Citation

Discussion Paper Details

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Title: Imperfect Labour Markets, the Stock Market and the Inefficiency of Capitalism

Author(s): Alan Manning

Publication Date: August 1989

Keyword(s): Capitalism, Collective Bargaining, Labour Markets and Stock Market

Programme Area(s): Applied Macroeconomics

Abstract: In a capitalist economy capitalists can sell their stake in a firm on the stock market whereas workers cannot sell their jobs. It is argued that when workers have some bargaining power this asymmetry in property rights leads to inefficiencies. The consequences of this are explored and certain policy options considered.

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Bibliographic Reference

Manning, A. 1989. 'Imperfect Labour Markets, the Stock Market and the Inefficiency of Capitalism'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=332