The premise of this paper is that state aid to distressed companies should benefit not only the current owners but also the employees, who are the ones taking personal risks to continue or restart companies. Government aid during the Great Recession was aimed primarily at restoring the status...

The premise of this paper is that state aid to distressed companies should benefit not only the current owners but also the employees, who are the ones taking personal risks to continue or restart companies. Government aid during the Great Recession was aimed primarily at restoring the status...

A decade has passed since the privatization debates concerning Russia and the other transition economies. This note reviews literature on two issues: the overall institutional change strategy, and the alternatives to and arguments against voucher privatization. The alternative is a strategy of...

Aid and conditionalities are the "carrots and sticks" of the conventional, direct approach to fostering economic development. The economic theory of agency is the most sophisticated treatment of the direct carrots-and-sticks approach to influencing human behavior. Considering the outcomes of the...

Many development strategies assume (or desperately hope) that a country already has the capacity to plan and implement institutional reform or that such institutional reform can be pushed through with the external pressures of aid and conditionalities. In a decentralized reform strategy,...

The market system consists of a price mechanism, built on the foundation of a system of property, and contract. In many developing, and transition economies, the market system functions poorly. In many cases, if not most, the malfunctioning is not simply in the price system (for example,...

This is a survey and analysis-with commentary-of migration issues and the related development policies for the sending countries. "Migration and development" is considered an unsettled and unresolved area for good reason. The policy issues are surprisingly deep and run to basic issues such as...

The purpose of this paper is to delve into three side-arguments or themes about democratic enterprises (as opposed to considering first principles). Approach: 1) The first theme is the question of capital structure where labor-managed firms are often pictured as having "horizon problem." Yet...

In her recent book Private Government, Elizabeth Anderson makes a powerful but pragmatic case against the abuses experienced by employees in conventional corporations. The purpose of this review-essay is to contrast Anderson's pragmatic critique of many abuses in the employment relation with a...