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On the Role of Capital in “Capitalist†and in Labor-Managed Firms

Author

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  • David Ellerman

    (University of California, Riverside, 4044 Mount Vernon Ave., Riverside, CA 92507-4804, david@ellerman.org)

Abstract

This article 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 as the “ownership of the firm.†Residual claimancy is contractually determined so there is no such “ownership.†The fundamental myth exposes a basic fallacy in capital theory that has hitherto escaped attention in the capital theory debates.

Suggested Citation

  • David Ellerman, 2007. "On the Role of Capital in “Capitalist†and in Labor-Managed Firms," Review of Radical Political Economics, Union for Radical Political Economics, vol. 39(1), pages 5-26, March.
    • Handle: RePEc:sae:reorpe:v:39:y:2007:i:1:p:5-26
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    Cited by:

    1. Tortia, Ermanno C., 2017. "The firm as a common. The case of the accumulation and use of capital resources in co-operative enterprises," MPRA Paper 76735, University Library of Munich, Germany.
    2. Reynolds, Bruce J., 2014. "Comparing Cooperative Principles of the U.S. Department of Agriculture and the International Cooperative Alliance," Research Reports 279796, United States Department of Agriculture, Rural Development.
    3. Ermanno C. Tortia, 2018. "The Firm as a Common. Non-Divided Ownership, Patrimonial Stability and Longevity of Co-Operative Enterprises," Sustainability, MDPI, vol. 10(4), pages 1-18, March.

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