Socialism

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Beehaw's community for socialists, communists, anarchists, and non-authoritarian leftists (this means anti-capitalists) of all stripes. A place for all leftist and labor news and discussion, as long as you're nice about it.

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How does the concept of legal liability (for firms) work within Marxism? (lemmy.ml)

submitted 1 year ago by patchymoose@lemmy.ml to c/socialism@beehaw.org

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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!

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