| Introduction |
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Capitalism, Socialism, and Economic Democracy |
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1 | (4) |
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5 | (4) |
| Part I: Theory of the Democratic Firm |
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1 The Labor Theory of Property |
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Property Rights and the Firm |
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9 | (1) |
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The Fundamental Myth about Private Property |
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9 | (4) |
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Ownership of a Corporation is not "Ownership of the Firm" |
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13 | (1) |
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The Appropriation of Property |
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14 | (2) |
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The Normative Question of Appropriation |
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16 | (1) |
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"The Labor Theory" of Value-or of Property |
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17 | (1) |
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18 | (4) |
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Only Labor is Responsible |
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22 | (2) |
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Juridical Principle of Imputation = Labor Theory of Property |
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24 | (3) |
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27 | (3) |
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30 | (4) |
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Property Theoretic Themes in Marxian Value Theory |
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34 | (5) |
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The Employment Contract vs. de facto Inalienability |
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39 | (5) |
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44 | (7) |
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The Enterprise as a Governance Institution |
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44 | (1) |
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Stakeholders: the Governed and the Affected |
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44 | (2) |
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Direct versus Indirect Control |
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46 | (1) |
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The Affected Interests Principle |
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47 | (1) |
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48 | (1) |
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"Shareholders' Democracy" |
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49 | (2) |
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Democratic Socialism is not Democratic in the Enterprise |
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51 | (1) |
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The Public/Private Distinction in Democratic Theory |
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51 | (8) |
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Personal Rights and Property Rights |
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51 | (3) |
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Quarantining Democracy in the Public Sphere |
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54 | (1) |
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Redefining "Social" to Recast the Public/Private Distinction |
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55 | (1) |
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People-based versus Property-based Organizations |
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56 | (3) |
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Democracy Denied by the Employment Contract, not Private Property |
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59 | (5) |
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59 | (1) |
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Democratic and Undemocratic Constitutions |
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60 | (1) |
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Are Democracy and Private Property in Conflict? |
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61 | (3) |
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The De Facto Theory of Inalienable Rights |
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64 | (4) |
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Theoretical Basis for the Democratic Firm |
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68 | (4) |
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The Democratic Principle and the Labor Theory |
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68 | (1) |
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Implementing the Democratic Principle in an Organization |
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69 | (2) |
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Implementing the Labor Theory in an Organization |
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71 | (1) |
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The Democratic Labor-based Firm |
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72 | (4) |
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Definition of the Legal Structure |
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72 | (2) |
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The Social Aspects of Democratic Labor-based Firms |
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74 | (2) |
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Capital Rights in Democratic Firms |
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76 | (19) |
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What About the Net Asset Value of a Corporation? |
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76 | (3) |
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Capital Accounts as Flexible Internal Debt Capital |
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79 | (2) |
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The Internal Capital Accounts Rollover |
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81 | (2) |
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A Collective Internal Capital Account |
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83 | (1) |
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Financing Internal Capital Account Payouts |
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84 | (1) |
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85 | (3) |
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Mutual Funds for Participating Securities |
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88 | (1) |
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Do Democratic Firms Suffer a "Financial Disadvantage"? |
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89 | (6) |
| Part II: Worker Ownership in America and Europe |
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Introduction: Worker Ownership in America |
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95 | (1) |
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Worker Cooperatives in General |
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96 | (1) |
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Traditional Worker Stock Cooperatives |
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96 | (2) |
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Common-Ownership Firms in England |
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98 | (2) |
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Mondragon-type Worker Cooperatives |
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100 | (5) |
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The Mondragon Group of Cooperatives |
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100 | (1) |
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Implementing the Mondragon-type Co-op in America |
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101 | (2) |
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Risk Diversification and Labor Mobility |
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103 | (2) |
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5 Employee Stock Ownership Plans |
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ESOPs: An American Phenomenon |
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105 | (3) |
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Worker Capitalist Corporations |
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108 | (1) |
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109 | (2) |
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Structure of ESOP Transactions |
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111 | (2) |
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ESOPs in the United Kingdom |
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113 | (2) |
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115 | (1) |
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115 | (4) |
