Markets and Democracy

Participation, Accountability and Efficiency

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Hardcover | 20 September 1993

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Hardcover
360 Pages

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22.86 x 15.24 x 2.39

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The market does not spontaneously generate democratic or participatory economic institutions. This book asks whether a modern, efficient economy can be rendered democratically accountable and, if so, what strategic changes might be required to regulate the market-mediated interaction of economic agents. The contributors bring contemporary microeconomic theory to bear on a range of related issues, including the relationship between democratic firms and efficiency in market economies; incentives and the relative merits of various forms of internal democratic decision-making; and the effects of democratically accountable firms on innovation, saving, investment, and on the informational and disciplinary aspects of markets. Various approaches to the study of economic interaction (game theory, transactions" cost analysis, social choice theory, rent-seeking, etc.) are considered in an attempt to understand the relationship between power and efficiency in market economies.

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"...Markets and Democracy is the sort of collection many readers will find useful." Journal of Economic Literature "The book contains much else of interest including a substantial, unified bibliography. In spite of the game-theoretic approach, I learned a lot from it. Because of the game-theoretic approach, orthodox economists will too." William M. Dugger, Journal of Economic Issues

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Non-Fiction Economics Development Economics & Emerging Economies Political Economy Economic Theory & Philosophy

List of figures
List of tables
Preface
Post-Walrasian political economy	p. 1
Agency, incentives, and democratic accountability	p. 11
The democratic firm: an agency-theoretic evaluation	p. 13
Alternative employment and payment systems	p. 40
Institutions and institutional change	p. 49
Toward a framework for analyzing institutions and institutional change	p. 51
Imperfect choice and rule-governed behavior	p. 68
Organizational equilibria and institutional stability	p. 86
Agency problems and the future of comparative systems' theory	p. 116
Conditions for the success of the democratic firm	p. 127
After the employment relation: problems on the road to enterprise democracy	p. 129
Unions versus cooperatives	p. 148
Demand variability and work organization	p. 159
Democracy versus appropriability: can labor-managed firms flourish in a capitalist world?	p. 176
Productivity, distribution, and power	p. 197
Cooperation, conflict, and control in organizations	p. 199
Wage bargaining and the choice of production technique in capitalist firms	p. 217
Ownership, participation, and capital markets	p. 229
The motivational role of an external agent in the informationally-participatory firm	p. 231
Unstable ownership	p. 248
The simple analytics of a membership market in a labor-managed economy	p. 260
Political democracy and economic democracy
Investment planning in market socialism	p. 279
Capitalism and democracy: a summing up of the arguments	p. 306
Bibliography	p. 316
Author index	p. 335
Subject index	p. 338
Table of Contents provided by Blackwell. All Rights Reserved.

Markets and Democracy

Participation, Accountability and Efficiency

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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