Adam Smith On Corporations

Moseley comments on Smith's view of modern corporations:

He has similar objections to joint-stock companies. The fact that ownership is remote, and always changing as the shares change hands, means that owners of companies are not directly involved in running them, and they are less carefully managed as a result. ‘Negligence and profusion, then, must always prevail, more or less, in the management of the affairs of such a company.’[xi] -

Just so...  readers of this blog know I have nothing in particular against the corporation, even though it is the vessel of capitalism sailing in a sea of rules and regulations to maintain it, only that anything good from capitalism's corporations may be had in the customer-owned coop.  Coops have shares that rarely change hands, and the management is immediate in every sales transaction.  Not noted, but upon reflection it is there, the only other thing a corporation offers is speculators.  How is that a benefit?

Update:  One of the customer-owned co-ops of which I am a member, sent all 12 million of us this notice today:

This Black Friday the co-op is doing something different. We’re closing all 143 of our stores. Instead of reporting to work, we’re paying our employees to do what we love most—be outside.
We want you, our members, to be the first to hear—not just what we’re doing, but why.
We’re passionate about bringing you great gear, but we’re even more passionate about the experiences it unlocks for all of us. Perhaps John Muir said it best back in 1901: “thousands of tired, nerve-shaken, over-civilized people are beginning to find out that going to the mountains is going home.”
We think Black Friday is the perfect day to remind people of this essential truth.

As an owner (there are about 11 million of us total, 5 million active, and my membership serial number is well below 100,000), I am happy to see the management I elected make this decision.  That is 11,000  employees get a paid day off.  Good day to make a statement.  It will hit my dividend check, but customer-owned is not about accumulation.

Feel free to forward this by email to three of your friends.

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