We are told that employees (labor) works for management, that management works for the board, and that boards works for shareholders, with shareholder value being the ultimate goal of business.
We’re told a lot of things that are simply not true.
That story is common, but not universal. It’s not required by law. It’s just tradition.
Another pattern is the employee-owned company. The employees are the owners. They hire management to hep them run their company. They hire capital to help them pay for growth. The ultimate goal is the continuation and improvement of the business for the benefit of its workers.
