Democracy and Efficiency in the Economic Enterprise by Ugo Pagano, Bob Rowthorn

By Ugo Pagano, Bob Rowthorn

The cave in of relevant making plans was once hailed as proof of the commercial and ethical superiority of capitalism over any attainable substitute. The essays during this ebook problem that declare. The case for extra democratic types of firm administration is taken into account from numerous viewpoints. One bankruptcy bargains with the philosophical justification for firm democracy. the remainder chapters are dedicated to the query of potency, which has been valuable to monetary debates approximately possession and keep an eye on. The orthodox trust among economists is that any shift to extra democratic types of firm keep an eye on will be unworkable. The essays during this publication supply an intensive theoretical and empirical critique of this orthodoxy.

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1981), Essay in Trespassing, Cambridge: Cambridge University Press. Slagstad, eds, Constitutionalism and Democracy, Cambridge: Cambridge University Press. Horvat, Branko (1982), The Political Economy of Socialism, Oxford: Martin Robertson. Jensen, Michael and William Meckling (1976), ‘Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure’, in Putterman, ed. (1986). Kornai, Janos (1986), Contradictions and Dilemmas, Cambridge, Massachusetts: MIT Press. Korpi, Walter (1978), The Working Class in Welfare Capitalism, London: Routledge.

For example a buyer of uranium may be prohibited by the contract of sale from using the uranium to produce weapons. Authority can exist as a potential which is distinct from its actual exercise. Having authority means that if you command you will be obeyed. Exercising authority means that you do in fact command. There are useful discussions of these issues in Edwards (1986:280), Offe (1985b:57) and Bowles (1986:334). See also the distinction that Marx identifies in the Grundrisse: If we consider the exchange between capital and labour, then, we find that it splits into two processes which are not only formally but also qualitatively different…: (1) the worker sells his commodity [labour power]…which has…as a commodity…a price….

Building on the seminal work of Ronald Coase (1986) and others, Williamson argues that to eliminate authority relations from the organization of work would be prohibitively costly. Williamson (1985:229) compares various modes 25 ROBIN ARCHER of organizing a typical manufacturing task—Adam Smith’s oft-discussed example of the pin manufacturers—and finds that all modes which rely solely on contracts are decidedly less efficient than modes that rely on an authority relation. The question of costs arises because we live in a ‘changing world’ which requires individuals and their transactions to constantly adjust to new circumstances (Hayek, 1986:69).

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