The Experts below are selected from a list of 300 Experts worldwide ranked by ideXlab platform
Frank Dobbin - One of the best experts on this subject based on the ideXlab platform.
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review of charles perrow organizing america wealth power and the origins of Corporate Capitalism
Theory and Society, 2004Co-Authors: Frank DobbinAbstract:This book at first appears to be Perrow’s own history of the modern corporation, but it turns out to be a critique of the canon and a fresh look at the historical material presented by others. As such, it is a lot closer in format and goals to Perrow’s classic Complex Organizations (New York: Random House, 1986) than it is to the works in business history and sociology it challenges. In Complex Organizations, Perrow critiques several of the leading organizational paradigms, challenging their conclusions and reinterpreting their findings through the lens of his own power theory. He has done something akin to that here, focusing on several different historical works and the schools associated with them. He critiques these works through close readings and reconsideration of the evidence they present, and in the process develops an argument of his own. This is not so much an historical work based on secondary sources as it is an effort to engage key arguments about business history and to oier a new interpretation.
Joel Bothello - One of the best experts on this subject based on the ideXlab platform.
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Limited Liability and Moral Hazard Implications: An Alternative Reading of the Financial Crisis
SSRN Electronic Journal, 2020Co-Authors: Marie-laure Djelic, Joel BothelloAbstract:The principle of limited liability is one of the defining characteristics of modern Corporate Capitalism. It is also, we argue in this paper, a powerful structural source of moral hazard. Engaging in a double conceptual genealogy, we investigate how the concepts of moral hazard and limited liability were created and diffused over time. We highlight two very similar but parallel paths of emergence, moral contestation and eventual institutionalization, and outline how the two notions have become connected through time, showing clear elective affinities between both concepts and their respective evolution. Going one step further, we suggest that both concepts have come to be connected through time. In the context of contemporary Capitalism, limited liability has to be understood, we argue, as a powerful structural source of moral hazard. In conclusion, we propose that this structural link between limited liability and moral hazard is an important explanatory factor of the recent financial crisis and a seemingly intractable characteristic of modern Corporate Capitalism.
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Limited liability and its moral hazard implications: the systemic inscription of instability in contemporary Capitalism
Theory and Society, 2013Co-Authors: Marie-laure Djelic, Joel BothelloAbstract:The principle of limited liability is one of the defining characteristics of modern Corporate Capitalism. It is also, we argue in this article, a powerful structural source of moral hazard. Engaging in a double conceptual genealogy, we investigate how the concepts of moral hazard and limited liability have evolved and diffused over time. We highlight two parallel but unconnected paths of construction, diffusion, moral contestation, and eventual institutionalization. We bring to the fore clear elective affinities between both concepts and their respective evolution. Going one step further, we suggest that both concepts have come to be connected through time. In the context of contemporary Capitalism, limited liability has to be understood, we argue, as a powerful structural source of moral hazard. In conclusion, we propose that this structural link between limited liability and moral hazard is an important explanatory factor of the systemic instability of contemporary Capitalism and, as a consequence, of a pattern of recurrent crises that are regularly disrupting our economies and societies.
Edwin M Epstein - One of the best experts on this subject based on the ideXlab platform.
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The Continuing Quest for Accountable, Ethical, and Humane Corporate Capitalism: An Enduring Challenge for Social Issues in Management in the New Millennium
Business Ethics Quarterly, 2020Co-Authors: Edwin M EpsteinAbstract:From their inception, the Social Issues in Management (SIM) field and the SIM Division within the Academy of Management have provided the essential venues to examine the complex, dynamic, two-way relationship between economic institutions of our society and the social systems in which they operate. They have blended the normative with the scientific, the speculative with the empirical, and the philosophical with the pragmatic. The field and the Division have served, perhaps most importantly, as the conscience of management education and the Academy. Their enduring quest and raison d’etre is to foster Corporate Capitalism that is accountable, ethical, and humane.
