Loading…
A Property-Rights Analysis of the Yugoslav Miracle
The Yugoslav experiment with labor participation in the management of business firms captured worldwide attention. The critics of capitalism seemed confident that the labor-managed economy would provide a long-sought alternative to the accomplishments of capitalism. Instead, the labor-managed econom...
Saved in:
| Published in: | The Annals of the American Academy of Political and Social Science 1990-01, Vol.507 (1), p.123-132 |
|---|---|
| Main Author: | |
| Format: | Article |
| Language: | English |
| Subjects: | |
| Citations: | Items that this one cites Items that cite this one |
| Online Access: | Get full text |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| cited_by | cdi_FETCH-LOGICAL-c487t-9c4e98aa5f78dfa2e81b5130492582d21a8f6307437583999b7865b2d9185b693 |
|---|---|
| cites | cdi_FETCH-LOGICAL-c487t-9c4e98aa5f78dfa2e81b5130492582d21a8f6307437583999b7865b2d9185b693 |
| container_end_page | 132 |
| container_issue | 1 |
| container_start_page | 123 |
| container_title | The Annals of the American Academy of Political and Social Science |
| container_volume | 507 |
| creator | Pejovich, Svetozar |
| description | The Yugoslav experiment with labor participation in the management of business firms captured worldwide attention. The critics of capitalism seemed confident that the labor-managed economy would provide a long-sought alternative to the accomplishments of capitalism. Instead, the labor-managed economy has produced a crisis of enormous proportion in Yugoslavia. The article argues that the economic crisis in Yugoslavia is a predictable consequence of the system of labor participation in the management of business firms. It demonstrates that inherent in the structure of property rights of the labormanaged economy are some positive transaction costs and negative incentives that are specific to its institutional structure. Those transaction costs and disincentives are responsible for inflation, unemployment, declining income, and other economic problems in Yugoslavia. The conclusion is that the labormanaged economy is not a viable institutional arrangement. |
| doi_str_mv | 10.1177/0002716290507001013 |
| format | article |
| fullrecord | <record><control><sourceid>jstor_proqu</sourceid><recordid>TN_cdi_proquest_miscellaneous_839260699</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><jstor_id>1047532</jstor_id><sage_id>10.1177_0002716290507001013</sage_id><sourcerecordid>1047532</sourcerecordid><originalsourceid>FETCH-LOGICAL-c487t-9c4e98aa5f78dfa2e81b5130492582d21a8f6307437583999b7865b2d9185b693</originalsourceid><addsrcrecordid>eNqN0U1Lw0AQBuBFFKzVX6CHoKCn6Mx-ZHePpfgFFUX04Cls0k2bkjZ1NxH6790QD0VU3MtcnndmmSHkGOESUcorAKASE6pBgARAQLZDBigEjRnjepcMOhF3ZJ8ceL-A7qEeEDqKnly9tq7ZxM_lbN74aLQy1caXPqqLqJnb6K2d1b4yH9FD6Uxe2UOyV5jK26OvOiSvN9cv47t48nh7Px5N4pwr2cQ651YrY0Qh1bQw1CrMBDLgmgpFpxSNKhIGkjMpFNNaZ1IlIqNTjUpkiWZDctH3Xbv6vbW-SZelz21VmZWtW5-GEE0g0Z08_1MK3c0MS_kHBBbGB3j6DS7q1oXF-JSiFuGLigV09htCqiVyDciDYr3KXe29s0W6duXSuE2KkHbXS3-4XkhBn_JmZrf6_hk56SML39RuawqXglH2CU2vniE</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>1297149014</pqid></control><display><type>article</type><title>A Property-Rights Analysis of the Yugoslav Miracle</title><source>International Bibliography of the Social Sciences (IBSS)</source><source>JSTOR Archival Journals and Primary Sources Collection</source><source>Worldwide Political Science Abstracts</source><source>Sociological Abstracts</source><source>SAGE Complete Deep Backfile Purchase 2012</source><creator>Pejovich, Svetozar</creator><creatorcontrib>Pejovich, Svetozar</creatorcontrib><description>The Yugoslav experiment with labor participation in the management of business firms captured worldwide attention. The critics of capitalism seemed confident that the labor-managed economy would provide a long-sought alternative to the accomplishments of capitalism. Instead, the labor-managed economy has produced a crisis of enormous proportion in Yugoslavia. The article argues that the economic crisis in Yugoslavia is a predictable consequence of the system of labor participation in the management of business firms. It demonstrates that inherent in the structure of property rights of the labormanaged economy are some positive transaction costs and negative incentives that are specific to its institutional structure. Those transaction costs and disincentives are responsible for inflation, unemployment, declining income, and other economic problems in Yugoslavia. The conclusion is that the labormanaged economy is not a viable institutional arrangement.