This article will explore a pregnant woman's experience of relationship with the fetus, using a clinical case study in which abortion would have been clinically indicated because of severe fetal abnormality. Emphasizing the pregnant woman's actual experience in this case study helps to highlight inadequacies in how the debate about abortion is usually conducted.

This book provides a detailed account of the role of property in German Idealism. It puts the concept of property in the center of the philosophical systems of Kant, Fichte, and Hegel and shows how property remains tied to their conceptions of freedom, right, and recognition. The book begins with a critical genealogy of the concept of property in modern legal philosophy, followed by a reconstruction of the theory of property in Kant's Doctrine of Right, (...) Fichte's Foundations of Natural Right, and Hegel's Jena Realphilosophie. By turning to the tradition of German Rechtsphilosophie, as opposed to the more standard libertarian and utilitarian frameworks of property, it explores the metaphysical, normative, political, and material questions that make property intelligible as a social relation. The book formulates a normative theory of property rooted in practical reason, mutual recognition, and social freedom. This relational theory of property, inspired by German Idealism, brings a fresh angle to contemporary property theory. Additionally, it provides crucial philosophical background to 19th century debates on private property, inequality, labor, socialism, capitalism, and the state. The Concept of Property in Kant, Fichte, and Hegel will appeal to scholars and advanced students interested in 19th Century German philosophy, social and political philosophy, philosophy of law, political theory, and political economy. (shrink)

In common law, the traditional rule has been that there is no property in excised human tissue. In an era of widespread commodification of tissue, however, the practical reasons behind this position are increasingly outdated, while the philosophical grounds are paradoxical. This no-property rule has been construed so as to deprive tissue providers of ongoing rights, whereas researchers, universities, and biotechnology companies are prone to assume that once they acquire proprietary rights, those rights are complete and undifferentiated. That (...) position can and should be remedied, drawing on a modified Lockean concept of property in what we have laboured to create, and a more sophisticated jurisprudential understanding of property in the body as a bundle of rights. Particularly in the case of women’s tissues, such as ova and umbilical cord blood, this model can offer more effective protection against the global ‘enclosures’ of bodily tissue. (shrink)

In debates about the moral foundations of intellectual property, one very popular strand concerns the role of labor as a moral basis for intellectual property rights. This idea has a great deal of intuitive plausibility; but is there a way to make it philosophically precise? That is, does labor provide strong reasons to grant intellectual property rights to intellectual laborers? In this paper, I argue that the answer to that question is “yes”. I offer a new view, (...) different from existing labor theories of intellectual property, which I call the productive capacities view. This view gives us a way to make sense of the idea of labor as the basis for intellectual property rights, as well as a tool for critically evaluating existing intellectual property institutions. (shrink)

This symposium paper for the APA analyzes Locke's labor theory of property acquisition as a formal argument – or set of alternative arguments – and shows how several of them are indeed sound, if appropriately limited by what amounts to a social welfare proviso. That proviso is, however, strong enough to limit the acquisition of private property in a significant way. The argument here anticipates fuller and more decisive ones in later work by the same author.

Critical examination of the concept of property in the body, with particular relevance to Stephen Munzer's work on umbilical cord blood.

After Marx, dissenting economics almost always used 'the labour theory' as a theory of value. This paper develops a modern treatment of the alternative labour theory of property that is essentially the property theoretic application of the juridical principle of responsibility: impute legal responsibility in accordance with who was in fact responsible. To understand descriptively how assets and liabilities are appropriated in normal production, a 'fundamental myth' needs to be cleared away, and then the market mechanism (...) of appropriation can be understood. On the normative side, neoclassical theory represents marginal productivity theory as showing that (a metaphorical version of) the imputation principle is satisfied ('people get what they produce') in competitive enterprises. Since that shows the moral commitment of neoclassical economics to the imputation principle, the labour theory of property is presented here as the actual non-metaphorical application of the imputation principle to property appropriation. The property-theoretic analysis at the firm level shows how the neoclassical (and much heterodox) analysis in terms of 'distributive shares' wholly misframed the basic questions. Finally, the paper shows how the imputation principle (modernised labour theory of property) is systematically violated in the present wage labour system of renting persons. The paper can be seen as taking up the recent challenge posed by Donald Katzner for a dialogue between neoclassical and heterodox microeconomics. (shrink)

