dunnettreader + business-norms   21

Darrell Duffie and Jeremy C. Stein - Reforming LIBOR and Other Financial Market Benchmarks (2015) | AEAweb: Journal of Economic Perspectives, 29(2): 191-212.
LIBOR is the London Interbank Offered Rate: a measure of the interest rate at which large banks can borrow from one another on an unsecured basis. LIBOR is often used as a benchmark rate—meaning that the interest rates that consumers and businesses pay on trillions of dollars in loans adjust up and down contractually based on movements in LIBOR. Investors also rely on the difference between LIBOR and various risk-free interest rates as a gauge of stress in the banking system. Benchmarks such as LIBOR therefore play a central role in modern financial markets. Thus, news reports in 2008 revealing widespread manipulation of LIBOR threatened the integrity of this benchmark and lowered trust in financial markets. We begin with a discussion of the economic role of benchmarks in reducing market frictions. We explain how manipulation occurs in practice, and illustrate how benchmark definitions and fixing methods can mitigate manipulation. We then turn to an overall policy approach for reducing the susceptibility of LIBOR to manipulation before focusing on the practical problem of how to make an orderly transition to alternative reference rates without raising undue legal risks. -- didn't download
article  financial_system  financial_regulation  money_market  capital_markets  markets-structure  LIBOR  fraud  business-norms  business_ethics  trust  market_manipulation  accountability 
september 2015 by dunnettreader
Mary Hallward-Driemeier and Lant Pritchett - How Business Is Done in the Developing World: Deals versus Rules(2015) | AEAweb: Journal of Economic Perspectives, 29(3): 121-40
Affiliations World Bank and Harvard - What happens in the developing world when stringent regulations characterizing the investment climate meet weak government willingness or capability to enforce those regulations? How is business actually done? The Doing Business project surveys experts concerning the legally required time and costs of regulatory compliance for various aspects of private enterprise—starting a firm, dealing with construction permits, trading across borders, paying taxes, getting credit, enforcing contracts, and so on—around the world. The World Bank's firm-level Enterprise Surveys around the world ask managers at a wide array of firms about their business, including questions about how long it took to go through various processes like obtaining an operating license or a construction permit, or bringing in imports. This paper compares the results of three broadly comparable indicators from the Doing Business and Enterprise Surveys. Overall, we find that the estimate of legally required time for firms to complete a certain legal and regulatory process provided by the Doing Business survey does not summarize even modestly well the experience of firms as reported by the Enterprise Surveys. When strict de jure regulation and high rates of taxation meet weak governmental capabilities for implementation and enforcement, we argue that researchers and policymakers should stop thinking about regulations as creating "rules" to be followed, but rather as creating a space in which "deals" of various kinds are possible. -- downloaded pdf to Note
article  development  institutional_economics  institutional_capacity  regulation  regulation-enforcement  regulation-costs  SMEs  World_Bank  doing_business  business_practices  business-norms  business_influence  investment  business-and-politics  business-ethics  FDI  investor_protection  downloaded 
september 2015 by dunnettreader
Emily Erikson : Between Monopoly and Free Trade: The English East India Company, 1600–1757 | Princeton University Press
The EIF was one of the most powerful and enduring organizations in history. "Between Monopoly and Free Trade" locates the source of that success in the innovative policy by which the Court of Directors granted employees the right to pursue their own commercial interests while in the firm’s employ. Exploring trade network dynamics, decision-making processes, and ports and organizational context, Emily Erikson demonstrates why the EIC was a dominant force in the expansion of trade between Europe and Asia, and she sheds light on the related problems of why England experienced rapid economic development and how the relationship between Europe and Asia shifted in the 18thC and 19thC.(..) Building on the organizational infrastructure of the Company and the sophisticated commercial institutions of the markets of the East, employees constructed a cohesive internal network of peer communications that directed English trading ships during their voyages. This network integrated Company operations, encouraged innovation, and increased the Company’s flexibility, adaptability, and responsiveness to local circumstance. -- assistant professor in the department of sociology and the school of management (by courtesy) at Yale University, as well as a member of the Council of South Asian Studies. -- excerpt Chapter 1 downloaded pdf to Note
