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Economic Institutions of Capitalism: Firms, Markets, Relational Contracting / Edition 1
     

Economic Institutions of Capitalism: Firms, Markets, Relational Contracting / Edition 1

by Oliver E. Williamson
 

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ISBN-10: 0029348218

ISBN-13: 2900029348214

Pub. Date: 01/28/1985

Publisher: Free Press

"An extraordinarily impressive achievement and must reading for all serious students of law, economics, and organization".--Paul L. Joskow, Professor of Economics, Massachusetts of Technology.

Overview

"An extraordinarily impressive achievement and must reading for all serious students of law, economics, and organization".--Paul L. Joskow, Professor of Economics, Massachusetts of Technology.

Product Details

ISBN-13:
2900029348214
Publisher:
Free Press
Publication date:
01/28/1985
Edition description:
1st Free Press pbk. ed
Pages:
450

Table of Contents

Preface
Prologue

1. Antecedents from the 1930s
2. The Next Thirty Years
3. An Overview

Chapter 1. Transaction Cost Economics

1. Transaction Costs
2. A Cognitive Map of Contract
3. The World of Contract
4. A Simple Contracting Schema
5. Economic Organization of the Company Town
6. Applications
7. Concluding Remarks

Chapter 2. Contractual Man

1. Behavioral Assumptions
2. Dimensions
3. The Fundamental Transformation
Appendix: Opportunism: A Digression

Chapter 3. The Governance of Contractual Relations

1. Contracting Traditions
2. Efficient Governance
3. Uncertainty
4. Measurement
5. The Distribution of Transactions

Chapter 4. Vertical Integration: Theory and Policy

1. Technological Determinism
2. A Heuristic Model
3. Further Implications
4. Vertical Merger Guidelines

Chapter 5. Vertical Integration: Some Evidence

1. Types of Evidence
2. Mundane Integration
3. Forward Integration into Distribution
4. Lateral Integration
5. Backward Integration
6. Some Remarks About Japanese Manufacture
7. Some Alternative Explanations
8. Concluding Remarks

Chapter 6. The Limits of Firms: Incentive and Bureaucratic Features

1. A Chronic Puzzle
2. Integration of an Owner-Managed Supply Stage
3. Acquisition of a Supply Stage in Which Ownership and Management Are Separated
4. The Costs of Bureaucracy
5. Low-Powered Incentives in Markets
6. Illustrative Examples
7. Concluding Remarks

Chapter 7. Credible Commitments I: Unilateral Applications

1. Private Ordering
2. Credible Commitments
3. The Hostage Model
4. Engaging the Supplier
5. Unilateral Trading Applications
6.Schwinn

Chapter 8. Credible Commitments II: Bilateral Applications

1. Reciprocity
2. The Hostage Model Extended
3. Petroleum Exchanges
4. Concluding Remarks

Chapter 9. The Organization of Work

1. The Radical Account of Hierarchy
2. Transaction Cost Aspects
3. A Comparative Institutional Framework
4. A Comparative Institutional Assessment
5. Power Versus Efficiency
6. Concluding Remarks

Chapter 10. The Organization of Labor

1. Central Issues
2. An Abstract Approach
3. Union Organization
4. Problematic Features of Union Organization
5. The Producer Cooperative Dilemma
6. Dignity
7. Concluding Remarks

Chapter 11. The Modern Corporation

1. Railroad Organization
2. The M-Form Innovation
3. Applications: Conglomerate and Multinational Enterprise
4. Concluding Remarks

Chapter 12. Corporate Governance

1. Background
2. A Contractual Assessment
3. Management as a Constituency
4. Managerial Discretion and Organization Form
5. Concluding Remarks

Chapter 13. Franchise Bidding for Natural Monopoly

1. Introduction
2. The Simple Franchise Bidding Scheme
3. Franchise Bidding Elaborated
4. A Case Study
5. Concluding Remarks
Appendix: The Oakland CATV Franchise Bidding Experience

Chapter 14. Antitrust Enforcement

1. Merger Policy
2. Nonstandard Contracting
3. Strategic Behavior
4. Unresolved Dilemmas
5. Concluding Remarks

Chapter 15. Conclusions

1. Transaction Cost Economics
2. Economics
3. Law
4. Organization
5. Postscript

BIBLIOGRAPHY
AUTHOR INDEX
SUBJECT INDEX

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