How can office-seeking politicians or managers be aligned with social welfare or firm welfare, given that such agents have a suboptimal incentive to cater to majority preferences in situations with low participation costs and to elite preferences in situations with high participation costs? In...

The Italian co-operative enterprises have prospered in the last thirty years in various sectors. In this essay we analyze the role played by managerilization in allowing Italian co-ops to compete nationally and internationally with capitalist enterprises. On the basis of a substantial set of...