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<p>countless multitude of office holders, each zealously bent on preserving his position and preventing anybody from intruding on his sphere of </p>
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<p>activity—yet at the same time anxiously endeavouring<B>to throw all responsibility of action on to somebody else. for all its</B>officiousness, such a bureaucracy offers a clhiic example of
human indolence. Nothing stirs when no external stimulus is present. In the nationalized concerns, existing within a society based for the most part on
private ownership of the means of production, all stimulus to improvements in process comes from those entrepreneurs who as contractors for
semi-manufactured articles and machines hope to make a profit by them. The heads of the concern itself seldom, if ever, make innovations. They content
themselves with imitating what goes on in similar privately-owned undertakings. But where all concerns are socialized there will be hardly </p>
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<p align="left">any talk of reforms and improvements. [138] 7: Joint Stock Companies and the Socialist Economy? One of the current fallacies of socialism is that joint stock companies are
a preliminary stage of the socialist undertaking. The heads of joint stock companies—it is argued—are not owners of the means of production, and yet
the<b>undertakings flourish under their direction. If, in place of the shareholders, society should hiume the function of ownership,</b>things would </p>
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<p>not be altered. The directors would not work worse for society than they would for the shareholders. This notion, that in the joint stock company the entrepreneur-function is
solely the shareholder’s and that all the organs of the company are active only as the shareholders’ employees, pervades also legal theory, and it has
been attempted to make it the basis of Company Law. It is responsible for the fact that the hi idea, which underlies the creation of the joint
stock company, has been falsified, and that up to today people have been unable to find for the joint stock company a legal form which would enable </p>
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<p align="center">it to work without friction, and that the company system everywhere suffers from grave abuses. In fact there have never and nowhere been prosperous joint stock companies
corresponding to the ideal etatistic jurists have created. Success has<B>always been attained</B>only by those companies whose directors have
predominant personal interest in the prosperity of the company. The vital force and the effectiveness of the joint stock company lie in a partnership
between the company’s real managers—who generally have power to dispose over part, if not the majority, of the share-capital—and the other
shareholders. Only where these directors have the same interest in the prosperity of the undertaking as every owner, only where their interests
coincide with the shareholder’s interests, is the hi carried on in the interests of the joint stock company. Where the directors have
interests other than those of a part, or of the majority, or of all of the shareholders, hi is carried on against the company’s interests. for
in all joint stock companies that do not wither in bureaucracy, those who really are in power always manage hi in their own interests, whether
this coincides with the shareholders’ interests or not. It is an unavoidable presupposition of the prosperity of the companies, that those
in power<U>shall receive a large part of the profits of the enterprise and that they shall be primarily affected by the misfortunes of the</U>enterprise.
In all flourishing joint stock companies, such men, immaterial of what their legal status is, wield the decisive influence. The type of man to .</p>
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