Markets and Democracy: Participation, Accountability and Efficiency

Hardcover (Print)
Buy New
Buy New from
Used and New from Other Sellers
Used and New from Other Sellers
from $7.70
Usually ships in 1-2 business days
(Save 95%)
Other sellers (Hardcover)
  • All (11) from $7.70   
  • New (3) from $147.89   
  • Used (8) from $7.70   


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.

Read More Show Less

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

Read More Show Less

Product Details

  • ISBN-13: 9780521432238
  • Publisher: Cambridge University Press
  • Publication date: 7/22/1993
  • Edition description: Reprinted
  • Pages: 340
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.94 (d)

Table of Contents

List of figures; List of tables; Preface Bo Gustafsson; 1. Post-Walrasian political economy Samuel Bowles and Herbert Gintis; Part I. Agency, Incentives, and Democratic Accountability: 2. The democratic firm: an agency-theoretic evaluation Samuel Bowles and Herbert Gintis; 3. Alternative employment and payment systems D. M. Nuti; Part II. Institutions and Institutional Change: 4. Toward a framework for analyzing institutions and institutional change Leonid Hurwicz; 5. Imperfect choice and rule-governed behaviour Ronald A. Heiner; 6. Organizational equilibria and institutional stability Ugo Pagano; 7. Agency problems and the future of comparative systems' theory Mieke Meurs; Part III. Conditions For the Success of the Democratic Firm: 8. After the employment relation: problems on the road to enterprise democracy Louis Putterman; 9. Unions versus cooperatives Karl Ove Moene and Michael Wallerstein; 10. Demand variability and work organization David I. Levine; 11. Democracy versus appropriability: can labor-managed firms flourish in a capitalist world? Gregory K. Dow; Part IV. Productivity, Distribution, and Power: 12. Cooperation, conflict, and control in organizations Avner Ben-Ner; 13. Wage bargaining and the choice of production technique in capitalist firms Gilbert L. Skillmand and Harl E. Ryder; Part V. Ownership, Participation, and Capital Markets: 14. The motivational role of an external agent in the informationally-participatory firm Masahiko Aoki; 15. Unstable ownership Tone Ogedal; 16. The simple analytics of a membership market in a labor-managed economy Ernst Fehr; Part VI. Political Democracy and Economic Democracy: 17. Investment planning in market socialism Ignacio Ortuno-Ortin, John E. Roemer and Joaquim Silvestre; 18. Capitalism and Democracy: a summing up of the arguments Martin L. Weitzman; Bibliography; Author Index; Subject index.

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star


4 Star


3 Star


2 Star


1 Star


Your Rating:

Your Name: Create a Pen Name or

Barnes & Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation


  • - By submitting a review, you grant to Barnes & and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Terms of Use.
  • - Barnes & reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)