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Markets and Democracy : Participation, Accountability and Efficiency - Samuel Bowles

Markets and Democracy

Participation, Accountability and Efficiency

By: Samuel Bowles (Editor), Herbert Gintis (Editor), Bo Gustafsson (Editor)

Hardcover Published: 30th July 1993
ISBN: 9780521432238
Number Of Pages: 360

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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.

"...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

List of figures
List of tables
Preface
Post-Walrasian political economyp. 1
Agency, incentives, and democratic accountabilityp. 11
The democratic firm: an agency-theoretic evaluationp. 13
Alternative employment and payment systemsp. 40
Institutions and institutional changep. 49
Toward a framework for analyzing institutions and institutional changep. 51
Imperfect choice and rule-governed behaviorp. 68
Organizational equilibria and institutional stabilityp. 86
Agency problems and the future of comparative systems' theoryp. 116
Conditions for the success of the democratic firmp. 127
After the employment relation: problems on the road to enterprise democracyp. 129
Unions versus cooperativesp. 148
Demand variability and work organizationp. 159
Democracy versus appropriability: can labor-managed firms flourish in a capitalist world?p. 176
Productivity, distribution, and powerp. 197
Cooperation, conflict, and control in organizationsp. 199
Wage bargaining and the choice of production technique in capitalist firmsp. 217
Ownership, participation, and capital marketsp. 229
The motivational role of an external agent in the informationally-participatory firmp. 231
Unstable ownershipp. 248
The simple analytics of a membership market in a labor-managed economyp. 260
Political democracy and economic democracy
Investment planning in market socialismp. 279
Capitalism and democracy: a summing up of the argumentsp. 306
Bibliographyp. 316
Author indexp. 335
Subject indexp. 338
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780521432238
ISBN-10: 0521432235
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 360
Published: 30th July 1993
Publisher: CAMBRIDGE UNIV PR
Country of Publication: GB
Dimensions (cm): 22.86 x 15.24  x 2.39
Weight (kg): 0.7