The life cycle of worker-owned firms in market economies: A theoretical analysis |
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| Affiliation: | 1. Division of Cardiology, Department of Internal Medicine, Chungnam National University Hospital, Chungnam National University School of Medicine, Daejeon, Republic of Korea;2. Division of Cardiology, Department of Internal Medicine, Kangbuk Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul, Republic of Korea;3. Division of Cardiology, Department of Internal Medicine, Heart Vascular Stroke Institute, Samsung Medical Center, Sungkyunkwan University School of Medicine, Seoul, Republic of Korea;1. Center for Biomedical Imaging Research, Department of Biomedical Engineering, Tsinghua University School of Medicine, Beijing, China;2. Department of Radiology, Yangzhou First People’s Hospital, Yangzhou, China;3. Department of Radiology, University of Washington, Seattle, WA, USA;4. Department of Radiology, Zhongda Hospital, Medical School of Southeast University, Nanjing, China;5. Center of Stroke, Beijing Institute for Brain Disorders, Beijing, China;1. Immediate Office of the Director, National Heart, Lung, and Blood Institute, National Institutes of Health, Bethesda, MD, USA;2. Center for Translation Research and Implementation Science (CTRIS), National Heart, Lung, and Blood Institute, National Institutes of Health, Bethesda, MD, USA;1. Department of Psychology, Queen’s University, Kingston, Ontario, Canada;2. Centre for Neuroscience Studies, Queen’s University, Kingston, Ontario, Canada;3. Department of Biomedical and Molecular Sciences, Queen’s University, Kingston, Ontario, Canada;1. EötvösUniversity, Department of Astronomy, Budapest, Hungary;2. EötvösUniversity, Department of Geophysics and Space Science, Budapest, Hungary |
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| Abstract: | The population of worker-owned firms is likely to grow countercyclically: in contrast with capitalist firms, many worker-owned firms are born during recessions, frequently out of capitalist firms, and are transformed into capitalist firms during economic booms. There exists an offsetting tendency as worker-owned firms are formed during periods of sustained increase in the standard of living and are dissolved during economic decline. These are some of the conclusions of a theoretical analysis of the obstacles to the formation and relative efficiency attributes of worker-owned and capitalist firms carried out in a dynamic framework emphasizing the influence of changes in the environment on organizational life cycles. |
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