books  kindle-available  buy  economic_history  business_history  17thC  18thC  19thC  British_history  British_Empire  British_foreign_policy  colonialism  imperialism  networks-business  networks-political  networks-information  networks-social  India  Indian_Ocean  Central_Asia  Chinese_history  China-international_relations  monopolies  trading_companies  trading_privileges  VOC  East_India_Company  trade  trade_finance  shipping  ports  British_Navy  business-and-politics  business_practices  business_influence  business-norms  nabobs  MPs  Board_of_Trade  Parliament  entrepreneurs  organizations  firms-structure  firms-organization  consumer_revolution  exports  Navigation_Acts  Anglo-Dutch_wars  French_foreign_policy  competition-interstate  risk-mitigation  risk_management  corporate_governance  corporate_citizenship  downloaded 
july 2015 by dunnettreader
Suzanne J. Konzelmann, Marc Fovargue-Davies - Anglo-Saxon Capitalism in Crisis? Models of Liberal Capitalism and the Preconditions for Financial Stability :: SSRN (rev'd September 2011) Cambridge Centre for Business Research Working Paper No. 422
Suzanne J. Konzelmann, Birkbeck College - Social Sciences, School of Management and Organizational Psychology; Cambridge - Social and Political Sciences -- Marc Fovargue-Davies, U of London - The London Centre for Corporate Governance & Ethics -- The return to economic liberalism in the Anglo-Saxon world was motivated by the apparent failure of Keynesian economic management to control the stagflation of the 1970s and early 1980s. In this context, the theories of economic liberalism, championed by Friederich von Hayek, Milton Friedman and the Chicago School economists, provided an alternative. However, the divergent experience of the US, UK, Canada and Australia reveals two distinct ‘varieties’ of economic liberalism: the ‘neo-classical’ incarnation, which describes American and British liberal capitalism, and the more ‘balanced’ economic liberalism that evolved in Canada and Australia. In large part, these were a product of the way that liberal economic theory was understood and translated into policy, which in turn shaped the evolving relationship between the state and the private sector and the relative position of the financial sector within the broader economic system. Together, these determined the nature and extent of financial market regulation and the system’s relative stability during the 2008 crisis. -- PDF File: 61 -- Keywords: Corporate governance, Regulation, Financial market instability, Liberal capitalism, Varieties of capitalism -- downloaded pdf to Note
paper  SSRN  economic_history  20thC  21stC  post-WWII  post-Cold_War  US_politics  UK_politics  political_economy  political_culture  ideology  neoliberalism  economic_theory  economic_sociology  business_practices  business-and-politics  business-norms  business_influence  Keynesianism  neoclassical_economics  Austrian_economics  Chicago_School  capitalism-systemic_crisis  capitalism-varieties  corporate_governance  corporate_finance  capital_markets  capital_as_power  financialization  finance_capital  financial_regulation  Great_Recession  financial_crisis  policymaking  trickle-down  Canada  Australia  downloaded 
july 2015 by dunnettreader
Sustainable development: Report of UN Working Group on business and human rights - June 2015
Sustainable development: UN expert group calls for accountability of public and private sectors -- GENEVA (16 June 2015) – The United Nations Working Group on business and human rights today urged the UN system and all its member states to make globalization inclusive and aligned with human rights, and called for full accountability of public and private sectors’ activities in that regard. The expert’s call comes as a number of key international negotiations are taking place on sustainable development goals for the world, development financing and the climate change, as well as a number of policy talks on trade, finance and investment. -- downloaded pdf to Note
report  UN  human_rights  business_practices  business-norms  business-ethics  FDI  investment-socially_responsible  investor-State_disputes  investment-bilateral_treaties  supply_chains  sustainability  global_governance  global_economy  public_goods  public_health  public-private_partnerships  NGOs  civil_society  accountability  international_law  downloaded 
july 2015 by dunnettreader
The Misrepresentation of Earnings by Ilia D. Dichev, John R. Graham, Campbell R. Harvey, Shivaram Rajgopal :: SSRN June 2, 2015
