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I think profits are fine, as long as every company is strictly a worker owned co-op.
Worker coops are certainly less exploitative than standard businesses, but compared to public ownership and coordination retains a lot of the limits of market-based systems. I think cooperatives can serve as a good section of a growing and developing economy, but in all likelihood will need to be phased out as competition dies out and public planning becomes more efficient.
In a healthy economy profits are used to expand businesses improve capital and for R&D.
Yeah we’re in a phase with robber barons right now where that isn’t always the case. I always wonder, was the last time there were robber barons also late stage capitalism? Was the Great Depression late stage capitalism? Have we been in late stage capitalism for over a century now?
