this post was submitted on 07 Mar 2024
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This matches my experience quite well. I'm currently working at a place that isn't traded publicly for the first time ever, and it is significantly better. Granted, it isn't perfect, I still have plenty of criticisms that are separate issues. And many of those issues could be solved/lessened by workplace democracy, but that's a different conversation.
End goal would be at most investment works through loans. Somebody has a business and wants to expand, or wants to start a new one? Get some loans, and the interest is how you would "invest". I am sure there would be loopholes around this to end up with lots of stupidity, but it would be a better system.
It would be a lot slower growth though. And IMO that's a good thing given that the planet is on fire. Policies and institutional changes that will lessen our impact on the environment is a good thing. We ultimately need de-growth to an extent, and slower growth at a minimum.
The bigger issue here is how to abolish a stock market. When investors catch wind of this happening, they'll sell as hard and fast as possible, and move their wealth to overseas stock markets. A slow and steady abolishment would probably make it a bit better, but it's probably worth a scientific study or twenty to look into the long term effects/potential solutions for this.