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- W3140150359 abstract "At a very broad level, firms and municipalities share a number of features. Among other things, both are self-governing entities that make investments and purchase, produce, and distribute goods and services, sometimes, but not always, for an explicit price. Yet towns and firms are perceived as being governed differently: Whereas municipalities are governed democratically, the archetypal firm is viewed as an autocracy. The sharp contrast conventionally drawn between “autocratic” firms and more “democratic” entities like towns and cooperatives is misleading, however. As Henry Hansmann (1988) has pointed out, traditional business corporations are, in essence, lender cooperatives, organizations over which investors exercise democratic control. From this perspective, the issue becomes less one of whether communities or enterprises are democratically governed but who gets to vote. Because some means of arriving at collective decisions (i.e., voting rules) will be needed regardless of which group of patrons is in charge (the exception being single-owner enterprises such as sole proprietorships), whether it is better to assign control to one set of patrons instead of another − or possibly to share control among two or more patron classes − will depend, in part, on the benefits and limitations of collective decision making and how those vary with the attributes of patrons and transactions. In this analysis, the predominance of investor democracy among commercial enterprises is the result of generally greater hazards of contracting for capital than with input suppliers, workers, and customers combined with arguably greater difficulties of the latter three groups in exercising effective collective control (Hansmann 1988: 277−284, 301; Williamson 1987)." @default.
- W3140150359 created "2021-04-13" @default.
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- W3140150359 date "2013-01-01" @default.
- W3140150359 modified "2023-09-23" @default.
- W3140150359 title "The enterprise as community: firms, towns and universities" @default.
- W3140150359 hasPublicationYear "2013" @default.
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