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Corporations are a form of pooled assets. They share the risk among many stockholders and share the profits based on how much the stockholders invested.
There are some limits to the good application of the "pooled asset" theory, as illustrated by the tragedy of the commons. Take a look at the smoking issue for a good example. We might equally pool our assets, each of us giving 5%. But some members might decide, since there's so much pooled up, that it's okay for them to engage in an activity that will result in them taking more than their fair 5% when the time comes. As that happens, those who don't need more than they put in will find themselves shorted. Put in 5%, get only 1% out. They would have done better if they hadn't pooled. And that's the tragedy - as soon as you pool resources with people who will not be accountable for taking more than they deserve, then there's no longer an advantage to treating others fairly. You might as well cheat and steal and take before anyone else, or you'll be left with nothing at all when the time comes. Early bird gets the worm, the rest starve.
No one cooperates or shares unless there's an advantage to them.
Mary Baker East Side
From: David Shove <[EMAIL PROTECTED]> To: Mary Baker <[EMAIL PROTECTED]> CC: St Paul Issues <[EMAIL PROTECTED]> Subject: Re: [StPaul] Living off the land Date: Fri, 14 May 2004 14:46:48 -0500 (CDT)
On Fri, 14 May 2004, Mary Baker wrote:
> I've already mentioned why everyone needs a profit. It's to cover for
> catastrophe. It's also used to raise the standard of living - that old
> pleasure principle. I could eat oatmeal for cheap or artisan bread for
> expensive. If whatever I do is valued real high and I get paid a lot for
> it, then I'll have enough profit to cover catastrophe plus have my artisan
> bread. There's nothing evil, butt-scratching or pimp-ish about wanting to
> have extra money to blow on the good life.
Yes, but, we also need to see the advantage of pooling assets against risks. We can all try (!) to build up large bank accounts to cover retirement - or we can support Social Security and then draw from it when needed, and use NOW some of the cash we would have had to squirrel away, or have more leisure time now, etc. Ditto with Medicare, Medicaid. Ditto with Universal Health Insurance, if we can ever get it. We socialize the risk. (As with insurance generally). A couple pools assets that either can draw from, a lesser total than either would need singly. In this era of aggressive privatization, of everyone for himself in every aspect of life, it's worth reminding ourselves of the benefits of pooling, socializing, sharing the risk, co-operation. Of funding our public libraries, schools, parks - commons we can all use. Not a message the corporations want to hear; a reason to get them out of our politics.
--David Shove Roseville
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