Ilia D. Dichev, Emory University - Goizueta Business School -- John R. Graham, Duke University; NBER -- Campbell R. Harvey, Duke University - Fuqua School of Business; NBER -- Shivaram Rajgopal, Emory University - Goizueta Business School -- We ask nearly 400 CFOs about the definition and drivers of earnings quality, with a special emphasis on the prevalence and detection of earnings misrepresentation. CFOs believe that the hallmarks of earnings quality are sustainability, absence of one-time items, and backing by actual cash flows. Earnings quality is determined in about equal measure by controllable factors like internal controls and corporate governance, and non-controllable factors like industry membership and macroeconomic conditions. On earnings misrepresentation, CFOs believe that in any given period a remarkable 20% of firms intentionally distort earnings, even though they are adhering to generally accepted accounting principles. The economic magnitude of the misrepresentation is large, averaging about 10% of reported earnings. While most misrepresentation involves earnings overstatement, interestingly, one third of the firms that are misrepresenting performance are low-balling their earnings or reversing a prior intentional overstatement. Finally, CFOs provide a list of red flags that can be used to detect earnings misrepresentation. --"PDF File: 23 -- saved to briefcase
paper  SSRN  financial_system  financial_regulation  capital_markets  disclosure  accounting  GAAP  corporate_governance  corporate_citizenship  business_practices  business-norms  business-ethics  market_manipulation  markets-psychology  profits  investors  investor_protection  incentives-distortions 
july 2015 by dunnettreader
Andrew W. Lo - The Gordon Gekko Effect: The Role of Culture in the Financial Industry | NBER June 2015
NBER Working Paper No. 21267 -- Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the recent financial crisis. I present a brief overview of the role of culture according to psychologists, sociologists, and economists, and then present a specific framework for analyzing culture in the context of financial practices and institutions in which three questions are answered: (1) What is culture?; (2) Does it matter?; and (3) Can it be changed? I illustrate the utility of this framework by applying it to five concrete situations—Long Term Capital Management; AIG Financial Products; Lehman Brothers and Repo 105; Société Générale’s rogue trader; and the SEC and the Madoff Ponzi scheme—and conclude with a proposal to change culture via “behavioral risk management.” -- check SSRN
paper  paywall  SSRN  financial_instiutions  business_practices  business-norms  risk_management  economic_culture  financial_crisis  financial_regulation  incentives  incentives-distortions  social_psychology  economic_sociology  firms-structure  firms-organization 
june 2015 by dunnettreader
Georges Gloukoviezoff - Les banques face à leurs clients: Salariés de banque et inclusion bancaire | La Vie des idées - 28 janvier 2013
English translation March 2014 -- http://www.booksandideas.net/When-French-Banks-Encounter-their.html -- Most banks have now abandoned their previous function of providing advice. Instead, they view their services as products designed to maximize profits. They have started invoking the client’s autonomy as a way of passing on the risk of financial exclusion to their customers. In what ways have bank employees reacted to these new circumstances? -- Georges Gloukoviezoff est docteur en économie et spécialiste des questions d’inclusion financière des particuliers. Il est membre de l’Observatoire national de la pauvreté et de l’exclusion sociale. Il a publié en octobre 2010 aux Presses Universitaires de France "L’Exclusion bancaire. Le Lien social à l’épreuve de la rentabilité". Il tient également un blog sur la page d’Alternatives Economiques. -- downloaded French version as pdf to Note
article  France  financial_system  banking  access_to_finance  access_to_services  labor  labor-service_sector  consumer_protection  risk_management  risk_shifting  knowledge_economy  knowledge_workers  financial_innovation  advisory_services  business_practices  business-norms  profit  profit_maximization  financial_regulation  customer_relations  exclusion  exclusion-economic  economic_sociology  poverty  workforce  know-how  services  services-worker_autonomy  managerialism  productivity  incentives-distortions  consumer-know-how  downloaded 
june 2015 by dunnettreader
Frédérique Leblanc , review essay - The FNAC: A Story of Standardization - Books & ideas - 5 January 2011
