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Working for themselves? Capital market intermediaries and present day capitalism

Author

Listed:
  • Peter Folkman
  • Julie Froud
  • Sukhdev Johal
  • Karel Williams

Abstract

This article uses earlier debates on managerial capitalism to set up and explore questions about the role and possible effects of fee-earning capital market intermediaries in present day capitalism. The question then becomes whether a new group of actors (the capital market intermediaries) have taken a new leading role in the economy, in part by constraining the discretionary power of an old group of actors, the salaried corporate managers. A broader analysis of the new group of intermediaries makes two key points: first, business models in activities such as investment banking, corporate law and private equity all generate substantial rewards for senior intermediaries; second, the different agendas of these different groups have the net effect of encouraging an economy of permanent restructuring. The conclusion highlights differences between the managerial revolution and the rise of new intermediaries, while noting the role of this new group in an economy of permanent restructuring.

Suggested Citation

  • Peter Folkman & Julie Froud & Sukhdev Johal & Karel Williams, 2007. "Working for themselves? Capital market intermediaries and present day capitalism," Business History, Taylor & Francis Journals, vol. 49(4), pages 552-572.
    • Handle: RePEc:taf:bushst:v:49:y:2007:i:4:p:552-572
    DOI: 10.1080/00076790701296373
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    Citations

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    Cited by:

    1. Gordon L. Clark, 2016. "The Components of Talent: Company Size and Financial Centres in the European Investment Management Industry," Regional Studies, Taylor & Francis Journals, vol. 50(1), pages 168-181, January.
    2. Alvehus, Johan & Spicer, André, 2012. "Financialization as a strategy of workplace control in professional service firms," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 23(7), pages 497-510.
    3. Thomas Wainwright, 2011. "Elite Knowledges: Framing Risk and the Geographies of Credit," Environment and Planning A, , vol. 43(3), pages 650-665, March.
    4. John Allen, 2010. "Powerful City Networks: More than Connections, Less than Domination and Control," Urban Studies, Urban Studies Journal Limited, vol. 47(13), pages 2895-2911, November.
    5. James Crotty, 2009. "Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture'," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 563-580, July.
    6. Bruno AMABLE & Yannick LUNG, 2008. "The European Socio-Economic Models of a Knowledge-based society. \r\nMain findings and conclusion \r\n," Cahiers du GREThA (2007-2019) 2008-26, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    7. Guidi, Marco G.D. & Hillier, Joe & Tarbert, Heather, 2010. "Successfully reshaping the ownership relationship by reducing ‘moral debt’ and justly distributing residual claims: The cases from Scott Bader Commonwealth and the John Lewis Partnership," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 21(4), pages 318-328.
    8. Thomas Wainwright, 2011. "Tax Doesn't Have to Be Taxing: London's ‘Onshore’ Finance Industry and the Fiscal Spaces of a Global Crisis," Environment and Planning A, , vol. 43(6), pages 1287-1304, June.
    9. Thomas Wainwright & Graham Manville, 2017. "Financialization and the third sector: Innovation in social housing bond markets," Environment and Planning A, , vol. 49(4), pages 819-838, April.

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