Social medium as dictatorship

Yes, Europe has this, and has had it for decades! As you might expect, US economists were morbidly excited to look at that, in the same way that a railroad engineer might be interested to look at a train collision in slow motion.

Here's one paper looking at the train collision in detail: https://www.nber.org/system/files/working_papers/w7945/w7...

TLDR: "Averaged over the five years we analyzed, codetermination reduces market-to-book value by 27% and return on assets by 5 basis points. ... codetermination reduces the return on equity on average by 2 basis points."

It turns out that, rather than block "stupid management decisions", workers block things like restructurings and layoffs, preventing the firm from increasing its efficiency and causing unproductive dead wood employees to hang around after a US firm would have axed them. We call this effect "Eurosclerosis" in the US.

Stuff like this is why we've seen articles like this just about every year for the past 40 years: https://www.fitchratings.com/research/sovereigns/us-europ...