Capitalist economic system (On corporate contracts and market contracts)

Author: Williamson (USA), translated by Duan Yicai and Wang Wei
Publisher:
Publishing Date: Not available
Features: In this book, the author examines various major economic systems of capitalism, including market organizations and market restrictions, work organizations, trade unions, modern corporations, corporate governance structures, monopolies and antitrust, and government regulation, among others. He reduces each economic system to a special contract, where what precedes the contract signing is a transaction, and what follows is governance. Therefore, the entire book takes contracts as its research subject. The purpose of studying contracts is to improve the efficiency of governance and the efficiency of the system, and from the efficiency of the system to the efficiency of the entire economy. Based on this analysis, the author concludes two points. First, using simple governance structures to address complex transaction issues will only complicate matters. Second, as the attributes of transactions differ, the governance structure, as well as organizational costs and authority, should also differ.