The Economic Intstitutions of Capitalism

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Simon and Schuster, 1985 - Business & Economics - 468 pages
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This long-awaited sequel to the modem classic "Markets and Hierarchies" develops and extends Williamson's innovative use of transaction cost economics as an approach to studying economic organization by applying it to work and labor as well as the corporation itself. In addition, Williamson explores its growing implications for public policy, including its potential influence on antitrust and merger guidelines, labor policy, and SEC and public utility regulations.
 

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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
AUTHOR INDEX
437
Copyright

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Structural Holes
Ronald S. Burt
Limited preview - 1995
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About the author (1985)

Oliver E. Williamson is the Edgar F. Kaiser Professor of Business, Professor of Economics, and Professor of Law at the University of California at Berkeley. He is the author of numerous works in which law, economics, and organization are joined.

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