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Voting in a Democratic ESOP |
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115 | (1) |
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Internal Capital Accounts in a Democratic ESOP |
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116 | (1) |
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117 | (2) |
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6 ESOP Analysis and Evaluation |
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The Ideology of the ESOP Movement |
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119 | (4) |
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Labor-based Aspects of Conventional ESOPs |
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123 | (3) |
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The Basic Contribution of the ESOP Idea |
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126 | (1) |
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Who Pays for ESOP Shares? |
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127 | (4) |
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7 Model of a Hybrid Democratic Firm |
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Introduction: A Simplified Model for Transplanting |
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131 | (1) |
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A Hybrid Mondragon-type Worker Cooperative |
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131 | (1) |
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An Internalized Democratic ESOP |
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132 | (1) |
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The Hybrid Democratic Firm |
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133 | (5) |
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The ESOP Transactions with an Internal ESOP |
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138 | (2) |
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The "Leveraged ESOP" Transaction |
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138 | (1) |
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The "Leveraged ESOP" Buyout Transaction |
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139 | (1) |
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140 | (1) |
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Management and Governance Structures |
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141 | (6) |
| Part III: Enterprise Reform in the Socialist World |
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8 Enterprise Reform in Yugoslavia and China |
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147 | (1) |
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Yugoslavian Self-Management: Pitfalls of a Pioneer |
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148 | (8) |
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148 | (4) |
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A Decentralizing Model for Restructuring Socialist Firms |
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152 | (4) |
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The Chinese Enterprise Reforms |
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156 | (7) |
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156 | (1) |
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157 | (1) |
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Lessons From Agriculture for Industry? |
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157 | (2) |
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The Factory Manager Responsibility System |
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159 | (2) |
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161 | (2) |
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9 Reforms in the USSR, Hungary, and Poland |
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Soviet Union: Gorbachev's Perestroika |
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163 | (14) |
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The Revival of Worker Cooperatives |
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163 | (2) |
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Leasing in Industry and Agriculture |
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165 | (3) |
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168 | (1) |
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The State Enterprise Restructuring Law of 1987 |
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169 | (1) |
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The Importance of Leasing |
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169 | (2) |
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Physical and Financial Leasing |
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171 | (1) |
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Using ESOP-type Financial Lease Transactions |
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172 | (2) |
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The New ESOP-type Worker Buyouts in the USSR |
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174 | (3) |
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Hungary: A Socialist Wall Street? |
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177 | (4) |
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Introduction: The NEM Reforms |
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177 | (1) |
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Analysis and Criticism of the NEM |
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178 | (1) |
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Paths to Worker Ownership |
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179 | (2) |
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Poland: Self-Management and Solidarity |
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181 | (3) |
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181 | (1) |
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The Self-Management Councils |
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181 | (3) |
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10 Analysis of the Socialist Enterprise Reforms |
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Socialist Enterprise Reform Programs: Where Are They Going? |
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184 | (1) |
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The "Two Socialisms" and the "Two Capitalisms" |
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185 | (2) |
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Evolution of the Socialist Enterprise Reform Programs |
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187 | (5) |
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187 | (1) |
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Enterprise Responsibility System |
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187 | (1) |
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Agricultural Family Responsibility Systems |
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188 | (1) |
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Industrial Enterprise Leasing |
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188 | (2) |
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190 | (1) |
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The Social Property Compromise |
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191 | (1) |
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Property Rights Analysis of the Socialist Reforms |
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192 | (15) |
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The Liabilities Cancellation Metaphor |
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192 | (3) |
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The "Two Pockets" Principle |
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195 | (3) |
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Is an Equity Market Necessary for Efficient Capital Allocation? |
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198 | (4) |
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Is an Equity Market Necessary for Efficient Risk Allocation? |
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202 | |
| Conclusion |
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Economic Democracy as a Third Way |
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206 | (1) |
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207 | (4) |
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The Labor Theory of Property |
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207 | (2) |
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209 | (2) |
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211 | (1) |
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Worker-owned Companies in the USA and Europe |
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212 | (1) |
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The Socialist Enterprise Reform Programs |
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213 | (1) |
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The Democratic Firm and East/West Convergence |
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214 | (1) |
| References |
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215 | (7) |
| Index |
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222 | |
