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The Yugoslav Firm versus a Wardian LMF, a Socialist Firm and a LMF in a Capitalist Market

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  • Michael Keren

    (Economics, Hebrew University of Jerusalem, Mt. Scopus Campus, Jerusalem 91905, Israel.)

Abstract

This note builds upon research by Estrin and Uvalić that shows that the labor-managed firm (LMF) in the Yugoslav economy was much closer to the enterprise in Soviet-type economies than has usually been believed. It attempts to characterize concisely the Yugoslav enterprise, underline the differences between it and enterprises in Soviet-type economies, see how the Wardian model is relevant to aspects of the Yugoslav labor market, and show graphically that, unlike the unemployment inducing Yugoslav-type labor-managed market, LMFs or cooperatives fit well into capitalist markets. It concludes claiming that constrained capital markets make labor and goods markets unfree and inefficient.

Suggested Citation

  • Michael Keren, 2014. "The Yugoslav Firm versus a Wardian LMF, a Socialist Firm and a LMF in a Capitalist Market," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 56(4), pages 676-695, December.
    • Handle: RePEc:pal:compes:v:56:y:2014:i:4:p:676-695
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