Look at this more as a call to re-think than as a concrete proposal. How would this actually work in practice? Is it a practical solution. How could it be implemented? Would it be desirable to implement it? Who would gain and who would lose? Is it fair? Etc.
As the Occupy movement keeps developing, it seeks solutions for the economic and political dysfunctions it exposes and opposes. For many, the capitalist economic system itself is the basic problem. They want change to another system, but not to the traditional socialist alternative (e.g. USSR or China). That system, too, seems to require basic change.
The common solution these activists propose is to change both systems' production arrangements from the ground up. Every enterprise should be democratized. Workers should occupy their enterprise by collectively functioning as its board of directors. That would abolish the capitalist exploitative system (employer versus employee) much as our historical predecessors abolished the parallel exploitative systems of slavery (master versus slave) and feudalism (lord versus serf). [emphasis added]
Read the rest at TruthOut
by Richard D. Wolff, Truthout | Op-Ed
Wolff sees modern capitalism as a transition to the next step of human progress and political liberalization — a step that present circumstances indicate is potentially imminent.
What Wolff does not consider and which has to be a major consideration is capital formation and allocation. Is the present market solution optimal? If not, how can it be improved, or does it need to be re-engineered? If "capitalism" is a stage of history — and we know that nothing is permanent — what is the next iteration?
What is the relation between capitalism and democracy. Are they intrinsically dependent as neoliberalism claims? Are they antithetical as opponents assert, claiming that late stage capitalism results in plutocratic oligarchy? What happens as workers become increasingly marginalized due to productivity increases resulting from technology — automation, robotics, and, soon, AI?
How does MMT fit into this?