Reviewed: Vincent Chabault, La FNAC, entre commerce et culture, Paris, Puf, 2010. 272p., 25 €. -- What traces remain of the two individuals, both former Trotskyites, who founded the FNAC in 1954? What role did the FNAC play in the commodification of culture, and what remains of the company’s original mission? Who are the company’s employees, and under what conditions do they work? Vincent Chabault’s recent book retraces the history of this company, which has received as much high praise over the years as virulent criticism. Two sets of questions have been asked. First, how was the company able to “absorb” changes in the business environment, and at what cost to its original mission? Secondly, what working at the FNAC has meant to two generations of the firm’s employees? -- interesting on growth of the culturally middle class in the post-war period, -- as in the US with growth, stagnation and polarization of what were originally knowledge worker jobs strongly attached to the firm with significant worker autonomy and internal advancement into "management" and disengaged interchangeable low paid low skilled staff
books  reviews  20thC  social_history  France  business_practices  labor  middle_class  economic_culture  culture_industries  firms-organization  business-norms  business_history  unions 
june 2015 by dunnettreader
Kathleen Perkins Miller, George Serafeim - Chief Sustainability Officers: Who Are They and What Do They Do? (revised September 2014) :: SSRN
Kathleen Perkins Miller, Miller Consultants -- George Serafeim, Harvard University - Harvard Business School *--* Chapter 8 in Leading Sustainable Change, Oxford University Press, 2014 *--* While a number of studies document that organizations go through numerous stages as they increase their commitment to sustainability over time, we know little about the role of the Chief Sustainability Officer (CSO) in this process. Using survey and interview data we analyze how a CSO’s authority and responsibilities differ across organizations that are in different stages of sustainability commitment. We document increasing organizational authority of the CSO as organizations increase their commitment to sustainability moving from Compliance to Efficiency and then to Innovation. However, we also document a decentralization of decision rights from the CSO to different functions, largely driven by sustainability strategies becoming more idiosyncratic at the Innovation stage. The study concludes with a discussion of practices that CSOs argue to accelerate the commitment of organizations to sustainability. -- Pages in PDF File: 22 -- Keywords: sustainability, organizational change, Chief Sustainability Officer, innovation, -- downloaded pdf to Note
chapter  SSRN  business_practices  business-norms  CSR  sustainability  firms-organization  firms-structure  Innovation  corporate_governance  accountability  institutional_change  institutional_capacity  downloaded 
april 2015 by dunnettreader
George Serafeim - The Role of the Corporation in Society: An Alternative View and Opportunities for Future Research b(revised June 2014) :: SSRN
Harvard University - Harvard Business School *--* A long-standing ideology in business education has been that a corporation is run for the sole interest of its shareholders. I present an alternative view where increasing concentration of economic activity and power in the world’s largest corporations, the Global 1000, has opened the way for managers to consider the interests of a broader set of stakeholders rather than only shareholders. Having documented that this alternative view better fits actual corporate conduct, I discuss opportunities for future research. Specifically, I call for research on the materiality of environmental and social issues for the future financial performance of corporations, the design of incentive and control systems to guide strategy execution, corporate reporting, and the role of investors in this new paradigm. -- Pages in PDF File: 27 -- Keywords: corporate performance, corporate size, sustainability, corporate social responsibility, accounting -- downloaded pdf to Note
paper  SSRN  corporate_governance  corporate_citizenship  global_economy  global_governance  international_political_economy  shareholder_value  shareholders  CSR  disclosure  accountability  accounting  institutional_economics  institutional_investors  incentives  institutional_change  long-term_orientation  business-and-politics  business-norms  business_practices  business_influence  sustainability  MNCs  firms-theory  firms-structure  firms-organization  power  power-concentration  concentration-industry  downloaded 
april 2015 by dunnettreader
Beiting Cheng, Ioannis Ioannou, George Serafeim - Corporate Social Responsibility and Access to Finance - May 19, 2011 | Strategic Management Journal, 35 (1): 1-23. :: SSRN
