Texasmoneyman300 wrote:
EmpireHonda wrote:
Or you could work for a cooperative where each employee is an owner, meaning that all profits go to the employees. That is a thing. The only downside is it doesn't allow the CEO and investors to get absurdly wealthy and have more money than they could possibly find a use for, because the money goes to the people who do the actual work.
It would be very for a massive oil company like Exxon or Chevron to be a co-op for multiple reasons.Big oil companies require tens to hundreds of billions and its borderline impossible for anyone other than a for-profit company to attract that kind of capital.Also a co-op would be under huge economic pressure when oil busts happen.Also the policial and economic pressure in the world is too unstable internationally for co-ops to have huge drilling programs.
Fortunately, we have things like wind, solar, and nuclear, so there's really no reason for oil companies to exist anymore. Problem is these companies can't transition to renewable energy because that would require them to go through a restructuring period during which they wouldn't be maximizing profits for their shareholders.
There's two institutions that really broke the free market: One is money in politics and the other is fiduciary duty.
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