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The Ownership of Enterprise (Paperback, Revised)
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The Ownership of Enterprise (Paperback, Revised)
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The investor-owned corporation is the conventional form for
structuring large-scale enterprise in market economies. But it is
not the only one. Even in the United States, noncapitalist firms
play a vital role in many sectors. Employee-owned firms have long
been prominent in the service professions--law, accounting,
investment banking, medicine--and are becoming increasingly
important in other industries. The buyout of United Airlines by its
employees is the most conspicuous recent instance. Farmer-owned
produce cooperatives dominate the market for most basic
agricultural commodities. Consumer-owned utilities provide
electricity to one out of eight households. Key firms such as
MasterCard, Associated Press, and Ace Hardware are service and
supply cooperatives owned by local businesses. Occupant-owned
condominiums and cooperatives are rapidly displacing investor-owned
rental housing. Mutual companies owned by their policyholders sell
half of all life insurance and one-quarter of all property and
liability insurance. And nonprofit firms, which have no owners at
all, account for 90 percent of all nongovernmental schools and
colleges, two-thirds of all hospitals, half of all day-care
centers, and one-quarter of all nursing homes. Henry Hansmann
explores the reasons for this diverse pattern of ownership. He
explains why different industries and different national economies
exhibit different distributions of ownership forms. The key to the
success of a particular form, he shows, depends on the balance
between the costs of contracting in the market and the costs of
ownership. And he examines how this balance is affected by history
and by the legal and regulatory framework within which firms are
organized. With noncapitalist firms now playing an expanding role
in the former socialist countries of Eastern Europe and Asia as
well as in the developed market economies of the West, The
Ownership of Enterprise will be an important book for business
people, policymakers, and scholars.
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