Beiting Cheng, Harvard University - Harvard Business School -- Ioannis Ioannou, London Business School -- George Serafeim, Harvard University - Harvard Business School **--** In this paper, we investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to a) reduced agency costs due to enhanced stakeholder engagement and b) reduced informational asymmetry due to increased transparency. Using a large cross-section of firms, we find that firms with better CSR performance face significantly lower capital constraints. Moreover, we provide evidence that both of the hypothesized mechanisms, better stakeholder engagement and transparency around CSR performance, are important in reducing capital constraints. The results are further confirmed using several alternative measures of capital constraints, a paired analysis based on a ratings shock to CSR performance, an instrumental variables and also a simultaneous equations approach. Finally, we show that the relation is driven by both the social and the environmental dimension of CSR. -- Pages in PDF File: 43 -- Keywords: corporate social responsibility, sustainability, capital constraints, ESG (environmental, social, governance) performance -- didn't download
article  SSRN  business_practices  business-norms  corporate_finance  corporate_governance  shareholder_value  CSR  environment  sustainability  accounting  accountability  firms-theory  firms-structure  information-asymmetric  disclosure  finance-cost 
april 2015 by dunnettreader
Robert G. Eccles, Ioannis Ioannou, George Serafeim - The Impact of Corporate Sustainability on Organizational Processes and Performance - November 23, 2011 :: SSRN - Management Science, Forthcoming
Robert G. Eccles, Harvard Business School -- Ioannis Ioannou, London Business School -- George Serafeim, Harvard University - Harvard Business School *--* We investigate the effect of a corporate culture of sustainability on multiple facets of corporate behavior and performance outcomes. Using a matched sample of 180 companies, we find that corporations that voluntarily adopted environmental and social policies many years ago – termed as High Sustainability companies – exhibit fundamentally different characteristics from a matched sample of firms that adopted almost none of these policies – termed as Low Sustainability companies. In particular, we find that the boards of directors of these companies are more likely to be responsible for sustainability and top executive incentives are more likely to be a function of sustainability metrics. Moreover, they are more likely to have organized procedures for stakeholder engagement, to be more long-term oriented, and to exhibit more measurement and disclosure of nonfinancial information. Finally, we provide evidence that High Sustainability companies significantly outperform their counterparts over the long-term, both in terms of stock market and accounting performance. The outperformance is stronger in sectors where the customers are individual consumers instead of companies, companies compete on the basis of brands and reputations, and products significantly depend upon extracting large amounts of natural resources. -- Keywords: sustainability, corporate social responsibility, culture, governance, disclosure, performance -- didn't download
paper  SSRN  corporate_governance  corporate_citizenship  corporate_finance  CSR  brands  reputation  incentives  sustainability  long-term_orientation  natural_resources  firms-theory  firms-structure  firms-organization  executive_compensation  business-norms  profit  disclosure 
april 2015 by dunnettreader
Geoffrey Jones, Marco H.D. van Leeuwen, and Stephen Broadberry - The Future of Economic, Business, and Social History | Scandinavian Economic History Review 60, no. 3 (November, 2012): 225–253
3 leading scholars in the fields of business, economic, and social history review the current state of these disciplines and reflect on their future trajectory. Jones reviews the development of business history since its birth at HBS during the 1920s. He notes the discipline's unique record as a pioneer of the scholarly study of entrepreneurship, multinationals, and the relationship between strategy and structure in corporations, as well as its more recent accomplishments, including exploring new domains such as family business, networks and business groups, and retaining an open architecture and inter-disciplinary approach. Yet Jones also notes that the discipline has struggled to achieve a wider impact, in part because of methodological under-development. He discusses 3 alternative futures for the discipline. (1) which he rejects, is a continuing growth of research domains to create a diffuse "business history of everything." (2) is a re-integration with the sister discipline of economic history, which has strongly recovered from its near-extinction 2 decades ago through a renewed attention to globalization and the Great Divergence between the West and the Rest. (3) which he supports, is that business historians retain a distinct identity by building on their proud tradition of deep engagement with empirical evidence by raising the bar in methodology and focusing on big issues for which many scholars, practitioners and students seek answers. He identifies 4 such big issues related to debates on entrepreneurship, globalization, business and the natural environment, and the social and political responsibility of business.
