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CHOICE Review

The author of this study is an acknowledged authority in the field of employee ownership. In this book, he draws together more than ten years of teaching and research. The result is a comprehensive analysis that will be indispensable to other scholars and to anyone with an interest in the subject. Employee stock ownership plans (ESOPs) are theoretically designed to afford workers an economic stake in their corporate employer. Blasi notes that ownership and participation "have been heralded as a premier form of labor-management cooperation as well as the solution to America's lagging competitiveness." But, he continues, employee ownership may not always benefit employees; in some cases, it is a "ripoff" rather than a "revolution." Blasi first describes the "moving parts" of an ESOP and then evaluates the promise and performance of the plans along several dimensions, including capital formation, distribution of wealth, and the respective roles of capital, labor, and the legal system. He concludes with a number of specific policy recommendations. The book contains a wealth of information regarding ESOPs. Employee ownership is an extremely complex issue, and Blasi's treatment is rigorous, thorough, and understandable. It will undoubtedly become a standard reference. Academic and public library collections. R. L. Hogler Colorado State University

Booklist Review

The pros and cons of employee stock-ownership plans are currently being debated by workers, executives, and legislators. This detailed report of a 10-year research project at Harvard clarifies the controversy and shows what's gone right and wrong in thousands of companies where ESOPs have been offered. Blasi argues that employee ownership could be considered revolutionary in terms of the commitment it can create within an organization-the American version of Japanese loyalty-but that it must be accompanied by plans for profit sharing, labor-management cooperation, and work redesign. Individual chapters relate employee rights to wealth, capitalism, and economic performance. Extensive appendixes, notes; to be indexed. PMS. 338.6 Employee ownership-U.S. / Profit-sharing-U.S. / Industrial relations-U.S. [OCLC] 87-35402