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Some institutional design for shareholder socialism

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  • Giacomo Corneo

Abstract

In times of a declining labour share and an intense international tax competition, some form of market socialism may contribute to hold income inequality in check. However, the concept of market socialism involves three major pitfalls: cronyism, technological stagnation, and power concentration. These pitfalls could be avoided by an appropriate institutional design that includes the combination of public ownership with an extensive use of the stock market, an incentive-compatible mechanism for the takeover of private firms, and participatory democracy.

Suggested Citation

  • Giacomo Corneo, 2019. "Some institutional design for shareholder socialism," Review of Social Economy, Taylor & Francis Journals, vol. 77(1), pages 33-55, January.
    • Handle: RePEc:taf:rsocec:v:77:y:2019:i:1:p:33-55
    DOI: 10.1080/00346764.2018.1529332
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    Cited by:

    1. Emilio Carnevali & André Pedersen Ystehede, 2023. "Is socialism back? A review of contemporary economic literature," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 239-270, April.
    2. Emilio Carnevali & Matteo Sommacal, 2024. "On the takeover mechanism in market socialism," Journal of Economics, Springer, vol. 141(3), pages 223-243, April.
    3. Clemens Fuest & Christa Hainz & Volker Meier & Martin Werding, 2019. "Staatsfonds für eine effiziente Altersvorsorge: Welche innovativen Lösungen sind möglich?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(14), pages 03-08, July.
    4. Carnevali, Emilio & Sommacal, Matteo, 2023. "On the Takeover Mechanism in Market Socialism," MPRA Paper 117919, University Library of Munich, Germany.

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