In 1956, a Catholic Preist from the poorest region of Spain established a cooperative corporation where workers elect their managers and control the excess of funds the company creates. Today the Mondragon Corporation is the 7th largest in Spain employing 81,507 people across 257 companies, it is said that Microsoft it so impressed by the way the labs are run they have an agreement to send scientists to Spain to train along side them.
The general managers pay of an average Mondragon company is capped at 5 times as much as the theoretical minimum wage paid and management is elected by the employees. I was made aware of this company in a talk by David Graeber below, I thought I would let you know about this alternative.
https://en.wikipedia.org/wiki/Mondragon_Corporation
David Graeber – Debt, service, and the origins of capitalism