Yes, but that is implementation detail. You can still have larger entities by these individual owners cooperating, or even collectively using their property. The end result is similar to a corporation with many shareholding workers. A better argument would be that people will not invest if they will lose the property. But even that has a fairly natural solution: hand it over to your kids, they will keep working it.
I am not arguing this is a super good idea, just arguing it does not have the usual immediately glaring flaws and deserves some consideration.
Yes, but that is implementation detail. You can still have larger entities by these individual owners cooperating, or even collectively using their property. The end result is similar to a corporation with many shareholding workers. A better argument would be that people will not invest if they will lose the property. But even that has a fairly natural solution: hand it over to your kids, they will keep working it.
I am not arguing this is a super good idea, just arguing it does not have the usual immediately glaring flaws and deserves some consideration.
You still have no way to get outside investors.