Advances in the Economic Analysis of Participatory and Labor-Managed Firms

With the financial crisis and Great Recession, some economists have begun to question the orthodox approach to production and capital/labor relations over the last two to three decades. This orthodoxy has been thrown into question due to concerns of poor corporate decision-making, corporate capture of regulators, perceived rewards for failure, and uneven productivity growth. But a new spirit of introspection and doubt about orthodox approaches has created some impetus leading to greater interest in themes, such as worker ownership, sharing rewards, co-operatives, and employee involvement practices which feature heavily in the &quote;Advances&quote; series. This &quote;new spirit&quote; is apparent for all to see in the 12 contributions to this volume of &quote;Advances&quote; which cover co-operatives; effects of worker participation on firm performance; the diffusion of high involvement management practices; and outcomes for workers (i.e., job satisfaction and wages).