The positions on private landownership of two libertarian scholars thought to have a wide following in that movement are examined The libertarians —Murray Rothbard and Robert Nozick—hold positions which are untenable. Rothbard's theory is almost indistinguishable from John Locke's and rests on the labor theory of ownership and the admixture theory of labor; standards which are too vague. Nozick believes that making something valuable gives a right of ownership, but again the standard is too ambiguous. And it is necessary to (...) appropriate a thing before one can improve it. The value added theory permits a utilitarian justification of landownership involving the payment of compensation to non-owners. (shrink)

In this chapter I argue that the old common law concept of the commons can make a major contribution to how we regulate human tissue and genetic information in the twenty-first century. But if we want to use this concept, we will have to act fast, because private corporate interests have already realised the relevance of the commons for holdings in human tissue and genetic information. Instead of a commonly created and held resource, however, they have sought to create one (...) derived from many persons' mutual labour but owned privately: what I call, with deliberate irony, a 'corporate commons'. (shrink)

In recent years, feminist scholarship on emotional labor has proliferated. I identify a related but distinct form of care labor, hermeneutic labor. Hermeneutic labor is the burdensome activity of: understanding and coherently expressing one’s own feelings, desires, intentions, and movitations; discerning those of others; and inventing solutions for relational issues arising from interpersonal tensions. I argue that hermeneutic labor disproportionately falls on women’s shoulders in heteropatriachal societies, especially in intimate relationships between women and men. I also suggest that some of (...) the gendered burdens of emotional labor that feminist scholars point out would better be described as hermeneutic labor. Drawing on feminist philosophy as well as findings from social psychology and sociology, I argue that the exploitation of women’s hermeneutic labor is a pervasive element of what Sandra Bartky calls the ‘micropolitics’ of intimate relationships. The widespread expectation that women are relationship maintenance experts, as well as the prevalence of a gendered demand-withdraw pattern of communication, leads an exploitative situation to appear natural or even desirable, even as it leads to women’s dissatisfaction. This situation may be considered misogynistic in Kate Manne’s sense, where misogyny is a property of social environments rather than a worldview. (shrink)

This article examines women’s rights to property in marriage, upon divorce, and upon the death of a spouse in Uganda, highlighting the problematic aspects in both the state-made (statutory) and non-state-made (customary and religious) laws. It argues that, with the exception of the 1995 Constitution, the subordinate laws that regulate the distribution, management, and ownership of property during marriage, upon divorce, and death of a spouse are discriminatory of women. It is shown that even where the relevant statutory (...) laws are protective of women’s rights to property, their implementation is hindered by customary law practices, socialization, and the generally weak economic capacity of many women in the country. The article delves into the even weaker position of women’s rights to matrimonial property at customary and religious laws. In many homes, wives provide labor to support their husbands without having a stake in the use or monetary benefit from it. Under Islamic law regulating intestate succession to property, the entitlements for widows fall short of the constitutional standards on equality and non-discrimination. Polygyny is widely practiced by Muslims implying that the widows share the one eighth whenever there are children or one fourth in cases when there are no children. Radical reforms such as adopting an immediate community property regime instead of the present separate property regime are inevitable if women’s rights to property are to advance. (shrink)

Guidelines on embryo storage prioritise 'respect for the embryo' above the wishes of the women whose labour and tissue have gone into creating the embryo in the first place, effectively making women and the female body disappear. In this article I draw a parallel between this phenomenon relating to embryo storage and other instances of a similar phenomenon that I have called 'the lady vanishes', particularly in stem cell and 'mitochondrial transfer' research. I suggest that a modified property (...) regime could protect women's interests in embryo storage, making a parallel with the Yearworth case, in which it was recognised that men had limited but actionable interests in their stored sperm.. (shrink)

There is an urgent need for reconstructing models of property to make them more women-friendly. However, we need not start from scratch: both ‘canonical’ and feminist authors can sometimes provide concepts which we can refine and apply towards women’s propertylessness. This paper looks in particular at women’s alienation from their reproductive labour, building on Marx and Delphy. Developing an economic and political rather than a psychological reading of alienation, it then considers how the refined and revised concept can (...) be applied to concrete examples in global justice for women: in particular, the commercialisation of embryonic and fetal tissue in the new stem cell technologies. (shrink)

