SE - Public Capital in the 21st Century

Through private means of their own would share in the the socialization of the equity risk premium it can highest capital returns, since every citizen is an take over part of the (re)distributive function of equal shareholder, through the state, in state- the taxation system. [...] The central argument for preventing a long-term protability of the corporations under high concentration of wealth is the danger that its control, and with it the long-term prot income the political system could degenerate into a plu- of the state. [...] Large corporations and banks, and the remain completely independent of the govern- lobbies that represent them, are the key instru- ment of the day – in much the same way as the ments used by members of the moneyed elite Bundesbank in Germany is independent of the to coordinate their endeavours and foster their federal government. [...] Since private-sector stake- to identify more closely with the companies they holders are free to buy and sell shares in the work for, and opening up new opportunities for public-democratic corporations, the share price employees to have a say in the running of the would reect the market view of how well the business would ultimately push up both wages management of these enterprises is performing. [...] The more protable sector will the nancial results of the companies under its expand and the other will shrink, until the most control and the relevant benchmark groups of efcient distribution is arrived at.