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The Economics of Worker Cooperatives

The International Library of Critical Writings in Economics series
Edited by John H. Pencavel, The Pauline K. Levin-Robert L. Levin and Pauline C. Levin-Abraham Levin Professor, School of Humanities and Sciences, Stanford University, US
The economics of worker cooperatives is a branch of economic inquiry with a long and esteemed pedigree, dating at least from the work of John Stuart Mill in the mid-nineteenth century. Since then, leading economists have paid intermittent attention to the topic, but the collapse of state-sponsored socialism in Eastern Europe and growing discontent with loosely-fettered capitalism have resulted in a resurgence of interest in worker co-operatives as a method of enhancing productivity and reducing income inequalities without heavy government regulation.
Extent: 640 pp
Hardback Price: £222.00 Online: £199.80
Publication Date: 2013
ISBN: 978 1 78100 533 0
Availability: In Stock
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  • Economics and Finance
  • Labour Economics
The economics of worker cooperatives is a branch of economic inquiry with a long and esteemed pedigree, dating at least from the work of John Stuart Mill in the mid-nineteenth century. Since then, leading economists have paid intermittent attention to the topic, but the collapse of state-sponsored socialism in Eastern Europe and growing discontent with loosely-fettered capitalism have resulted in a resurgence of interest in worker co-operatives as a method of enhancing productivity and reducing income inequalities without heavy government regulation.

Professor Pencavel’s judicious selection of articles by leading scholars conveys the vigour and rigour of this new empirical research. His original introduction provides an authoritative guide to past and current thinking in this topical area and raises important issues, which point the way for further contributions to the already rich literature.
26 articles, dating from 1958 to 2011
Contributors include: R. Abramitzsky, J.P. Bonin, S. Bowles, D.P. Ellerman, H. Gintis, H. Hansmann, D.C. Jones, J. Levin, H. Miyazaki, H. Neary, L. Putterman
Contents:

Acknowledgements

Introduction John Pencavel

PART I THE SETTING
1. Derek C. Jones (1976), ‘British Economic Thought on Association of Laborers 1848–1974’
2. Gregory K. Dow (2003), ‘Workers’ Control in Action (I)’ and ‘Workers’ Control in Action (II)’
3. Derek C. Jones (1984), ‘American Producer Cooperatives and Employee-Owned Firms: A Historical Perspective’
4. Robert A. Dahl (1985), ‘Democracy and the Economic Order’ and ‘The Right to Democracy Within Firms’
5. Samuel Bowles and Herbert Gintis (1993), ‘A Political and Economic Case for the Democratic Enterprise’
6. John P. Bonin, Derek C. Jones and Louis Putterman (1993), ‘Theoretical and Empirical Studies of Producer Cooperatives: Will Ever the Twain Meet?’

PART II ISSUES OF OWNERSHIP, FINANCING AND CHANGE
7. Louis Putterman (1993), ‘Ownership and the Nature of the Firm’
8. Henry Hansmann (1990), ‘The Viability of Worker Ownership: An Economic Perspective on the Political Structure of the Firm’
9. Eirik G. Furubotn (1976), ‘The Long-Run Analysis of the Labor-Managed Firm: An Alternative Interpretation’
10. Jaroslav Vanek (1973), ‘Some Fundamental Considerations on Financing and the Form of Ownership under Labor Management’
11. David P. Ellerman (1986), ‘Horizon Problems and Property Rights in Labor-Managed Firms’
12. Avner Ben-Ner (1984), ‘On the Stability of the Cooperative Type of Organization’
13. Hajime Miyazaki (1984), ‘On Success and Dissolution of the Labor-managed Firm in the Capitalist Economy’

PART III ECONOMIC MODELS
14. Benjamin Ward (1958), ‘The Firm in Illyria: Market Syndicalism’
15. Evsey D. Domar (1966), ‘The Soviet Collective Farm as a Producer Cooperative’
16. Walter Y. Oi and Elizabeth M. Clayton (1968), ‘A Peasant’s View of a Soviet Collective Farm’
17. Saul Estrin (1982), ‘Long-Run Supply Responses under Self-Management’
18. A. Steinherr and J.-F. Thisse (1979), ‘Are Labor-Managers Really Perverse?’
19. A.A. Brewer and M.J. Browning (1982), ‘On the “Employment” Decision of a Labour-managed Firm’
20. Hajime Miyazaki and Hugh M. Neary (1985), ‘Output, Work Hours and Employment in the Short Run of a Labour-Managed Firm’
21. Murat R. Sertel (1987), ‘Workers’ Enterprises are not Perverse’
22. Jonathan Levin and Steven Tadelis (2005), ‘Profit Sharing and the Role of Professional Partnerships’

PART IV SOME EMPIRICAL RESEARCH
23. John Pencavel and Ben Craig (1994), ‘The Empirical Performance of Orthodox Models of the Firm: Conventional Firms and Worker Cooperatives’
24. John Pencavel, Luigi Pistaferri and Fabiano Schivardi (2006), ‘Wages, Employment, and Capital in Capitalist and Worker-Owned Firms’
25. Gabriel Burdín and Andrés Dean (2009), ‘New Evidence on Wages and Employment in Worker Cooperatives Compared with Capitalist Firms’
26. Ran Abramitzky (2011), ‘Lessons from the Kibbutz on the Equality-Incentives Trade-Off’