This Article explores how managerial prerogative shapes disputes over employment classification and reveals a neglected but prominent feature in legal arguments about platform worker rights—the disputed relevance of a platform’s intellectual property rights. In classification disputes, instead of denying that it has a right to control how others perform services for it, the company often concedes its employer-like authority but offers an alternative rationale: managerial prerogative. The company argues, and judges often agree, that its labor control is not the (...) exercise of employer authority but instead reflects a prerogative of enterprise ownership, like a right to protect property and determine product lines. Thus, managerial prerogative both explains labor control and exempts that control from the statutory duties that would otherwise attach under the legal tests. Platform companies appear to have taken notice of such cases and designed their work relationships around property-based rationales. For instance, Uber uses a software “license” in which drivers agree to Uber’s authority as a condition for accessing the app. The license depicts the terms upon which drivers must affirmatively cooperate with Uber to produce transportation as simply the negative duties not to interfere with Uber’s intellectual property. The Article concludes that we must reject appeals to managerial prerogative in employment classification disputes. To assume that a property-based rationale for labor control is inconsistent with employment is to misunderstand the legal basis of employment and the purpose of statutory labor law. The appeals also rely on dubious economic assumptions and conflate property rights with agreements about the use of property. (shrink)

The point of departure of David Ellerman's paper is that the role of labour in economics can be looked at in a fundamentally different way than has typically been the case. The paper's purpose is, therefore, oppositional. However, it cannot simply be dismissed. It is clearly articulated, well reasoned, and most importantly, thought provoking. It requires one to rethink how one conceives some basic issues in economics. As such, one does not need to be entirely convinced by the argument (...) to consider it worthy of dissemination. At the same time, if one subscribes to the ethic of structured or critical pluralism one must also consider the pressure points of the argument (see Dow, 2004; Dobusch and Kapeller, 2012). Below, I briefly reconstruct Ellerman's core claims and provide some comment on that argument. Read David Ellerman's paper "The Labour Theory of Property and Marginal Productivity Theory". (shrink)

Justifying intellectual property on the basis of labour is an understandably popular strategy, but there is a tension in basing some intellectual property claims on labour that has gone largely unnoticed in treatments of the subject: many forms of innovation cause people to lose their jobs, which seriously hampers the ability of those who lose work to productively use their own labour. This article shows that even under Lockean and other labour‐based justifications of intellectual (...) property rights those who claim property rights to innovations of this type have special obligations to compensate those who lose work because of their inventions. By examining the problem that such innovations create, I hope to contribute to larger debates about automation and the job losses it often brings. Lockean and other labour‐based theories of intellectual property are generally taken to secure strong, noninstrumental rights to intellectual property if they are successful. So, if even these theories imply that those who profit from the innovations driving automation have special obligations to those left jobless by it, that is strong evidence that they do in fact have such obligations. (shrink)

Murray Rothbard, in his The Ethics of Liberty, attempts to derive property ownership from the act of homesteading. Under this system, property is claimed through the act of mixing one’s labor with it. However, the theory of homesteading as a means for property rights formation is one that favors production over consumption and denies the subjectivity of value.

Recent proposals in political philosophy concerning nonhuman animals as property-holders - by John Hadley and Steve Cooke - have focused on the interests that nonhuman animals have in access to and use of their territories. The possibility that such rights might be grounded on the basis of a Lockean (that is, labour-mixing) account of property has been rejected. In this paper, I explore four criticisms of Lockean property rights for nonhuman animals - concerning self-ownership, initiative, exertion (...) and the sufficiency of protection offered - concluding that Lockean property rights could be extended to nonhuman animals. I then suggest that Lockean property rights actually offer advantages over interest-based accounts: they more clearly ground property, they are potentially broader, and they are considerably stronger. (shrink)

Jean-Guillaume-César-Alexandre-Hippolyte de Colins (1783-1859), a Belgian baron who lived mainly in Paris, sought to develop a position—rational socialism—intermediate between the extremes of full capitalism (with only private property) and full communism (with only collective property). All persons fully own themselves and the artifactual wealth that they produce, and they are entitled to an equal share of the natural resources and of the assets inherited from previous generations. Gifts and bequests are to be subject to heavy taxation (although at (...) less than 100% of their value, for efficiency reasons). Natural resources are subject to a rent-tax. A warning about the following reading: Colins writes in many places as if he held that an unrestricted right to make gifts and bequests is both necessary for efficient social functioning and required by justice. His ultimate view, however, is that efficient social functioning requires only some kind of weak (partially restricted) right to make gifts and bequest, and that justice does not require any such right. More specifically, he holds that justice requires that gifts and bequests be taxed as much as compatible with efficient social functioning. (shrink)

