> As for cooperatives' ability to take on risk, I don't think this is a
> problem a sufficiently large welfare state couldn't handle. As liberals
> always hasten to remind, social insurance encourages risky behavior (which
> we need.
And moreover - labor-managed firms don't have to take the form of worker-owned cooperatives. They can be "owned" by external non-voting shareholders - including publicly controlled pools of capital.
SA