The Economic Intstitutions of Capitalism"An extraordinarily impressive achievement and must reading for all serious students of law, economics, and organization." —Paul L. Joskow, Professor of Economics, Massachusetts of Technology From Simon & Schuster, The Economic Institutions of Capitalism is Oliver E. Williamson's new perspective on the structure of economic life, and one not to miss. |
Contents
Contracting Traditions | 1 |
Efficient Governance | 2 |
Uncertainty | 3 |
Measurement | 4 |
Transaction Cost Economics | 15 |
Contractual Man | 43 |
The Distribution of Transactions | 68 |
Theory and Policy | 85 |
The Costs of Bureaucracy | 148 |
LowPowered Incentives in Markets | 153 |
Illustrative Examples | 156 |
Concluding Remarks | 161 |
Unilateral Applications 163 1 Private Ordering 2 Credible Commitments | 163 |
The Hostage Model | 164 |
Engaging the Supplier | 176 |
Unilateral Trading Applications | 179 |
Technological Determinism | 86 |
A Heuristic Model | 90 |
Further Implications | 95 |
Vertical Merger Guidelines | 98 |
Some Evidence 103 1 Types of Evidence 2 Mundane Integration | 103 |
Forward Integration into Distribution | 113 |
Lateral Integration | 114 |
Backward Integration | 118 |
Some Remarks About Japanese Manufacture | 120 |
Some Alternative Explanations | 123 |
Concluding Remarks | 129 |
Incentive and Bureaucratic Features | 131 |
A Chronic Puzzle | 132 |
Integration of an OwnerManaged Supply Stage | 135 |
Acquisition of a Supply Stage in Which Ownership and Management Are Separated | 144 |
Schwinn | 183 |
Bilateral Applications | 190 |
Reciprocity | 191 |
The Hostage Model Extended | 195 |
The Organization of Work | 206 |
The Organization of Labor | 240 |
The Modern Corporation | 273 |
Corporate Governance | 298 |
Franchise Bidding for Natural Monopoly | 326 |
Experience | 352 |
Antitrust Enforcement | 365 |
Conclusions | 385 |
BIBLIOGRAPHY | 409 |
437 | |
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Common terms and phrases
adaptations advantages agreement alternative appear applies approach argument assessment asset specificity associated assume attributes bargaining behavior benefits bidding buyer capital Chapter comparative competition complex concerned condition consider continuity contract corporation decision demand described developed discussed distribution effects efficiency efforts employees evidently examined example exchange favor firm franchise governance greater hazards human important incentive industry innovation institutional integration interest internal investments issues Journal kind labor less limited matters modes monopoly natural node observed operating opportunism ordering organization organizational original ownership parties performance posed possibility presumably problems properties rationality realized reason reference regarded relation respects responsible result rules serve stage strategic structure successive supplier supply sure theory tion trading transaction cost economics unions United vertical integration workers