Re:Robinhood to pay $70M for 'systemic supervisory failures'
by frenchy on Wednesday June 30, 2021 @06:51PM
(#27694441)
That would be an oligarchy, good sir.
In a representative democracy you get a voice on who executes the orders regardless of whether you are rich or poor or smart or stupid or went to business school with who-knows-who.
Re:Robinhood to pay $70M for 'systemic supervisory failures'
by imbnwa on Wednesday June 30, 2021 @07:04PM
(#27694561)
Are they? Corporate shareholders have power of on-demand accountability and enough competency to grasp the goings on of a board meeting, that is not what a random _demos_ in a representative democracy is composed of and it changes the whole game, that's not a minor detail. Even besides the competency/knowledge problem, American citizens cannot, amongst themselves, zero external mediation, vote an elected official out of office as far as I'm aware.
If we were in Plato's perfect Republic where all the uninitiated adults were purged from the polis and there were only citizens trained since childhood to seriously consider matters of state, now we'd be in the same sport, if not ballpark.
If we're considering corporations to be "undemocratic, authoritarian, central-planning (...) communist dictatorships" inside, then so are all democratic governments. The "voice of the people" part of a democratic government is just a surface layer, the tip of an iceberg. Or, more charitably, a rudder of a ship - the part that sets the course, but is nevertheless insignificant in mass compared to the rest of the ship.
The bulk of every government is a top-down hierarchical structure, because it can't really be any other way. You can't hold votes on whether a particular clerk is supposed to be in a particular building on Monday 09:00, and whether they're supposed to approve the form you're trying to submit.