Markets and Democracy: Participation, Accountability and Efficiency

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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- based interaction of economic agents. The contributors bring contemporary microeconomic theory to bear in an attempt to find a progressive replacement to traditional state socialism. Various approaches to the study of economic interaction are considered in an attempt to understand the relationship between power and efficiency in market economies.
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Editorial Reviews

From the Publisher
"...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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Product Details

  • ISBN-13: 9780521064118
  • Publisher: Cambridge University Press
  • Publication date: 6/5/2008
  • Pages: 360
  • Product dimensions: 6.00 (w) x 8.90 (h) x 1.00 (d)

Table of Contents

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