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Would democracy works in a corporation? Shouldn't CEO be elected by all the staff instead of the board of directors?

If we assume individuals are rational and therefore by way of election, we will have legitimacy for the elected leaders who are then presumably be doing what would serve as the betterment for the society. Shouldn't the same idea work in a big corporation? Shouldn't CEO or management be elected by the people (i.e. the staff)?

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    Jul 11 2013: No for the same reason it does not work in government

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