The purpose of this paper is to go back to the first principles of democracy and private property, and to show that they are violated by the conventional firms based on the employment relations and are satisfied by the legal form of a worker cooperative. The conventional bundle of rights in a...

This paper is divided into two parts. The first part outlines the fundamental myth about the structure of property rights in a capitalist economy, namely the idea that being the residual claimant in a productive opportunity is part of a bundle of property rights known variously as ownership of...