- Subject index
‘This collection of essays by a number of scholars from India and Europe addresses economic, political and social issues of great contemporary significance. The most attractive feature of the volume is the comparative and inter-disciplinary approach which gives it its distinctive orientation. Munshi and Abraham have held diverse but important themes together in an exemplary manner’
- Andre Beteille, Chairman, Centre for Studies in Social Sciences, Kolkata
‘This is an outstanding book on an issue easier talked about than acted upon. The editors have brought together in this rich volume a wide variety of essays which focus on India and Europe and clarify that it is necessary to contextualise good governance. The comparative perspective has the additional advantage of extending the analysis beyond the realm of the ...
Chapter 18: The Emergence and Viability of Participatory Firms
The Emergence and Viability of Participatory Firms
Efficient production typically requires cooperation, but cooperation opens the possibility that some of the cooperating parties have an opportunity to exploit others, using means that reduce the total output. The ‘governance’ structure of a company is the means it uses to combat and control output-reducing exploitation. In this chapter, we discuss the governance of worker-controlled and capitalist firms. Exploitation in worker-owned firms takes the form of a free rider problem where workers do not put forth the efficient amount of effort. In a capitalist firm, the exploitation we focus on is that by the top management.
We offer some explanations for the pattern of worker ownership in industries and identify where ...