La teoría del capital humano, una contrastación empírica. La España industrial en el siglo XIX

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The Budget Constraint in the Governance of Organizations

The paper suggests a partial solution to the disjunction between the institutional environment and the institutions of governance by considering the budget constraint. This approach is put in the perspective of the comparative analysis of economic organizations as discrete structural alternatives. The budget constraint presents a whole range of alternative values that are distinct by different transaction costs that organizations meet. Following different values of budget constraint, bounded rationality and opportunism are allocated to alternative uses and asset specificity takes different forms. This approach requires that the discriminating alignment solution considers the prevailing value of the budget constraint, which opens the need for a comparative perspective on efficacious organizational governance. A second level of governance is corporate governance. The debate over corporate governance is centered around decision-making power and the existence of quasi-rents that organizations produce. Given different values of the budget constraint, the definition of what are efficacious systems of decision-making power and appropriation of quasi-rents are distinct in the shareholder value and the stakeholder interest paradigms

Commodity chains, creative destruction and global inequality: a class analysis

The majority of global commodity chain analysis is concerned with producer firm upgrading, because it is held to engender local-level development. This represents a myopic comprehension of the interaction of firms under capitalism. This article argues, in contrast, that lead firm chain governance and supplier firm upgrading attempts constitute strategies and practices that reproduce global poverty and inequality. Schumpeter’s concept of creative destruction represents a starting point in undertaking this endeavour. However, his formulation of capitalist competition ignores class and global economic relations. A Marxian conception of creative destruction, in contrast, rests upon an understanding of globally constituted class relations, which provides a novel perspective in comprehending and investigating processes that re-produce global poverty and inequality. The article substantiates these claims by examining cases of buyer-driven global commodity chains, and lead firm strategies of increasing labour exploitation throughout these chains