Who said anything about getting rid of profits? I directly mentioned that they would go to the workers. That's what would give them incentive to do more than just live.
People go to work, people get paid, people spend their money on luxury goods like they do today. People are also entitled to the basics of life if they fall on hard times.

The capitalist can't buy the means of production, because that's not how ownership would work. He could get a job there, pay everyone to quit, and then as the only worker he would be entitled to everything that he made. Or he could convince the shareholders that he would be the best person to run the place, and become a worker that way.
Why should the Lord get to tell the serfs what to do, and take all their excess food just because he stabbed the old lord? Aren't you in favor of the farmers getting to keep the food that they grew, without having to share with freeloaders?

I have no idea how the specifics of compensation would work. There are different models taken by different worker owned businesses, so there's no single answer. Like with any business, the shareholders tend to elect a board to make most high level decisions, which includes ultimate responsibility for deciding compensation structure, which ownership levels for new workers would fall under.

This isn't talking Soviet communism. This is basic democratic socialism with a hint of a spite towards the investor class who makes their living taking excess value from people who actually do stuff.

[–] FastAndBulbous@lemmy.world 1 points 1 year ago (1 children)

But the crucial thing is, people are already allowed to form co-operatives, there is nothing stopping you doing it for example. But outside of a select few niche industries they are generally less efficient and get outcompeted by traditional top down companies.

[–] ricecake@sh.itjust.works 1 points 1 year ago (1 children)

Being less efficient and being outcompeted are not synonymous.

We live in a system that overtly rewards and encourages people to organize things such that they're rewarded for extracting excess value from workers and syphoning it to themselves and their investors.
Of course companies that do that are rewarded, because it's designed that way.

That doesn't make it more efficient, and it certainly doesn't make it right.

Also, you're failing to consider state owned enterprises, which is particularly popular in socialist democracies.

You've also entirely failed to explain why contributing money to an enterprise should entitle you to live off others work indefinitely.

[–] FastAndBulbous@lemmy.world 0 points 1 year ago* (last edited 1 year ago)

Why does investment entitle people to live off said thing? That's because there are agreements between the parties involved. If I want to start a business and need seed money I willingly enter a contract with investors just as they willingly risk their investment capital.

Of course they are more efficient, nobody sets up co operatives. If they were a more efficient way of running a business more people would do it.