</description><identifier>ISSN: 0002-7162</identifier><identifier>EISSN: 1552-3349</identifier><identifier>DOI: 10.1177/0002716290507001013</identifier><identifier>CODEN: AAYPAV</identifier><language>eng</language><publisher>Philadelphia: Sage Publications</publisher><subject>Business economics ; Business structures ; Civil Rights ; E.G., CROATIA ; Economic conditions ; Economic costs ; ECONOMIC POLICY ; Economic reform ; Economic systems ; Economics ; Experimental economics ; Governmental reform ; Institutional economics ; Labor economics ; LABOR UNIONS (BUT NOT GUILDS) ; Political science ; PROPERTY ; Property rights ; SOCIALISM ; Transaction costs ; YUGOSLAVIA</subject><ispartof>The Annals of the American Academy of Political and Social Science, 1990-01, Vol.507 (1), p.123-132</ispartof><rights>Copyright 1990 The American Academy of Political and Social Science</rights><rights>Copyright SAGE PUBLICATIONS, INC. Jan 1990</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c487t-9c4e98aa5f78dfa2e81b5130492582d21a8f6307437583999b7865b2d9185b693</citedby><cites>FETCH-LOGICAL-c487t-9c4e98aa5f78dfa2e81b5130492582d21a8f6307437583999b7865b2d9185b693</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/1047532$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/1047532$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,780,784,21845,27924,27925,33223,33224,33774,45082,45470,58238,58471</link.rule.ids></links><search><creatorcontrib>Pejovich, Svetozar</creatorcontrib><title>A Property-Rights Analysis of the Yugoslav Miracle</title><title>The Annals of the American Academy of Political and Social Science</title><description>The Yugoslav experiment with labor participation in the management of business firms captured worldwide attention. The critics of capitalism seemed confident that the labor-managed economy would provide a long-sought alternative to the accomplishments of capitalism. Instead, the labor-managed economy has produced a crisis of enormous proportion in Yugoslavia. The article argues that the economic crisis in Yugoslavia is a predictable consequence of the system of labor participation in the management of business firms. It demonstrates that inherent in the structure of property rights of the labormanaged economy are some positive transaction costs and negative incentives that are specific to its institutional structure. Those transaction costs and disincentives are responsible for inflation, unemployment, declining income, and other economic problems in Yugoslavia. The conclusion is that the labormanaged economy is not a viable institutional arrangement.</description><subject>Business economics</subject><subject>Business structures</subject><subject>Civil Rights</subject><subject>E.G., CROATIA</subject><subject>Economic conditions</subject><subject>Economic costs</subject><subject>ECONOMIC POLICY</subject><subject>Economic reform</subject><subject>Economic systems</subject><subject>Economics</subject><subject>Experimental economics</subject><subject>Governmental reform</subject><subject>Institutional economics</subject><subject>Labor economics</subject><subject>LABOR UNIONS (BUT NOT GUILDS)</subject><subject>Political science</subject><subject>PROPERTY</subject><subject>Property rights</subject><subject>SOCIALISM</subject><subject>Transaction costs</subject><subject>YUGOSLAVIA</subject><issn>0002-7162</issn><issn>1552-3349</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>1990</creationdate><recordtype>article</recordtype><sourceid>7UB</sourceid><sourceid>8BJ</sourceid><sourceid>BHHNA</sourceid><recordid>eNqN0U1Lw0AQBuBFFKzVX6CHoKCn6Mx-ZHePpfgFFUX04Cls0k2bkjZ1NxH6790QD0VU3MtcnndmmSHkGOESUcorAKASE6pBgARAQLZDBigEjRnjepcMOhF3ZJ8ceL-A7qEeEDqKnly9tq7ZxM_lbN74aLQy1caXPqqLqJnb6K2d1b4yH9FD6Uxe2UOyV5jK26OvOiSvN9cv47t48nh7Px5N4pwr2cQ651YrY0Qh1bQw1CrMBDLgmgpFpxSNKhIGkjMpFNNaZ1IlIqNTjUpkiWZDctH3Xbv6vbW-SZelz21VmZWtW5-GEE0g0Z08_1MK3c0MS_kHBBbGB3j6DS7q1oXF-JSiFuGLigV09htCqiVyDciDYr3KXe29s0W6duXSuE2KkHbXS3-4XkhBn_JmZrf6_hk56SML39RuawqXglH2CU2vniE</recordid><startdate>19900101</startdate><enddate>19900101</enddate><creator>Pejovich, Svetozar</creator><general>Sage