As more and more activity and choice moves from the public to private sector, Jack Beatty thinks that the ‘democratization’ of ownnership instead of government may be the hand that stays some of Capital’s excesses.
“The promise of the twenty-first century is to move from ownership — already nearly 50 percent of us own stock — to control. More and more the system is truly becoming ”ours.” The democratization of investment is fast bringing us to the point where we can begin to take responsibility for capitalism, which for the past two hundred years has been happening to humankind like fate. Countervailing power, that is to say, may arise not through political intervention from outside the economic system, as it did in the New Deal, for example, but from within the economic system itself, through the democratization of ownership.”
It’s a hopeful view, but it’s dependent on ownnership become much less concentrated (both in the hands of individuals and institutional investors.) Maybe the area for government to be involved is the creation of institutions which support some happy medium between cooperative and public ownnership.
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