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This ownership of big business by working people is result of contributions to pension funds, mutual funds, and life insurance policies with a savings component.
What does all this mean? Well, for starters, perhaps an end of complaints about profits of corporations. After all, most of those profits go toward retirement incomes of working people.
More complicated, though, is relationship between working people who own a big company and other working people employed by it. How to share corporate profits -- through continuing employment and higher wages, or through higher returns to shareholders -- remains a difficult issue. Especially for those working people who lose their jobs.
On other side of coin, working people have bought enough stocks and shares to become bosses of bosses. Some pension funds have begun making that clear; CalPERS, California Public Employees' Retirement System, has led way in telling Chief Executive Officers (CEOs) and boards of directors that they'd better manage effectively. And, CEOs and directors listen; after all CalPERS runs country's biggest pension fund, with assets of more than $130 billion.
One other thing: if you're a working person, you're a consumer, as well as an owner and employee. When you go shopping, there's a chance you'll buy from a business owned by yourself, your friends, or your neighbors. What's more, clerks who take your credit card with smiles may work for you. Or, maybe clerks own company for which you work. Smile at them, too, just to be on safe side!
Robert F. Abbott explains how working people are buying up big corporations, and more, in his new book Meet the New Owners: www.TheNewOwners.com .