Word: whyte
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...Whyte said anyone who tries to tell the manager or workers in an employee-owned firm that it should be operated "like a private factory" is not recognizing the fundamental nature of the changes that have taken place...
...Whyte also explained two causes for the failure of employee-owned industries in America. In some cases a company fails financially, Whyte said. However, when it succeeds, and the price of the stock goes up, a company may be bought by non-employees...
...Whyte said employee-owned companies may provide a solution to the increasing number of factory shut-downs...
...important to recognize from the start two common myths about plant shutdowns," Whyte said. The first myth is that a corporation will not abandon a plant that is making money, and the second is that the employees and local management will not be able to make a company successful when a big company has already failed, he added...
...Whyte discussed a congressional bill which he helped draft, the Volunteer Employee Ownership Act. The bill, if approved, will provide the Economic Development Agency (EDA) with $1 million a year to furnish technical and financial assistance to employees, and to study different forms of employee-owned factories...