Could you clarify what you mean by democracy in business. Companies are all open systems so their stakeholders are very complex. For instance are you thinking that all of Apple’s customers should have a vote on how the company is run? I’d enjoy that
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In my 20s I worked for a nationalised steel company that was run by the democratically elected government of the day. It was a disaster because the managers could never take any decision that would lose votes for the government, so we couldn’t close down obsolete works - which left us competing with modern (at that time) reconstructed industries in Germany and Japan using 19th century technology in the U.K. All the other nationalised companies in the U.K. were the same - and they were starved of capital funding too because no one will vote to increase taxes for such purposes. Our rail network is only just recovering from this investment starvation decades on from the nationalisation days.