jlou , 5 months ago

This understanding of capitalism is a misunderstanding that both Marxists and neoclassical types share. It is not capital ownership that gives the employer the right to appropriate a firm's whole product. The employment contract is what gives them that right. Sure, capital ownership affects bargaining power, but the root cause is that contract. Abolishing the employment contract while still having individual ownership is possible (i.e. a market economy of worker coops)