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From Fortune magazine:

'From the perspective of officials in then-president FDR’s government, more
intervention in the economy necessitated collaboration and
information-sharing with business leadership, not to mention allies capable
of bringing businesses as a whole on board; for business leadership, the
prospect of being able to work from within an otherwise interventionist
government to preserve free enterprise made sense. The CED helped to create
today’s Council of Economic Advisers (CEA), the Marshall Plan, and an
Eisenhower-era tax on excess profits to support wartime expenditures. It’s
hard to say how likely an initiative like the CED might be if a democratic
socialist should win the White House—but it’s not impossible.'

'Another possibility is that socialist politicians will find allies in
certain corners of the worlds of business and finance—which are internally
diverse and differentially affected by economic trends and policy
decisions. An important consideration here is the interests of large versus
small businesses. Mergers and acquisitions, which rose sharply since the
2008 financial crisis and spiked in
 2018, fuel monopoly and the concentration of revenue in big firms’ hands,
especially in the retail, IT, financial, and transport sectors....

'As the financial crisis and Great Recession showed, the risky practices of
giant financial firms endanger small commercial banks and credit unions
<https://onlinelibrary.wiley.com/doi/full/10.1111/jofi.12209>—which, in
turn, threatens the credit lines of the small businesses that depend on
them. Given that around 90% of U.S. firms have fewer than 99 employees
<https://www.sciencedirect.com/science/article/pii/S0304393215000033>, this
is hugely important for the economy as a whole....
'The biggest question hovering over the prospect for collaboration between
democratic socialists and business leadership concerns socialist
politicians’ strategy for handling the finance and tech worlds. A great
deal of American enterprise—as well mention politics and government—depends
on these two sectors. Though their leaders often profess progressive
inclinations, it is difficult to conceive of a world in which they are
amenable to enhancing worker or public control of their business
operations. (Unionization rates in tech are abysmally low—around 3.7%
<https://www.bls.gov/news.release/union2.nr0.htm> of those in “computer and
mathematical occupations,” according to the Bureau of Labor Statistics,
lower than the 6.4% overall private sector rate.) After all, a large part
of their success owes to the capitalist, entrepreneurship-driven economy
from which they’ve emerged.

'If such an alliance were to form, democratic socialists in government
would be even more empowered to take on the systemic concerns they are so
devoted to solving. But for now, they’re likely to find more success
working with small businesses and sympathetic companies—and working up from

*“In politics, abstract terms conceal treachery.” *from "The Black
Jacobins" by C. L. R. James
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