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Finance-led Capitalism: An Inventory

In: Corporate Governance Adrift

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Abstract

Recent corporate governance scandals have brought to the fore the inherent contradictions of a capitalism dominated by financial markets. This challenging book by Michel Aglietta and Antoine Rebérioux argues that capitalism’s basic premise – that companies must be managed in the sole interest of their shareholders – is incongruent with the current environment of liquid markets, profit-hungry investors and chronic financial instability. The authors advocate rather that a company should be managed as an institution where common objectives are developed for all stakeholders, and that this democratic principle should be extended to the management of collective savings to reduce macro-financial instability. These two conditions, they contend, could make contemporary capitalism a vehicle for social progress.

Suggested Citation

  • ., 2005. "Finance-led Capitalism: An Inventory," Chapters, in: Corporate Governance Adrift, chapter 1, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3675_1
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    Cited by:

    1. John B. Davis & Wilfred Dolfsma (ed.), 2015. "The Elgar Companion to Social Economics, Second Edition," Books, Edward Elgar Publishing, number 15954.
    2. Wen-Jie Xie & Zhi-Qiang Jiang & Gao-Feng Gu & Xiong Xiong & Wei-Xing Zhou, 2015. "Joint multifractal analysis based on the partition function approach: Analytical analysis, numerical simulation and empirical application," Papers 1509.05952, arXiv.org.

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