In publicly-traded corporations, long term wealth extraction isn’t the goal. Getting sales up next quarter is. Employee-owned cooperatives are more likely to think long term. Plus, I’d vastly prefer to trust the average worker to do the right thing in a coop situation vs a manager doing it in a situation where they’re legally required (as standard publicly-traded corporations are) to prioritize the financial gains of shareholders above all other interests. Maybe you’ve lost so much faith in people that you think no one would ever choose to be slightly less rich for any reason. But plenty of people know there’s such a thing as enough, that there are interests as important as next quarter’s profits. They just don’t usually get MBAs.
In publicly-traded corporations, long term wealth extraction isn’t the goal. Getting sales up next quarter is. Employee-owned cooperatives are more likely to think long term. Plus, I’d vastly prefer to trust the average worker to do the right thing in a coop situation vs a manager doing it in a situation where they’re legally required (as standard publicly-traded corporations are) to prioritize the financial gains of shareholders above all other interests. Maybe you’ve lost so much faith in people that you think no one would ever choose to be slightly less rich for any reason. But plenty of people know there’s such a thing as enough, that there are interests as important as next quarter’s profits. They just don’t usually get MBAs.