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the continuing quest for accountable ethical and humane Corporate Capitalism an enduring challenge for social issues in management in the new millennium
Business Ethics Quarterly, 2000Co-Authors: Edwin M EpsteinAbstract:From their inception, the Social Issues in Management (SIM) field and the SIM Division within the Academy of Management have provided the essential venues to examine the complex, dynamic, two- way relationship between economic institutions of our society and the social systems in which they operate. They have blended the normative with the scientific, the speculative with the empirical, and the philosophical with the pragmatic. The field and the Division have served, perhaps most importantly, as the conscience of management education and the Academy. Their enduring quest and raison d'etre is to foster Corporate Capitalism that is accountable, ethical, and humane. The fundamental thesis of this paper is contained in its title, "The Continuing Quest for Accountable, Ethical, and Humane Corporate Capitalism: An Enduring Challenge for Social Issues in Management in the New Millennium." From the outset, the Social Issues in Management field (SIM, a.k.a. Business, Government, and Society; Business and Public Policy; Conceptual Foundations of Business; etc, etc.) and the SIM Division of the Academy of Management have blended the normative with the scientific, the speculative with the empirical, and the philosophical with the pragmatic. Our predecessors (including Joe McGuire, George Steiner, Summer Marcus, Walter Klein, and Keith Davis) were impelled to establish the SIM Division in 1971 for reasons other than mere collective security and in-numbers-there-is-strength considerations. Indeed, they were all well established and highly regarded at their respective institutions. What brought them together, I would argue, was a concern that there exist within the Academy a forum for examining what my erstwhile colleagues, Sethi and Votaw, termed "the complex, dynamic, two-way relationship between economic institutions of our society . .. and the social systems in which these institutions now operate and are likely to operate in the future" (Sethi and Votaw in Preston and Post, p. xi). In addition, I submit, these original elders came together to address fundamental value issues raised by that "dynamic, two-way relationship." More specifically, they sought to:
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the continuing quest for accountable ethical and humane Corporate Capitalism an enduring challenge for social issues in management in the new millennium
Business & Society, 1999Co-Authors: Edwin M EpsteinAbstract:From their inception, the social issues in management (SIM) field and the SIM Division within the Academy of Management have provided venues to examine the complex, dynamic, two-way relation between economic institutions of our society and the social systems in which they operate. They have blended the normative with the scientific, the speculative with the empirical, and the philosophical with the pragmatic. The field and the Division have served, perhaps most importantly, as the conscience of management education and the Academy. Their enduring quest and raison d’etre is to foster Corporate Capitalism that is accountable, ethical, and humane.
Marie-laure Djelic - One of the best experts on this subject based on the ideXlab platform.
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Limited Liability and Moral Hazard Implications: An Alternative Reading of the Financial Crisis
SSRN Electronic Journal, 2020Co-Authors: Marie-laure Djelic, Joel BothelloAbstract:The principle of limited liability is one of the defining characteristics of modern Corporate Capitalism. It is also, we argue in this paper, a powerful structural source of moral hazard. Engaging in a double conceptual genealogy, we investigate how the concepts of moral hazard and limited liability were created and diffused over time. We highlight two very similar but parallel paths of emergence, moral contestation and eventual institutionalization, and outline how the two notions have become connected through time, showing clear elective affinities between both concepts and their respective evolution. Going one step further, we suggest that both concepts have come to be connected through time. In the context of contemporary Capitalism, limited liability has to be understood, we argue, as a powerful structural source of moral hazard. In conclusion, we propose that this structural link between limited liability and moral hazard is an important explanatory factor of the recent financial crisis and a seemingly intractable characteristic of modern Corporate Capitalism.