Publications</general><general>SAGE Publications</general><general>A. L. Hummel for the American Academy of Political and Social Science</general><general>SAGE PUBLICATIONS, INC</general><scope>AAYXX</scope><scope>CITATION</scope><scope>FIXVA</scope><scope>FUVTR</scope><scope>HZAIM</scope><scope>K30</scope><scope>PAAUG</scope><scope>PAWHS</scope><scope>PAWZZ</scope><scope>PAXOH</scope><scope>PBHAV</scope><scope>PBQSW</scope><scope>PBYQZ</scope><scope>PCIWU</scope><scope>PCMID</scope><scope>PCZJX</scope><scope>PDGRG</scope><scope>PDWWI</scope><scope>PETMR</scope><scope>PFVGT</scope><scope>PGXDX</scope><scope>PIHIL</scope><scope>PISVA</scope><scope>PJCTQ</scope><scope>PJTMS</scope><scope>PLCHJ</scope><scope>PMHAD</scope><scope>PNQDJ</scope><scope>POUND</scope><scope>PPLAD</scope><scope>PQAPC</scope><scope>PQCAN</scope><scope>PQCMW</scope><scope>PQEME</scope><scope>PQHKH</scope><scope>PQMID</scope><scope>PQNCT</scope><scope>PQNET</scope><scope>PQSCT</scope><scope>PQSET</scope><scope>PSVJG</scope><scope>PVMQY</scope><scope>PZGFC</scope><scope>7U4</scope><scope>7UB</scope><scope>8BJ</scope><scope>BHHNA</scope><scope>DWI</scope><scope>FQK</scope><scope>JBE</scope><scope>WZK</scope></search><sort><creationdate>19900101</creationdate><title>A Property-Rights Analysis of the Yugoslav Miracle</title><author>Pejovich, Svetozar</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c487t-9c4e98aa5f78dfa2e81b5130492582d21a8f6307437583999b7865b2d9185b693</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>1990</creationdate><topic>Business economics</topic><topic>Business structures</topic><topic>Civil Rights</topic><topic>E.G., CROATIA</topic><topic>Economic conditions</topic><topic>Economic costs</topic><topic>ECONOMIC POLICY</topic><topic>Economic reform</topic><topic>Economic systems</topic><topic>Economics</topic><topic>Experimental economics</topic><topic>Governmental reform</topic><topic>Institutional economics</topic><topic>Labor economics</topic><topic>LABOR UNIONS (BUT NOT GUILDS)</topic><topic>Political science</topic><topic>PROPERTY</topic><topic>Property rights</topic><topic>SOCIALISM</topic><topic>Transaction costs</topic><topic>YUGOSLAVIA</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Pejovich, Svetozar</creatorcontrib><collection>CrossRef</collection><collection>Periodicals Index Online Segment 03</collection><collection>Periodicals Index Online Segment 06</collection><collection>Periodicals Index Online Segment 26</collection><collection>Periodicals Index Online</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - West</collection><collection>Primary Sources Access (Plan D) - International</collection><collection>Primary Sources Access & Build (Plan A) - MEA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Midwest</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Northeast</collection><collection>Primary Sources Access (Plan D) - Southeast</collection><collection>Primary Sources Access (Plan D) - North Central</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Southeast</collection><collection>Primary Sources Access (Plan D) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - UK / I</collection><collection>Primary Sources Access (Plan D) - Canada</collection><collection>Primary Sources Access (Plan D) - EMEALA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - North Central</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - International</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - International</collection><collection>Primary Sources Access (Plan D) - West</collection><collection>Periodicals Index Online Segments 1-50</collection><collection>Primary Sources Access (Plan D) - APAC</collection><collection>Primary Sources Access (Plan D) - Midwest</collection><collection>Primary Sources Access (Plan D) - MEA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Canada</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - UK / I</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - EMEALA</collection><collection>Primary Sources Access & Build (Plan A) - APAC</collection><collection>Primary Sources Access & Build (Plan A) - Canada</collection><collection>Primary Sources Access & Build (Plan A) - West</collection><collection>Primary Sources Access & Build (Plan A) - EMEALA</collection><collection>Primary Sources Access (Plan D) - Northeast</collection><collection>Primary Sources Access & Build (Plan A) - Midwest</collection><collection>Primary Sources Access & Build (Plan A) - North Central</collection><collection>Primary Sources Access & Build (Plan A) - Northeast</collection><collection>Primary Sources Access & Build (Plan A) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - Southeast</collection><collection>Primary Sources Access (Plan D) - UK / I</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - APAC</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - MEA</collection><collection>Sociological Abstracts (pre-2017)</collection><collection>Worldwide Political Science Abstracts</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>Sociological Abstracts</collection><collection>Sociological Abstracts</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><collection>Sociological Abstracts (Ovid)</collection><jtitle>The Annals of the American Academy of Political and Social Science</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Pejovich, Svetozar</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>A Property-Rights Analysis of the Yugoslav Miracle</atitle><jtitle>The Annals of the American Academy of Political and Social Science</jtitle><date>1990-01-01</date><risdate>1990</risdate><volume>507</volume><issue>1</issue><spage>123</spage><epage>132</epage><pages>123-132</pages><issn>0002-7162</issn><eissn>1552-3349</eissn><coden>AAYPAV</coden><abstract>The Yugoslav experiment with labor participation in the management of business firms captured worldwide attention. The critics of capitalism seemed confident that the labor-managed economy would provide a long-sought alternative to the accomplishments of capitalism. Instead, the labor-managed economy has produced a crisis of enormous proportion in Yugoslavia. The article argues that the economic crisis in Yugoslavia is a predictable consequence of the system of labor participation in the management of business firms. It demonstrates that inherent in the structure of property rights of the labormanaged economy are some positive transaction costs and negative incentives that are specific to its institutional structure. Those transaction costs and disincentives are responsible for inflation, unemployment, declining income, and other economic problems in Yugoslavia. The conclusion is that the labormanaged economy is not a viable institutional arrangement.</abstract><cop>Philadelphia</cop><pub>Sage Publications</pub><doi>10.1177/0002716290507001013</doi><tpages>10</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0002-7162 |
| ispartof | The Annals of the American Academy of Political and Social Science, 1990-01, Vol.507 (1), p.123-132 |
| issn | 0002-7162 1552-3349 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_839260699 |
| source | International Bibliography of the Social Sciences (IBSS); JSTOR Archival Journals and Primary Sources Collection; Worldwide Political Science Abstracts; Sociological Abstracts; SAGE Complete Deep Backfile Purchase 2012 |
| subjects | Business economics Business structures Civil Rights E.G., CROATIA Economic conditions Economic costs ECONOMIC POLICY Economic reform Economic systems Economics Experimental economics Governmental reform Institutional economics Labor economics LABOR UNIONS (BUT NOT GUILDS) Political science PROPERTY Property rights SOCIALISM Transaction costs YUGOSLAVIA |
| title | A Property-Rights Analysis of the Yugoslav Miracle |
| url | http://sfxeu10.hosted.exlibrisgroup.com/loughborough?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2024-12-28T11%3A27%3A16IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-jstor_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=A%20Property-Rights%20Analysis%20of%20the%20Yugoslav%20Miracle&rft.jtitle=The%20Annals%20of%20the%20American%20Academy%20of%20Political%20and%20Social%20Science&rft.au=Pejovich,%20Svetozar&rft.date=1990-01-01&rft.volume=507&rft.issue=1&rft.spage=123&rft.epage=132&rft.pages=123-132&rft.issn=0002-7162&rft.eissn=1552-3349&rft.coden=AAYPAV&rft_id=info:doi/10.1177/0002716290507001013&rft_dat=%3Cjstor_proqu%3E1047532%3C/jstor_proqu%3E%3Cgrp_id%3Ecdi_FETCH-LOGICAL-c487t-9c4e98aa5f78dfa2e81b5130492582d21a8f6307437583999b7865b2d9185b693%3C/grp_id%3E%3Coa%3E%3C/oa%3E%3Curl%3E%3C/url%3E&rft_id=info:oai/&rft_pqid=1297149014&rft_id=info:pmid/&rft_jstor_id=1047532&rft_sage_id=10.1177_0002716290507001013&rfr_iscdi=true |