Paging Michel Bauwens

Another one from Stumbling and Mumbling. Chris Dillow speculates "that shareholders have no function in human capital-intensive firms":

....innovation can't be managed from top-down. It relies upon communication, inspiration and dedication. These spring from a sense of fraternity and vocation, not from hierarchy and class conflict.

However, shareholders exacerbate the latter - especially if the flotation gave big windfalls to bosses - without contributing any great function.

Innovation-intensive companies, then, shouldn't have external, passive shareholders.

Sounds like what the P2P people have being saying for a long time.