The yugoslav firm versus a wardian LMF, a socialist firm and a LMF in a capitalist market

Michael Keren*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

Abstract

This note builds upon research by Estrin and Uvalić that shows that the labor-managed firm (LMF) in the Yugoslav economy was much closer to the enterprise in Soviet-type economies than has usually been believed. It attempts to characterize concisely the Yugoslav enterprise, underline the differences between it and enterprises in Soviet-type economies, see how the Wardian model is relevant to aspects of the Yugoslav labor market, and show graphically that, unlike the unemployment inducing Yugoslav-type labor-managed market, LMFs or cooperatives fit well into capitalist markets. It concludes claiming that constrained capital markets make labor and goods markets unfree and inefficient.

Original languageEnglish
Pages (from-to)676-695
Number of pages20
JournalComparative Economic Studies
Volume56
Issue number4
DOIs
StatePublished - 11 Dec 2014

Bibliographical note

Publisher Copyright:
© 2014 ACES. All rights reserved.

Keywords

  • cooperatives
  • Labor-managed firm
  • Yugoslav labor market

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