this one, but that is an excellent point. We do mislabel the problem. Those employment contracts are indeed far more damaging than capital itself. Thank you for this perspective.
I would recommend reading David Ellerman to get more of this perspective. Here is a link to a text where he argues that the employment contract is illiberal, which means that it violates liberalism's fundamental principles, and the only kind of economy that is compatible with liberalism is an economic democracy where all firms are democratic: https://www.ellerman.org/wp-content/uploads/2020/03/Article-from-ReclaimingLiberalismEbook.pdf