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Democratic Firms and the Distribution of Wealth

In: Property Relations, Incentives and Welfare

Author

Listed:
  • Samuel Bowles

    (University of Massachusetts)

  • Herbert Gintis

    (University of Massachusetts)

Abstract

By a democratic firm we mean an enterprise whose management and administrative structure are chosen by the firm’s labour force using a democratic political process. A capitalist firm is one whose management and administrative structure is determined by the owners of the firm’s capital assets, who are distinct from the firm’s labour force. In this chapter we show that, under plausible conditions where both types of firm are possible, and where workers allocate themselves among firms to maximize a standard measure of well-being, the equilibrium fraction of workers in democratic firms and the distribution of wealth are mutually determining.

Suggested Citation

  • Samuel Bowles & Herbert Gintis, 1997. "Democratic Firms and the Distribution of Wealth," International Economic Association Series, in: John E. Roemer (ed.), Property Relations, Incentives and Welfare, chapter 10, pages 243-267, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-25287-9_10
    DOI: 10.1007/978-1-349-25287-9_10
    as

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