From a pre-publication review by the late Austrian economist, Don Lavoie, of George Mason University: -/- "The book's radical re-interpretation of property and contract is, I think, among the most powerful critiques of mainstream economics ever developed. It undermines the neoclassical way of thinking about property by articulating a theory of inalienable rights, and constructs out of this perspective a "labor theory of property" which is as different from Marx's labor theory of value as it is from (...) neoclassicism. It traces roots of such ideas in some fascinating and largely forgotten strands of the history of economics. It draws attention to the question of "responsibility" which neoclassicism has utterly lost sight of. It is startlingly fresh in its overall approach, and unusually well written in its presentation. ... It constitutes a better case for its economic democracy viewpoint than anything else in the literature." . (shrink)

In this article, I query whether participation in the labour market can hinder neo-republican freedom as non-domination. I briefly present the view of Philip Pettit on the topic, based on the distinction between offering a reward and threatening a punishment. I compare it to the analysis of labour republicans, recently reconstructed by Alex Gourevitch, according to whom, the exclusion of a group of individuals from the control of productive assets represents a form of structural domination. Then, I explain (...) why I take a position that is different from both. I hold that capitalist structural domination leads only to exploitation, not interpersonal domination. In doing this, I consider two objections that might be raised against my argument. The first one is based on incomplete contracts and on a possible ideal benchmark for job offers. The second one challenges the supposed arbitrariness of unequal property relations within the capitalist social system. (shrink)

Much of the recent discussion in progressive circles [e.g., Stiglitz; Galbraith; Piketty] has focused the obscene mal-distribution of wealth and income as if that was "the" problem in our economic system. And the proposed redistributive reforms have all stuck to that framing of the question. To put the question in historical perspective, one might note that there was a similar, if not more extreme, mal-distribution of wealth, income, and political power in the Antebellum system of slavery. Yet, it should be (...) obvious to modern eyes that redistributions in favor of the slaves, while leaving the institution of owning workers intact, would not address the root of the problem. The system of slavery was eventually abolished in favor of the system we have today which differs in two important respects: the workers are only rented, hired, or employed ; and the rental relationship between employer and employee is voluntary. Today, the root of the problem is the whole institution for the voluntary renting of human beings, the employment system itself, not the terms of the contract or the accumulated consequences in the form of the mal-distribution of income and wealth. (shrink)

Research Articles Adam Mossoff, Social Philosophy and Policy, FirstView Article.

In contrast to industrial markets based on mass-production of material goods, postindustrial markets hinge on images, experiences, and emotions produced and exchanged on screens and in real life. Because postindustrial markets tend to be highly concentrated and technology-driven, they pose a threat to small businesses and low-skill workers in both advanced industrial economies and the Global South, where a large share of the population makes a living in the informal economy. Using the 2014 World Cup as a case of postindustrial (...) economic activity hinged on spectacle, emotional experience, and intellectual property, I analyze the income-making strategies used by street vendors in São Paulo, Brazil. I show that organizers’ control of fan markets was limited by local conceptions of ownership over national symbols as well as informal workers’ flexible relation to legal norms and enforcement-dodging practices. Circumventing market barriers required risky and sophisticated strategies, however, which were more readily available to the more marginal section of the street vending population. (shrink)

While most of Political Theory’s 50th anniversary issue looks forward to imagining political theory in the future, the Book Review section looks backward to consider those books and schools of political theory not reviewed on the pages of the journal—but which went on to shape the field nonetheless. The aim of this section is not to constitute a new and newly virtuous canon, but rather to goad readers to reflect anew on knowledge production and the institutional and circulatory practices that (...) compose it, reaching from journal readers, to classrooms and conferences, and on to late night conversations and confabulations. (shrink)

_Property Rights: Philosophic Foundations,_ first published in 1977, comprehensively examines the general justifications for systems of private property rights, and discusses with great clarity the major arguments as to the rights and responsibilities of property ownership. In particular, the arguments that hold that there are natural rights derived from first occupancy, labour, utility, liberty and virtue are considered, as are the standard anti-property arguments based on disutility, virtue and inequality, and the belief that justice in distribution (...) must take precedence over private ownership. Lawrence Becker goes on to contend that there are four sound lines of argument for private property that, together with what is sound in the anti-property arguments, must be co-ordinated to form the foundations of a new theory. He therefore expounds a concise but sophisticated theory of property that is relevant to the modern world, and concludes by indicating some of the implications of his theory. (shrink)

This chapter contains sections titled: The Moral Version of the Labor Theory of Value The Labor Theory of the Difference Principle Finding a Just Distribution Is the Difference Principle Biased? Answering Narveson and Cohen on Incentives.

