> ("We already tried this, they are called company towns" is not a clever or insightful take.)
It is, however, an accurate one you can’t simply breezily dismiss because you don’t want to engage with it intellectually. This is no different in the power dynamic and will have similar failure modes in the absence of legal countermeasures: as the most obvious example, if you disagree with your boss you now have to worry about your kids being kicked out of school and losing your home at the same time. If they pay you in company block-scrip, they control the rates and where you can redeem it. You might naively think that having internet access helps but that’s assuming that the company-approved ISPs allow full unfettered access and don’t have terms of service banning unapproved usage.
Again, none of this is certain but history and other parts of the world show that it’s likely to happen to some extent if companies are granted power without strict democratic oversight. Just think about how companies have asserted their right to control who you sleep with, what family planning choices you should make, which political party you support, etc. Giving them more power will not make those intrusions less likely.