The Economics Of Labour Managed Enterprises

Textbook giving theoretical economic analysis of workers cooperatives and enterprises under workers control - uses econometric models to examine membership, capital formation, the effects of wages and prices, efficiency, the implications of a monopoly position and reactions to market uncertainties; includes exercises and answers. Graphs and references.

Monograph presenting an economic theory in support of a new economic system based on workers' self-management (workers participation) - covers the equilibrium of a competitive enterprise and changing market conditions, the decentralization of decision making, labour supply functions, economic policy problems, 'income sharing' (wages) and wage incentive, the allocation of economic resources, legal aspects and basic institutional forms of the labour-managed economy, etc. Diagrams and references.

Discusses the theory of labour-managed firms or producers' cooperatives, and of economies companies principally of such firms.

This book revolves around the idea that capitalism is not a democratic system and that a system of producer cooperatives, or democratically managed enterprises, gives rise to a new mode of production which is authentically socialist in essence and fully consistent with the ultimate rationale underlying Marx’s theoretical approach. The author argues that the cooperative firm system outlined in this book offers a rich array of non-economic benefits that justify its classification as a ‘genuinely socialist’ entity, with real potential for achieving true economic democracy.

This book provides an international perspective on small business, and includes many useful pedagogical features such as questions for discussion, international case studies and empirical research.

Marx claims that unselfishness is a child of (workplace) culture, whereas the gene is selfish. If Marx is right then the prerequisite for overthrowing capitalism is a system which both leverages selfishness and creates solidarity between workers. This book illustrates and discusses the major points of the economic theory of producer cooperatives, its evolution since the 1950s, and links with Marxian theory. Labour Managed Firms and Post-Capitalism, most importantly, demonstrates that a system of producer cooperatives offers a wealth of advantages compared to capitalism. There is general agreement that the main benefit of this form of economic democracy is that people who are allowed to freely pursue their interests are happier than those acting on somebody else’s instruction. The author argues that a system of democratic firms would eradicate classical (high-wage) unemployment and scale down both Keynesian and structural unemployment levels. He also shows that a system of producer cooperatives literally reverses the capital-labour relationship typical of capitalism and that its establishment can consequently be looked upon as a revolution. This volume is of great interest to academics, lecturers and researchers with an interest in Marxism, political economy and industrial economics, as well as economic theory and philosophy.