Workplace Democracy, the Bicameral Firm, and Stakeholder Theory

Marc Fleurbaey ()
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Marc Fleurbaey: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: Ferreras's bicameral governance proposal for the corporation contributes to a recent wave of interest in democratizing the workplace. In this article, I connect this to a related ongoing movement in favor of the stakeholder approach to corporate purpose. I argue that this connection sheds light on, and may provide remedies for, some issues with the bicameral proposal: first, the risk of gridlock between the two parties in the dual governance structure; second, the indeterminacy of good management when shareholder primacy is abandoned. But I also note that shareholder primacy emerged spontaneously from structural features of the economy, so that special protection for the "good" firms is warranted, and that other key limitations of a market economy cannot be alleviated fully by democratizing the firm.

Date: 2023-06
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Published in Politics and Society, 2023, 51 (2), pp.243-257. ⟨10.1177/00323292231163700⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04465402

DOI: 10.1177/00323292231163700

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