Corporations are in principle and practice accountable to those with more money. For all its flaws our democracy is still one person one vote.

1. Not all companies are publicly traded, and they don't have to be

2. The 'voting' and 'steering' in a corporation is also completely dependent on money. The value of your 'vote' is proportional to how much money you have. This isn't a democracy or some sort of equal system that will converge on serving people, it will converge on serving money. I'm genuinely baffled at how "you get one vote per person" and "your value and voting power is directly tied to your net worth" are in any way comparable. You and I have zero effective power over them, and always will.

The unit of power in stock corporations is dollars, while in democracies it is personhood. In the former, one person can acquire multiple units, while in the latter they cannot. There is an obvious difference.

No, a corp is only accountable to their board and the LARGEST shareholder. A single person can control an otherwise publicly traded company. Zuckerberg, for example. And not everyone can afford to spend their earnings owning companies. So what you get with a democracy is that power is spread out by default rather than concentrated in a single element. Default enfranchisement rather than the polar opposite. One at least nods politely at the idea of upward social mobility in passing while the other eschews all pretense as to the status of its party invitation.

Corporations only have any accountability in so far as the law of the nation-state they're incorporated in grants it.

Corporations only exist as a legal construct of other entities. Absent government, they wouldn't be corporations since there'd be no law to create them.

The problem is, when the majority is held by pension funds, ETFs and Blackrock... there isn't much governance in practice, particularly from the low-fee purely passive ETFs. And since government run pension schemes are on their way to the gutter in favor of stonk market private pensions, the share of such dumb passive capital will only grow.

The structure of giant corporations today is like those centralized societies that were so inefficient in your example. The mandates to put AI in everything are one example of out of touch leadership throwing money and effort blindly towards things of dubious value. The sycophantic managers, afraid that they will be eliminated for insufficient fervor for the board’s latest fascination, will seize upon anything to prove themselves loyal and useful to those above them.

By moving the locus of control, whether it be considered the ceo or shareholders, so far from the actual business and implementing mandates based on whatever the current fancy is and meaningless targets of growth on such a giant scale you get the same sort of excesses.

The current system is marked by irrationality and uninformed and ill considered decision making. With smaller organizations and actual business competition they would be held to account by their competitors or just by running out of money before something catastrophic for the greater economy happened.

Not sure why this obvious fact is being down-voted. The comments above don't mention that the killer feature of private orgs is the ease of exit, and therefore, the enormous risk of failure. This remains the dominant feature of private orgs, even if we can argue about certain orgs on the margin. For every example of "users are locked into either the Apple or the Android phone platform", I can think of several crappy Google and Apple products which failed and were withdrawn from the market (e.g. Google Wave).

It is much easier to exit from or steer a private org. For example, it is very possible to run a company which caters to 10 percent of a consumer base by providing niche products which may be slightly more expensive. Those 10 percent will simply consume less of some other good. It is very difficult to do an analogous thing at the state level, because we generally don't get individual "ticket books" which we can "spend" on more of one state service vs. another. The democratic model is that you first get 50+ percent support and then your coalition decides how resources are allocated for almost everyone.

> If there is one thing that we learned from the 20th century it is that societies that gave more private control over how resources were used did better than those that had more state control over how resources were used.

In some metrics (such as GDP), yes. And in other metrics (such as wealth inequality and health care), the answer is less clear-cut.

That is an incredibly broad claim. There are a ton of examples of failed/failing states that basically have no government control over anything.