this post was submitted on 01 Feb 2024
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We need to get rid of the notion that corporations first have a responsibility to the shareholders. The shareholders should be last, after the employees, the customers, and the safety of the general public.
But that's not how capitalism works. The employees, customers and general public don't invest any money in companies. Without money, no business.
The employees invest their time and time is money. The customers invest their money and their trust. The general public invests their tax dollars to create the infrastructure needed for the company to even exist in the first place.
And don’t tell me the employees get compensated for their time, because they create more value than they receive, hence, profits.
The shareholders, literally only invest money. They give the least and get the most.
Wait are you talking about caring about the workers? Hm... Idk... Sounds like communism to me 😠
Communism is not "caring about workers". If you read what Lenin thought of NEP, he agreed that it was in fact better for workers, but ideological impurity of that system was more important, and the reason it was kept for a while was that without some economy there'd simply be no new state after the civil war. While for Trotsky even that wasn't a good reason.
I was making a joke about right-wingers calling every slightly social, pro-labor, feminist, or anti-racist policy (basically anything that isn't taxes for the rich) "communist".
They even called Biden a communist 🤦
Not funny really.
Lmao take it easy rottingleaf.
Yes but it is nothing comparable to millions or billions of € invested by shareholder. Sure customer invest their trust and money but they get benefit immediately, aka the product. General public invest their tax for the infrastructure however companies get taxed too for the infrastructure that benefits general public, that's a null equation. Investor are a necessary part of the economy and shall be treated as such, nothing prevent government from taxing more benefits from investment tho.
I didn’t say they weren’t important or necessary. I said they were the least important, and I stand by that. Name one single company that doesn’t have employees or customers, or exists outside of a government. I can name several companies without outside investors.
That is indeed was how capitalism worked before Jack Welch changed business culture to be all about shareholder value. Before him companies focused on employees. They bragged about how many employees they had. They bragged about not laying off any employees in the Great Depression.
And the biggest economic problem we have is too much investment. Companies are now competing to get investment dollars instead of competing to make good products to make revenue. Too many resources are devoted to marketing and hoarding data because being a data-driven company will attract more investment from billionaires that are hoarding wealth. Productivity numbers have been rising as it always has since the industrial revolution. But productivity is being devoted towards activities which only serve to attract investment but doesn't provide any real world value. Because of this, quality life has been decreasing even while productivity is increasing.
The rich have too much money and it's hurting capitalism.
Without customers, also no business.
Without employees, also no business.
You can technically have a business without the safety of the general public, but which society wants that?
So why do the shareholders get extra privilege?