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Limited liability and its moral hazard implications: the systemic inscription of instability in contemporary Capitalism
Theory and Society, 2013Co-Authors: Marie-laure Djelic, Joel BothelloAbstract:The principle of limited liability is one of the defining characteristics of modern Corporate Capitalism. It is also, we argue in this article, a powerful structural source of moral hazard. Engaging in a double conceptual genealogy, we investigate how the concepts of moral hazard and limited liability have evolved and diffused over time. We highlight two parallel but unconnected paths of construction, diffusion, moral contestation, and eventual institutionalization. We bring to the fore clear elective affinities between both concepts and their respective evolution. Going one step further, we suggest that both concepts have come to be connected through time. In the context of contemporary Capitalism, limited liability has to be understood, we argue, as a powerful structural source of moral hazard. In conclusion, we propose that this structural link between limited liability and moral hazard is an important explanatory factor of the systemic instability of contemporary Capitalism and, as a consequence, of a pattern of recurrent crises that are regularly disrupting our economies and societies.
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Exporting the American Model: The Postwar Transformation of European Business
1998Co-Authors: Marie-laure DjelicAbstract:Exporting the American Model places in historical perspective the apparently universal appeal of the model of Corporate Capitalism. Marie-Laure Djelic explores the patterns of evolution that have characterized Western European business systems in the postwar period. She identifies two seemingly conflicting trends -- one leading to convergence, the other perpetuating national differentiation. To account for this apparent contradiction, she first documents the large-scale transfer to Western Eruope of a model of Corporate Capitalism with clear American origins, showing the key role in the process of the Marshall Plan administration. Focusing on France, West Germany, and Italy, she then looks at the specific conditions in which the transfer took place in each case. One key finding is that this transfer had varying degrees of success in each of the three countries and that the American model was partially adapted to national conditions when it was not strongly resisted. The book underscores the socially constructed and historically contingent nature of structural arrangements shaping conditions of industiral production in capitalist countries today. National systems of industrial production are not given or necessary; they are constructed through time by economic but also political actors with particular goals and resources, often in direct confrontation with other intersts. This shaping is embedded within specific national institutional contexts but it also takes place in unique geopolitical conditions. Thus foreign actors, it is argued, can have in certain circumstances a significant impact on the process of definition of a given national system of industial production.
Sol Picciotto - One of the best experts on this subject based on the ideXlab platform.
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mediating contestations of private public and property rights in Corporate Capitalism
Oñati Socio-Legal Series, 2013Co-Authors: Sol PicciottoAbstract:The law and lawyers have played a key part in creating the concepts and institutional forms of Corporate Capitalism in the past century and a half. Legalization has been playing an equally central role especially in the recent decades in forming the institutions of the new global governance. What has been constructed is a corporatist economy, in which highly socialized systems of economic activity are managed in forms which allow and indeed facilitate private control and appropriation. Yet they are very different from those of the 'market economy' envisaged by classical liberal philosophy and political economy. Although the state and the economy appear as separate spheres, they are intricately interrelated in many ways, especially in the definition and allocation of property rights, and in extensive state support and interventions, which play a determining role in investment and profit rates. Working at the interface of the public and private in mediating social action and conflict, lawyers have played a key role in constructing corporatist Capitalism, and are central to its governance and legitimation. This is also due to lawyers’ techniques and practices of formulating and interpreting concepts and norms which are inherently malleable and indeterminate, which provide the flexibility to manage the complex interactions of private and public. These techniques and the lawyers who deploy them have also been central both to the construction of the classical liberal system of interdependent states, and during the current period of its gradual fragmentation and the transition to networked regulation and global governance.La ley y los abogados han desempenado un papel decisivo en la creacion de los conceptos y las formas institucionales del Capitalismo corporativo en el ultimo siglo y medio. La legalizacion ha estado desempenando asi mismo un papel central, sobre todo en las ultimas decadas, en la formacion de las instituciones de la nueva gobernacion global. Lo que se ha construido es una economia corporativista, en el que los sistemas altamente socializados de la actividad economica se administran en formas que permiten, y de hecho facilitan, el control y la apropiacion privada. Sin embargo, son muy diferentes de los de la 'economia de mercado' previsto por la filosofia liberal clasica y la economia politica. Aunque el estado y la economia parezcan esferas separadas, estan intimamente relacionadas entre si en muchos aspectos, sobre todo en la definicion y asignacion de los derechos de propiedad y de un amplio apoyo del Estado y de las intervenciones, las cuales juegan un papel determinante en la inversion y las tasas de ganancia. Al trabajar en la interfaz de los sectores publicos y en la mediacion de la accion social y el conflicto, los abogados han desempenado un papel clave en la construccion del Capitalismo corporativista, y son fundamentales para su gobernabilidad y legitimacion. Esto se debe a las tecnicas y practicas de los abogados en la formulacion e interpretacion de conceptos y normas que son inherentemente maleables e indeterminados, y que proporcionan la flexibilidad necesaria para gestionar las complejas interacciones de lo privado y lo publico. Estas tecnicas y los abogados que los despliegan tambien han sido fundamentales en la construccion del sistema liberal clasico de los Estados interdependientes, asi como en el actual periodo de su fragmentacion gradual y la transicion a la interconectada regulacion y gobernacion global.
