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The fact is that, under a capitalistic system, the ultimate bosses are the consumers. The sovereign is not the state, it is the people.

Ludwig von Mises
People, Boss, Facts
Ludwig Von Mises (2006). “Economic Policy: Thoughts for Today and Tomorrow”, p.21, Ludwig von Mises Institute
The fact is that, under a capitalistic system, the ultimate bosses are the consumers. The sovereign is not the state, it is the people.