Marx''s account of capitalist exploitation is undermined by inter-related confusions surrounding the notion of labour power. These confusions relate to [i] what labour power is, [ii] what happens to labour power in the labour market, and [iii] what the epistemic status of labour power is (the issue of appearance and reality). The central theses of the paper are [a] that property ownership is the wrong model for understanding the exploitation of labour, and [b] (...) that the concept of exploitation is linked more fruitfully to a conception of distributive injustice than to Marx''s theory of surplus value. (shrink)

Businesses interface with the natural world through rights to property. The shape of these rights and the responsibilities we assign to managers are important determinants of both patterns of resource use and pollutant levels. Consequently, conflicts have arisen between regulating bodies, indigenous groups, and corporations over the entitlements of businesses in the use of their property when that property is ecologically sensitive or significant. In this paper I develop an account of the ethical responsibilities of managers regarding (...) their treatment of the environment and their use of natural resources. This account is based on a philosophical examination of the nature of property rights. After a tour of traditional arguments employed to defend the institution of private property, I develop a new conception of property rights over objects that have a high natural resource component. I show that in today’s world, ethical concerns that motivated John Locke will yield property rights that are insufficiently strong to override a democratic say in overall use patterns and must be sensitive to factors such as need, scarcity, and the interests of stakeholders. I show a similar result for utilitarian arguments for property. On this foundation I develop a conception of property in key environmental resources that includes a stewardship element. To embody this, I suggest a set of ethical responsibilities for managers over certain natural resources that springs from it. I argue for obligations restricting harmful use patterns as a way of including the other goals (eg public participation, sustainability) that we care about, in a manner which clashes least with the liberty of owners and the efficiency of production. The outcome is a set of rights and responsibilities that take global environmental interests into account, but preserve the thrust of what is good about the institution of private property: that it rewards labour and facilitates a stable and efficient free exchange system. As a version of private property, it retains many of the advantages of global capitalism while attaching responsibilities to business decision makers. (shrink)

It is traditional to ascribe to Locke the view that every person who acquires natural property rights by labouring on resources is obligated to leave sufficient resources for everyone else. But during the last several decades, a number of authors have contributed to a compelling textual case against this reading. Nevertheless, Locke clearly indicates that there is something wrong with distributions in which some suffer while others thrive. But if he does not endorse the traditional proviso, what exactly is (...) the problem? In this paper, I offer a solution to this puzzle. I argue that according to Locke, once people use their natural rights to acquire large properties, many individuals are unable to enjoy the material and moral wellbeing, or “preservation,” that is the end of natural law. For even if such large properties pose no problem for material preservation, they foster arbitrary power that offends against moral preservation. (shrink)

Institutional investors and corporations increasingly recognize that extra-financial determinants of business performance can both create value and uncover significant risks within a business or investment portfolio. For companies that invest in, develop, own, or operate commercial real estate assets, this awareness of extrafinancial impacts has led to a significant interest in what has been called "responsible property investment (RPI)". Within the field of RPI, green real estate — real estate investment and management that seeks to reduce the environmental impacts (...) of building construction and operations — has begun to receive attention. This attention has been extended over the past decade to community property development projects, where both social and environmental considerations related not only to the building, but also the project site and surrounding community are integrated into management and investment decisions. Some examples of these projects include affordable and workforce housing, urban revitalization and brownfield redevelopment. More social-focussed issues such as labour and workplace considerations are also key components of responsible property investing, yet to date labour issues have received little attention in the RPI literature and workplace considerations are reflected indirectly through environmental considerations in the green building literature. This paper explores responsible real estate investment in Canada by taking an integrated approach in examining both environmental and social factors and their potential impact on such investments. A series of semi-structured interviews are conducted with key stakeholders in Canada to gain insight into how using environmental and social factors may influence long-term risk and financial returns in real estate investment in Canada with particular emphasis on institutional investors engaged in these practices. Data is used to analyse the impact that ESG considerations have on financial performance of these assets. Jantzi-Sustainalytics ESG ratings are used along with the stock price changes of fourteen real estate companies and REITs to interrogate this question. (shrink)

