A system of firms managed by the workers, if organized in the LMF form as suggested by Vanek, realizes a new method of production, one of the possible forms of a market based socialism. Thus, it is interesting to investigate the issue of a transition from capitalism to the new mode of...

This paper offers an outline of a large body of economic literature which discusses the advantages of a system of employee-managed firms: the disempowerment of capitalists thanks to the suppression of their right to make decisions in cooperative firms; appreciable efficiency gains from worker...

A system of firms managed by the workers, if organized in the LMF form as suggested by Vanek, realizes a new method of production, one of the possible forms of a market based socialism. Thus, it is interesting to investigate the issue of a transition from capitalism to the new mode of...