It was not only academics who defended this view. Owen D. Young (1874-1962) was an American industrialist, businessman, lawyer and diplomat, who served for ten years as a chairman of General Electric. But he was also a progressive thinker, who had the following to say about labour renting capital (excerpts from Owen D. Young and American Enterprise, A Biography):
may be a long way off, but it is worthy to engage the research and efforts of the Harvard School of Business.
That's what the people who work would have to do if they ran the company for themselves. They would have to insure the same things in order to get the capital. They would likewise have to establish a management to make the company function and that is all we are doing under the present scheme of things ... . If all the stock were owned by the employees themselves, it would not change the position of management in the least, nor its duties, nor its responsibilities . . . [for] management's ... sole purpose is to make these two other groups-investors and workersfunction together . . . to produce something . .. of value ...."
(Owen D. Young, 1927)
Author: Tej Gonza