Between Freedom and Democracy

22 Pages Posted: 30 Nov 2003 Last revised: 17 Jan 2011

See all articles by Michael C. Jensen

Michael C. Jensen

Harvard Business School; SSRN; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI); Harvard University - Accounting & Control Unit

William H. Meckling

Simon School, University of Rochester (Deceased)

Date Written: October 30, 1977

Abstract

Is there a fundamental conflict between a political democracy as we know it and a free market, private enterprise or capitalist system? William Meckling and Michael Jensen of the University of Rochester, New York, believe that indeed there is, and that it is only a matter of time before the political sector eliminates most of the freedoms we still enjoy in the private sector of the economy.

The first part of this study, contributed by Michael Jensen, describes the gradual destruction of individuals" rights and the attack on business corporations; the second part, by William Meckling, discusses why freedom is being destroyed, how the press helps governments to destroy it, and what can be done to stop it.

Keywords: rights, freedom, free market, private enterprise, political democracy, human rights, property rights, co-determination laws

Suggested Citation

Jensen, Michael C. and Meckling, William H., Between Freedom and Democracy (October 30, 1977). The Banker, pp. 39-49, October 1977; Harvard Business School NOM Unit Working Paper No. 1977. Available at SSRN: https://ssrn.com/abstract=391200 or http://dx.doi.org/10.2139/ssrn.391200

Michael C. Jensen (Contact Author)

Harvard Business School ( email )

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Negotiations, Organizations & Markets
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William H. Meckling

Simon School, University of Rochester (Deceased)

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