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Towards Economic Democracy and Social Justice: Profit Sharing, Co-Determination, and Employee Ownership

Author

Listed:
  • FitzRoy, Felix

    (University of St. Andrews)

  • Nolan, Michael A.

    (University of Hull)

Abstract

Modern economies deprive workers of natural democratic rights and any share of the surplus they produce, with most of the benefits of growth appropriated by capital owners. Worker wellbeing and job satisfaction are ignored unless they contribute directly to profitability, while precarious employment and underemployment, with stagnant or declining real wages, have persisted over four decades, despite recent low official unemployment. For economic democracy and social justice, we propose redistributive tax and welfare reform, extended codetermination, subsidised profit sharing and employee buyouts.

Suggested Citation

  • FitzRoy, Felix & Nolan, Michael A., 2020. "Towards Economic Democracy and Social Justice: Profit Sharing, Co-Determination, and Employee Ownership," IZA Discussion Papers 13238, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp13238
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    References listed on IDEAS

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    More about this item

    Keywords

    economic democracy; participation; co-determination; profit sharing; employee ownership;
    All these keywords.

    JEL classification:

    • H - Public Economics
    • P - Political Economy and Comparative Economic Systems

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    This paper has been announced in the following NEP Reports:

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