article  economic_history  economic_sociology  business_history  business-and-politics  business-norms  business_practices  business-ethics  globalization  MNCs  methodology  environment  climate-adaptation  entrepreneurs  CSR  paywall 
april 2015 by dunnettreader
Mark Elliott Budnitz - The Development of Consumer Protection Law, the Institutionalization of Consumerism, and Future Prospects and Perils (2010) :: SSRN
Georgia State University College of Law -- Georgia State University Law Review, Vol. 26, No. 4, p. 1147, 2010 -- The article examines major developments in the statutes, regulations and Supreme Court cases that have regulated consumer financial services since 1969. Major victories and defeats in the battle for laws protecting consumers are described. Consumer protection law is analyzed within the context of consumerism and its role as a movement for social change and law reform. The article describes the development of a permanent organizational structure for engaging in consumer law reform. This development has resulted in the institutionalization of consumerism and its values have become embedded in society’s values, better ensuring its survival. Finally, the article explores the prospects of the continued development of strong consumer protection law and the perils it faces in the future. -- Number of Pages in PDF File: 64 - Keywords: consumer protection, consumers, financial services, consumer protection law, consumerism, social change, reform, consumer law, legal history. -- didn't download
article  SSRN  US_legal_system  political_culture  legal_history  20thC  21stC  business-norms  business-and-politics  consumer_protection  consumerism  financial_system  financial_access  financial_regulation  reform-legal  reform-finance  SCOTUS  financial_innovation  EF-add 
november 2014 by dunnettreader
Hyeng-Joon Park - Korea’s Post-1997 Restructuring: An Analysis of Capital as Power | forthcoming in Review of Radical Political Economics (2015) pp. 1-44 | bnarchives
This paper aims to transcend current debates on Korea’s post-1997 restructuring, which rely on a dichotomy between domestic industrial capital and foreign financial capital, by adopting Nitzan and Bichler’s capital-as-power perspective. Based on this approach, the paper analyzes Korea’s recent political economic restructuring as the latest phase in the evolution of capitalist power and its transformative regimes of capital accumulation. -- Keywords: differential accumulation dominant capital chaebols transnationalization strategic sabotage -- Subjects: BN State & Government, BN Institutions, BN Power, BN International & Global, BN Region - Asia, BN Business Enterprise, BN Value & Price, BN Crisis, BN Production, BN Conflict & Violence, BN Money & Finance, BN Distribution, BN Comparative, BN Capital & Accumulation, BN Policy, BN Class, BN Labour, BN Growth -- downloaded from author's blog to Note
article  international_political_economy  capital_as_power  globalization  Korea  East_Asia  20thC  21stC  economic_history  1990s  2000s  2010s  Asian_crisis  Asia_Pacific  international_finance  FDI  finance_capital  financialization  emerging_markets  oligopoly  chaebols  crony_capitalism  industry  production  capitalism  capitalism-systemic_crisis  capitalization  accumulation  distribution-income  distribution-wealth  cross-border  trade  productivity-labor_share  class_conflict  labor_share  Labor_markets  unions  violence  economic_growth  sabotage-by_business  business-and-politics  business-norms  power-asymmetric  public_policy  public_goods  corporate_finance  corporate_ownership  investment  banking  political_culture  economic_culture  economic_reform  economic_policy  democracy  opposition  downloaded  EF-add 
october 2014 by dunnettreader
Bichler, Shimshon and Nitzan, Jonathan - The Asymptotes of Power - Real-World Economics Review. No. 60. June 2012. pp. 18-53 | bnarchives
