Joseph R. Blasi

Aaron Bernstein

Douglas Kruse

The Truth about Stock Options (And Why Every Employee Should Have Them)

In the Company of Owners

Jonathan Michie

Carlo Borzaga

The Oxford Handbook of Mutuals and Co-Owned Business investigates all types of 'member owned' organizations, whether consumer co-operatives, agricultural and producer co-operatives, worker co-operatives, mutual building societies, friendly societies, credit unions, solidarity organizations, mutual insurance companies, or employee-owned companies. Such organizations can be owned by their consumers, the producers, or the employees - whether through single-stakeholder or multi-stakeholder ownership. This complex set of organizations is named differently across countries: from 'mutual' in the UK, to 'solidarity cooperatives' in Latin America. In some countries, such organizations are not even officially recognized and thus lack a specific denomination. For the sake of clarity, this Handbook will refer to member-owned organizations to encompass the variety of non-investor-owned organizations, and in the national case study chapters the terms used will be those most widely employed in that country. These alternative corporate forms have emerged in a variety of economic sectors in almost all advanced economies since the time of the industrial revolution and the development of capitalism, through the subsequent creation and dominance of the limited liability company. Until recently, these organizations were generally regarded as a rather marginal component of the economy. However, over the past few years, member-owned organizations have come to be seen in some countries, at least, as potentially attractive in light of their ability to tackle various economic and social concerns, and their relative resilience during the financial and economic crises of 2007-2013.

The Oxford Handbook of Mutual, Co-Operative, and Co-Owned Business

Douglas L. Kruse

Richard B. Freeman

The historical relationship between capital and labor has evolved in the past few decades. One particularly noteworthy development is the rise of shared capitalism, a system in which workers have become partial owners of their firms and thus, in effect, both employees and stockholders. Profit sharing arrangements and gain-sharing bonuses, which tie compensation directly to a firm’s performance, also reflect this new attitude toward labor. Shared Capitalism at Work analyzes the effects of this trend on workers and firms. The contributors focus on four main areas: the fraction of firms that participate in shared capitalism programs in the United States and abroad, the factors that enable these firms to overcome classic free rider and risk problems, the effect of shared capitalism on firm performance, and the impact of shared capitalism on worker well-being. This volume provides essential studies for understanding the increasingly important role of shared capitalism in the modern workplace.

Employee Ownership, Profit and Gain Sharing, and Broad-Based Stock Options

Shared Capitalism at Work

The Oxford Handbook of Mutual and Co-Owned Business

Maya Kroumova

Kruse Douglas

Daria Panina

Kremlin Capitalism describes Russia's massive economic transformation. It provides a wealth of data and analyses not previously available. The authors articulate the political and economic goals of Russian privatization, examine the current ownership of the largest enterprises in Russia, and chart the challenges of corporate governance and restructuring in Russia's new private corporations. Kremlin Capitalism is based on the only continuous study of Russian privatization throughout the Russian Federation from 1992 to the present. The authors tracked down the story of the transition in fifty of Russia's eighty-nine provinces, updating their findings after the June 1996 election. The result is an up-to-the-minute report of the largest property transfer in history and an analysis of one of this century's most significant economic transformations. The volume also characterizes the position of workers in terms of unemployment, wages, union power, and their changing role as employee shareholders.

The Privatization of the Russian Economy

Kremlin Capitalism

The first book to describe Russia's massive economic transformation for an American audience, Kremlin Capitalism provides a wealth of data and analyses not previously available in this country. The authors articulate the political and economic goals of Russian privatization, examine the current ownership of the largest enterprises in Russia, and chart the serious problem of corporate governance in the new private businesses. Kremlin Capitalism is based on the only continuous study of Russian privatization throughout the Russian Federation from 1992 to the present. The authors tracked down the story of the transition in the cities, towns, and villages of fifty of Russia's eighty-nine provinces, updating their findings after the June 1996 election. The result is an up-to-the-minute report of the largest property transfer in history and an analysis of one of this century's most significant economic transformations. The volume also characterizes the position of workers in terms of unemployment, wages, union power, and their changing role as employee shareholders. What really happened when Russia privatized its economy? The Kremlin brokered the initial struggle among different interest groups eager to claim a portion of Russian property: workers, managers, the Mafia, the old Soviet bureaucracy, regular citizens, entrepreneurs, Russian banks, and foreigners. While competing with one another, all struggled to free themselves from seventy years of Communist economic culture. Four years after the process began, have large companies learned to offer goods and services profitably and pay dividends to shareholders? Individual stories come alive as the book explores problems Russians face in structuring a new economic system, defining the ownership and governance of thousands of corporations one by one. Russian economic practices are being forged in the heat of fierce political struggles between resurgent Communists and nationalists and old Soviet managers, on the one hand, and more liberal elements of its infant democratic system on the other. Whether a few big conglomerates and the powerful banks and holding companies from Soviet days will dominate the new Russian economy to the exclusion of most citizens remains to be seen. Many questions persist. How will billions of dollars of capital be raised to retool, restructure, and reorient the heart and soul of Russia's economy? Will open stock markets stimulate a new economic order or will that new order be imposed through strong state supports and subsidies? What role will be played by shadowy conglomerates that are trying to shape a disorganized economy into something resembling the old Soviet system? The authors note the paradox of a capitalism conceived, designed, implemented, and evaluated by the Kremlin when one aim of reform is to allow market forces to play freely. Kremlin Capitalism asks whether rapid privatization has catalyzed or complicated the transition to a more liberal political and economic system, a question that will reverberate for decades.

Privatizing the Russian Economy

The idea of workers owning the businesses where they work is not new. In America’s early years, Washington, Adams, Jefferson, and Madison believed that the best economic plan for the Republic was for citizens to have some ownership stake in the land, which was the main form of productive capital. This book traces the development of that share idea in American history and brings its message to today's economy, where business capital has replaced land as the source of wealth creation.div /DIVdivBased on a ten-year study of profit sharing and employee ownership at small and large corporations, this important and insightful work makes the case that the Founders’ original vision of sharing ownership and profits offers a viable path toward restoring the middle class. Blasi, Freeman, and Kruse show that an ownership stake in a corporation inspires and increases worker loyalty, productivity, and innovation. Their book offers history-, economics-, and evidence-based policy ideas at their best./DIV

Putting Ownership Back into Democracy

The Citizen's Share

Joseph R. Blasi

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