Hi everyone, although I am not personally socialist, I come in peace with a question that I am seeking to learn.
Within capitalism, the concept of “limited liability” is common. Essentially, the owners of a firm cannot be held personally liable for the wrongs of the firm. If Toyota makes dangerous airbags, the personal home of the executives cannot be seized to pay victims. Only company assets can be liquidated.
How does this work within a Marxist framework where the workers are the owners of the “firms” (or of the manufacturing plant). For example, imagine that a worker-owned plant makes faulty airbags through negligence. Would the workers be personally liable? Or would the concept of limited liability remain, and the worst that could happen would be the liquidation of the plant to repay victims’ families?
Thank you for hearing my question!
With capital eliminated, it is possible to focus on the real core issues.
Transparency, safety, and prevention. Unless this is a model of cursed and authoritarian socialism, accidents are also less likely as there would be neither profit motive or political pressure from above.
Of course we know that in authoritarian socialist societies in history, the answer is that you shaddup and get back to work. Much like capitalism.