Workplace Democracy, the Bicameral Firm, and Stakeholder Theory*

Research output: Contribution to journalComment/debatepeer-review

Abstract

Ferreras's bicameral governance proposal for the corporation contributes to a recent wave of interest in democratizing the workplace. In this article, I connect this to a related ongoing movement in favor of the stakeholder approach to corporate purpose. I argue that this connection sheds light on, and may provide remedies for, some issues with the bicameral proposal: first, the risk of gridlock between the two parties in the dual governance structure; second, the indeterminacy of good management when shareholder primacy is abandoned. But I also note that shareholder primacy emerged spontaneously from structural features of the economy, so that special protection for the “good” firms is warranted, and that other key limitations of a market economy cannot be alleviated fully by democratizing the firm.

Original languageEnglish (US)
JournalPolitics and Society
DOIs
StateAccepted/In press - 2023

All Science Journal Classification (ASJC) codes

  • Sociology and Political Science
  • Social Sciences (miscellaneous)
  • Political Science and International Relations

Keywords

  • bicameralism
  • corporate social responsibility
  • stakeholder theory
  • workplace democracy

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