By Korner T.W.

ISBN-10: 0821833758

ISBN-13: 9780821833759

ISBN-10: 0821834479

ISBN-13: 9780821834473

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9 Laurat was not satisfied with Marx's contention that to abolish capitalist property is to abolish concentrated dominance: administration without accountability, Laurat warned, could all-too-easily mean the new despotism of technocracy without ownership that would be no less alienating under State ownership than it is a source of frustration to the private shareholder told to mind his own business. ' 12 Marx had been optimistic about the managerial revolution. 14 Marx had been optimistic about the managerial revolution.

Laurat was less enthusiastic about the organisation man who regards his colleagues as inputs and things to be used. Private ownership can be a cause of conflict, Laurat concluded - but so can power without property in the post-capitalist economy. In common with Laurat, Bernstein had argued that the rise of the jointstock company was an economic development of such significance as to necessitate a sympathetic up-dating of the classic Marxian hypotheses. Bernstein was particularly struck by the evolving transcendence of the capital - labour dialectic in consequence of the increasing dispersion of share-ownership: 'The number of shareholders and the average amount of their holding of shares has been of rapid growth.

Sid and Myrtle, dissatisfied with their dividendcheques, will sell a hundred shares. Sid and Myrtle's pension fund, concerned about its success-ranking, will dump a hundred thousand. Neither the investors nor the institutionals need to take an active interest in dayto-day management, it is clear, to compel the executives to serve the capitalists whom Crosland, perhaps erroneously, tends on balance to treat as a group that has exhausted its influence. Nor is it obvious that corporate decision-makers are genuinely drawn from a new and quintessentially non-capitalist class.

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A companion to analysis by Korner T.W.

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