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

Michael Keren

Comparative Economic Studies, 2014, vol. 56, issue 4, 676-695

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.

Date: 2014
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