Noam Chomsky Why Not Quotations

Why not stakeholder action? There's no economic principal that says that management should be responsive to shareholders, in fact you can read in texts of business economics that they could just as well have a system in which the management is responsible to stakeholders.

Stakeholders - meaning workers and community - the CEO could just as well be responsible to them. This presupposes there ought to be management but why does there have to be management? Why not have the stakeholders run the industry?