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What if we got rid of stocks? (lemmy.world)

submitted 1 day ago by bonus_crab@lemmy.world to c/asklemmy@lemmy.world

76 comments fedilink hide all child comments

Ive often seen individuals on the left talking about how billionares shouldnt exist etc., but when probed on how that could be accomplished the answer is usually just taxes or guillotines. I dont think either is great.

What if instead, corporations were made to be unable to be sold or owned. Initially theyre made to default to popular election for their board, and after that they can set up a charter or adopt a standard one, ratified by majority vote of their employees.

Bank collapse would probably follow, how could that be remedied? Maybe match the banks invalidated stocks with bonds?

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[–] Semjaza@lemmynsfw.com 8 points 1 day ago (1 children)

Just go back to needing futures to actually be fulfilled in kind.

And maybe limit/outlaw complex financial products.

These would be a solid start to fixing the issue of the unsustainable, and irrational, not to mention unconstructive economic growth of the last 60 years.

[–] blarghly@lemmy.world 1 points 21 hours ago (1 children)

Honestly, I'm on the opposite end of the spectrum. Completely deregulate markets. This would make the stock market a constant churn of volatility and pump and dump schemes. It would gain a reputation for being a scam. People would be forced to once again invest in local businesses where they actually knew something about the owners and the conditions on the ground. Large financial collapses would cease to be a thing, since a small collapse in one city wouldn't affect the next city over

[–] _stranger_@lemmy.world 3 points 13 hours ago

scam=people stop investing

Crypto, blockchain products, NFT's, magnetic bracelets, alkaline water, magic crystals...you are severely underestimating the average human's ability to be constantly scammed