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Workplace Democracy, the Bicameral Firm, and Stakeholder Theory

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  • Marc Fleurbaey

Abstract

Ferreras's bicameral governance proposal for the corporation contributes to a recent wave of interest in democratizing the workplace. In this article, I connect this to a related ongoing movement in favor of the stakeholder approach to corporate purpose. I argue that this connection sheds light on, and may provide remedies for, some issues with the bicameral proposal: first, the risk of gridlock between the two parties in the dual governance structure; second, the indeterminacy of good management when shareholder primacy is abandoned. But I also note that shareholder primacy emerged spontaneously from structural features of the economy, so that special protection for the “good†firms is warranted, and that other key limitations of a market economy cannot be alleviated fully by democratizing the firm.

Suggested Citation

  • Marc Fleurbaey, 2023. "Workplace Democracy, the Bicameral Firm, and Stakeholder Theory," Politics & Society, , vol. 51(2), pages 243-257, June.
    • Handle: RePEc:sae:polsoc:v:51:y:2023:i:2:p:243-257
    DOI: 10.1177/00323292231163700
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