A General Theory
This chapter presents a general theory regarding social peace. It holds that one way to achieve social peace is for labor to get a strong voice inside the firm. When labor influence is high, the pressure increases on managers to be less loyal to shareholders. This amplified labor voice can come through codetermination, lifetime employment, or state action that favours employees when conflict arises. The first section abstracts the firm into three parts: ownership, management, and employment. The second section describes codetermination and lifetime employment. The third section describes the positive and normative theory about social peace. The fourth section considers the efficiency implications of this theory. The last section expounds on social democracy.
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