[PEN-L:33270] Re: Re: The Economist considers Karl Marx

[Michael Perelman <michael@xxxxxxxxxxxxxxxxx>]

Peter Drucker proclaimed the United States "the first truly
'Socialist' country," because workers, through their pension funds
"own at least 25% of its equity capital, which is more than enough
for control."  In Drucker's reckoning, socialism was introduced by
then head of General Motors Charles Wilson in 1950 to "blunt union
militancy by making visible the workers' stake in company profits
and company success." Drucker, Peter F. 1976. The Unseen
Revolution: How Pension Fund Socialism Came to America (NY: Harper
and Row): p. 6.


On Fri, Dec 20, 2002 at 09:31:41AM -0800, Tom Walker wrote:
> Oh those proles, the lucky duckies: they own the companies, they tell the
> government what to do, they choose who rules... and they don't even have to
> pay taxes!
>

--
Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael@xxxxxxxxxxxxxxxxx