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

David Ellerman
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David Ellerman: University of California, Riverside, 4044 Mount Vernon Ave., Riverside, CA 92507-4804, david@ellerman.org

Review of Radical Political Economics, 2007, vol. 39, issue 1, 5-26

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.

Keywords: property appropriation; capital rights; ownership of the firm; labor-managed firm (search for similar items in EconPapers)
Date: 2007
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