Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States

Categories: Business & Money, Politics & Social Sciences

When a firm, organization or state begins to decline, the people inside it have two basic responses. They can exit, by leaving or buying elsewhere, or they can use voice, by complaining and pushing for change. Economist Albert O. Hirschman explores how these two options interact, and how loyalty can delay exit and give voice time to work. His short, influential essay has shaped thinking in economics, politics and management for decades.

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• Balaji Srinivasan: “There's this book which I reference a lot, I like it, called Exit, Voice, and Loyalty by Albert Hirschman.”