Jamie Morgan's commentary (Morgan, 2016) on my paper 'The Labour Theory of Property and Marginal Productivity Theory' (Ellerman, 2016) and Ted Burczak's later comments (Burczak, 2016) raise a number of issues that surely will occur to other readers and that need to be addressed. I take the occasion to expand upon the arguments and to explore some related issues. In the narrative that unfolds, Frank H. Knight plays the role of the sophisticated defender of the system of renting, (...) hiring and employing human beings. He was quite clear that the social role of economics is to develop an idealised model, the competitive free enterprise model, and then to frame the normative discussion in terms of that model. Knight would agree with the whole thread of heterodox 'criticism' that the actual economy falls far short of the ideal – which is why I largely eschewed the descriptive shortcomings of ideal model as a purported model of the actual economy. Instead my paper focused on developing a critique of the key part of the idealised model, the marginal productivity theory of distribution under competitive conditions. That critique is based on the usual juridical principle of imputing legal responsibility in accordance with factual responsibility – the principle whose property-theoretic application is the modern treatment of the labour theory of property. Historically, heterodox economics faced a fork in the road in the 19th century: whether to criticise 'the system' by developing the inchoate 'labour theory' as a theory of value or a theory of property. Marx and much of left-wing economics took the labour-theory-of-value road, whereas my paper is part of a modern attempt – Thomas Hodgskin (1832) being an earlier attempt – to take the labour-theory-of-property road. As we will see, much of the debate still revolves around these two roads. Read David Ellerman's original paper "The Labour Theory of Property and Marginal Productivity Theory" › Read Jamie Morgan's commentary on David Ellerman's paper ›. (shrink)

This article argues that teachers of environmental ethics must more aggressively entertain questions of private property in their work and in their teaching. To make this case, it first introduces the three primary positions on property: occupation arguments, labor theory of value arguments, and efficiency arguments. It then contextualizes these arguments in light of the contemporary U.S. wise-use movement, in an attempt to make sense of the concerns that motivate wise-use activists, and also to demonstrate how intrinsic value (...) arguments miss the mark. Finally, it offers some suggestions about further directions for environmental ethics, reasoning that there is a good deal of headway to be gained for environmental ethics by accepting that nature can be owned as property, but nevertheless engaging the idea of private property critically. (shrink)

A private property right is a collection of particular rights that relate to the control of an object. The ground for such moral rights rests on the value of project pursuit. It does so because the individual ownership of particular objects is intimately related to the formation and application of a coherent set of projects that are the major parts of a self-shaped life. Problems arise in explaining how unowned property is appropriated. Unilateral acts with regard to an (...) object, e.g., mixing in one’s labor into it, probably don’t ground particular rights to private property. Nor do bilateral contracts since a stable pre-institutional contract with regard to appropriation is not likely to form. However, a conventional method of appropriation can allow for such appropriation while at the same time preserving the pre-institutional nature of such rights. This theory can also account for a person’s property rights in her own body. However, the value of project formation requires that persons have at least some private property that is to serve as the object of their projects. These positive rights to property undermine the libertarian claim that all non-commitment-based rights are negative. However, a further empirical argument is needed in order to justify protecting these positive moral rights to private property by positive legal rights. (shrink)

The idea that labor mixing confers property in unowned resources is, for many, the very heart of the Lockean system of property. In this essay I shall argue that this common view is mistaken. Locke...

A three‐tiered legal structure of the substances constitutive of human beings can accommodate property rights in new products created by the investment of labor in human tissue.

State ownership, worker ownership, and household ownership are the three main forms in which productive assets (firms) can be held. I argue that worker ownership is not wise in economies with high capital-labor ratios, for it forces the worker to concentrate all her assets in one firm. I review the coupon economy that I proposed in 1994, and express reservations that it could work: greedy people would be able to circumvent its purpose of preventing the concentration of corporate wealth. Although (...) extremely high corporate salaries are the norm today, I argue these are competitive and market determined, a consequence of the gargantuan size of firms. It would, however, be possible to tax such salaries at high rates, because the labor - supply response would be small. The social-democratic model remains the best one, to date, for producing a relatively egalitarian outcome, and it relies on solidarity, redistribution, and private ownership of firms. Whether a solidaristic social ethos can develop without a conflagration, such as the second world war, which not only united populations in the war effort, but also wiped out substantial middle-class wealth in Europe - thus engendering the post-war movement towards social - insurance is an open question. (shrink)