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!
Even in our current capitalist system there are efforts to hold executives of companies accountable for their corruption, negligence and poor safety standards. Countries with communist governments like Vietnam and China regularly use the full force of the law against criminal elements within business, up to and including executions. https://www.washingtonpost.com/news/morning-mix/wp/2014/04/04/vietnams-punishment-for-corrupt-bankers-death/
Britain passed corporate manslaughter laws following a rail disaster but it remains toothless and there was talk of introducing corporate homicide laws in the US following the Boeing plane crashes but it didn’t get far.
Other posters have provided more thorough answers. I just wanted to point out that even when constrained by the capitalist mode of production we can do much more to hold businesses accountable.