Article workup of earlier conference paper -- This is the latest in a series of articles we have been writing on the current crisis. The purpose of our previous papers was to characterize the crisis. We claimed that it was a 'systemic crisis', and that capitalists were gripped by 'systemic fear'. In this article, we seek to explain why. The problem that capitalists face today, we argue, is not that their power has withered, but, on the contrary, that their power has increased. Indeed, not only has their power increased, it has increased by so much that it might be approaching its asymptote. And since capitalists look not backward to the past but forward to the future, they have good reason to fear that, from now on, the most likely trajectory of this power will be not up, but down. The paper begins by setting up our general framework and key concepts. It continues with a step-by-step deconstruction of key power processes in the United States, attempting to assess how close these processes are to their asymptotes. And it concludes with brief observations about what may lie ahead. -- Keywords: capitalization distribution power, systemic crisis -- Subjects: BN Money & Finance, BN Conflict & Violence, BN Distribution, BN Resistance, BN Power, BN Region - North America, BN Business Enterprise, BN Capital & Accumulation, BN Value & Price, BN Class, BN Crisis -- downloaded pdf to Note, also Excel data sheet
article  international_political_economy  capital_as_power  financial_system  international_finance  global_economy  global_system  ruling_class  transnational_elites  elite_culture  elites-self-destructive  globalization  power-asymmetric  Great_Recession  financial_crisis  finance_capital  financialization  distribution-income  distribution-wealth  profit  labor_share  risk-systemic  inequality  plutocracy  1-percent  conflict  violence  class_conflict  neoliberalism  corporate_citizenship  systems-complex_adaptive  systems_theory  grassroots  opposition  democracy  democracy_deficit  accumulation  capitalization  US_politics  US_economy  political_economy  political_culture  economic_culture  elites  rebellion  failed_states  property_rights  business-and-politics  business-norms  economic_growth  fear  data  capitalism-systemic_crisis  downloaded  EF-add 
october 2014 by dunnettreader
Michael Hudson - Veblen’s Institutionalist Elaboration of Rent Theory - Working Paper No. 729 | Levy Economics Institute - August 2012
As the heirs to classical political economy and the German historical school, the American institutionalists retained rent theory and its corollary idea of unearned income. More than any other institutionalist, Thorstein Veblen emphasized the dynamics of banks financing real estate speculation and Wall Street maneuvering to organize monopolies and trusts. Yet despite the popularity of his writings with the reading public, his contribution has remained isolated from the academic mainstream, and he did not leave behind a “school.” Veblen criticized academic economists for having fallen subject to “trained incapacity” as a result of being turned into factotums to defend rentier interests. Business schools were painting an unrealistic happy-face picture of the economy, teaching financial techniques but leaving out of account the need to reform the economy’s practices and institutions. In emphasizing how financial “predation” was hijacking the economy’s technological potential, Veblen’s vision was as materialist and culturally broad as that of the Marxists, and as dismissive of the status quo. Technological innovation was reducing costs but breeding monopolies as the finance, insurance, and real estate (FIRE) sectors joined forces to create a financial symbiosis cemented by political-insider dealings—and a trivialization of economic theory as it seeks to avoid dealing with society’s failure to achieve its technological potential. The fruits of rising productivity were used to finance robber barons who had no better use of their wealth than to reduce great artworks to the status of ownership trophies and achieve leisure-class status by funding business schools and colleges to promote a self-congratulatory but deceptive portrayal of their wealth-grabbing behavior. -- Associated Program: Explorations in Theory and Empirical Analysis -- downloaded pdf to Note
paper  intellectual_history  19thC  20thC  Veblen  entre_deux_guerres  economic_history  economic_theory  institutional_economics  political_economy  classical_economics  neoclassical_economics  marginalists  German_historical_school  professionalization  academia  philanthropy  Gilded_Age  robber_barons  finance_capital  technology  investment  monopolies  speculative_finance  financial_system  financialization  antitrust  history-and-social_sciences  rentiers  rent-seeking  business-and-politics  business-norms  busisness-ethics  business_schools  downloaded  EF-add 
