Embed Notice

@Professor_Stevens @Runyan50 @LuLuLove @Daojoan @FantasticalEconomics There's a simple way forward that stops the concentration of wealth without taking a wrecking ball to the rest of the system. If for-profit corporations were replaced with cooperatives, any wealth extracted as profit would flow right back to those it was taken from. Without concentration of wealth, the erosion of democratic control of government via corruption would be slowed or halted, as well. What we need are laws and policies and a social movement that push for the replacement of for-profit corporations with cooperatives. Exit-to-community instead of an IPO. Incentives for the formation of cooperatives, and disincentives for profit. Taxation specifically of profit instead of income.

The economic term for the extraction of additional money without providing additional value is "rent-seeking". By this definition, corporate profit is a form of rent. Both should be outlawed. They are the core flaws in our system.