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On the Role of Capital in "Capitalist" and in Labor-Managed Firms

University of California, Riverside, 4044 Mount Vernon Ave., Riverside, CA 92507-4804, david{at}ellerman.org

This article outlines the "fundamental myth" about the structure of property rights in a capitalist economy, namely the idea that being the residual claimant in a productive opportunity is part of a bundle of property rights known as the "ownership of the firm." Residual claimancy is contractually determined so there is no such "ownership." The fundamental myth exposes a basic fallacy in capital theory that has hitherto escaped attention in the capital theory debates.

Key Words: property appropriation • capital rights • ownership of the firm • labor-managed firm

Review of Radical Political Economics, Vol. 39, No. 1, 5-26 (2007)
DOI: 10.1177/0486613406296895


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