Kapitaalvoorzieningsproblemen In Een Op Arbeiderszelfbestuur Gebaseerde Industrie. Het Voorbeeld Van Joegoslavië

Summary

Several possibilities are discussed, namely: (a) Workers have to take care of internal reservation but have no property rights on the funds invested and no opportunity to borrow. (b) The same as (a) but with an opportunity for labour management to borrow. (c) The same as (b) but with property rights for participating workers on the funds invested.

In all three cases considered, no optimal use can be made of financial possibilities. Experiences in Yugo-Slavia, where the financing of firms is comparable to situation (b), seem to be in accordance with what can be expected on theoretical grounds. A complication is that workers have to bear the risks of investments but do not seem to be inclined to.