october 2014 by dunnettreader
Mark S. Mizruchi - Berle and Means Revisited: The Governance and Power of Large U.S. Corporations | JSTOR: Theory and Society, Vol. 33, No. 5 (Oct., 2004), pp. 579-617
In The Modern Corporation and Private Property (1932), Berle and Means warned of the concentration of economic power brought on by the rise of the large corporation and the emergence of a powerful class of professional managers, insulated from the pressure not only of stockholders, but of the larger public as well. In the tradition of Thomas Jefferson, Berle and Means warned that the ascendance of management control and unchecked corporate power had potentially serious consequences for the democratic character of the United States. Social scientists who drew on Berle and Means in subsequent decades presented a far more benign interpretation of the rise of managerialism, however. For them, the separation of ownership from control actually led to an increased level of democratization in the society as a whole. Beginning in the late 1960s, sociologists and other social scientists rekindled the debate over ownership and control, culminating in a series of rigorous empirical studies on the nature of corporate power in American society. In recent years, however, sociologists have largely abandoned the topic, ceding it to finance economists, legal scholars, and corporate strategy researchers. In this article, I provide a brief history of the sociological and finance/legal/strategy debates over corporate ownership and control. I discuss some of the similarities between the two streams of thought, and I discuss the reasons that the issue was of such significance sociologically. I then argue that by neglecting this topic in recent years, sociologists have failed to contribute to an understanding of some of the key issues in contemporary business behavior. I provide brief reviews of four loosely developed current perspectives and then present an argument of my own about the changing nature of the U.S. corporate elite over the past three decades. I conclude with a call for sociologists to refocus their attention on an issue that, however fruitfully handled by scholars in other fields, cries out for sociological analysis. -- downloaded pdf to Note
article  jstor  economic_history  intellectual_history  20thC  21stC  US_economy  US_politics  political_economy  political_sociology  economic_sociology  law-and-finance  law-and-economics  capitalism  corporations  MNCs  corporate_governance  corporate_finance  capital_markets  shareholder_value  shareholders  principal-agent  management  managerialism  corporate_citizenship  corporate_control_markets  corporate_law  M&A  business-and-politics  business-norms  power  power-asymmetric  status  interest_groups  lobbying  regulation  bibliography  downloaded  EF-add 
september 2014 by dunnettreader
John Groenewegen - European Integration and Changing Corporate Governance Structures: The Case of France | JSTOR: Journal of Economic Issues, Vol. 34, No. 2 (Jun., 2000), pp. 471-479
Speculates that the economic and business cultures of major countries are distinctive enough that the expectation of global convergence on Anglo-Saxon corporate governance norms is too simplistic. It's based implicitly or explicitly on the assumption that liberalization of European capital markets will produce a European-wide market in corporate control that will impose its Anglo-Saxon norms and values via access to and pricing of international capital. He looks at ways that European Integration might reinforce local norms or converge toward a more European set of values and governance practices. Short article, didn't download
article  jstor  France  Eurozone  EU  market_integration  capital_markets  corporate_governance  shareholder_value  corporate_control_markets  busisness-ethics  business-norms  corporate_finance  corporate_citizenship 
september 2014 by dunnettreader

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