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

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.