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Capitalism’s defining institutions are
- The employer-employee contract
- Private ownership of the means of production
- Private property in land
The alternative to capitalism I propose, Georgist economic democracy, abolishes 1 and 3. 2 continues formally but there is widespread collective ownership of the means of production. Markets continue to exist to help coordinate production and allocate resources. Many defenders of capitalism incorrectly conflate capitalism with markets @general
There are ideologies that believe control rights over firms belong to the workers in those firms. In these ideologies, the control rights can’t be given up or transferred even with consent from the workers in the firm i.e. are inalienable. Neoliberalism specifically endorses the alienability control rights over firms. The non-democratic nature of the firm under neoliberal capitalism creates a class used to democratically unaccountable power