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Paradoxes of Regulating Corporate Capitalism: Property Rights and Hyper-Regulation
2011Co-Authors: Sol PicciottoAbstract:The past 30 years has seen an enormous growth of formalized regulation, which some have characterized as part of a wider phenomenon of 'regulatory Capitalism’. This has also been a period of the hegemony of neo-liberal ideologies of free markets. The paradox aptly described by Stephen Vogel as 'freer markets, more rules’ has not received an adequate explanation, despite an equally enormous growth of studies and theories of regulation. This paper will argue that insufficient attention has been given to the relationship between the 'naturalization’ of property rights, and the growth of regulation. It is generally accepted, particularly by liberal theory, that private property rights are essential to free markets. However, the acceptance as 'natural’ of existing forms of private rights to property, in an era when economic activity has become increasingly socialized, generates instabilities, to which a frequent response is regulation, often of a hybrid public-private character. This argument will be developed through two examples. Firstly, the analysis of financial market regulation, which over the past 30 years has been a paradigm of hyper-regulation, but leaving untouched the private property protections that have fueled 'financialization’ and speculation, and generated crises culminating in the crash of 2008-9. Secondly, an account of how struggles over the scope and definition of intellectual property rights have molded the emergence and development of today’s 'knowledge economy’, as the historic tension between private rights and the public domain has given way to the creation of various forms of regulated 'commons’, allocating rights and remuneration.
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regulating global Corporate Capitalism
2011Co-Authors: Sol PicciottoAbstract:This analysis of how multi-level networked governance has superseded the liberal system of interdependent states focuses on the role of law in mediating power and shows how lawyers have shaped the main features of Capitalism, especially the transnational corporation. It covers the main institutions regulating the world economy, including the World Bank, the IMF, the WTO and a myriad of other bodies, and introduces the reader to key regulatory arenas: Corporate governance, competition policy, investment protection, anti-corruption rules, Corporate codes and Corporate liability, international taxation, avoidance and evasion and the campaign to combat them, the offshore finance system, international financial regulation and its contribution to the financial crisis, trade rules and their interaction with standards especially for food safety and environmental protection, the regulation of key services (telecommunications and finance), intellectual property and the tensions between exclusive private rights and emergent forms of common and collective property in knowledge.
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Regulating Global Corporate Capitalism: Corporations and competition
Regulating Global Corporate Capitalism, 2011Co-Authors: Sol PicciottoAbstract:The corporation or company is the main form developed under industrial Capitalism for carrying on business, and hence it is a key social institution. It provides an institutional framework which enables business to be organized on a large scale, and to coordinate a variety of activities, even across the world. Institutionalized firms can coordinate and plan activities which are both more extensive and potentially long-term than individual or family businesses. Hence, if the basic business unit is referred to as the firm, incorporation allows it to take a form which may be described as the impersonal firm. Due to these features, the corporation has enabled the radical transformation of Capitalism, from laissez-faire to regulated Corporate Capitalism. The extent of this transformation is often ignored both by Capitalism's supporters and its critics. Its impact has been well summarized as follows: Capitalism has developed as a system of a limited number of giant corporations working at vast scales to bureaucratic plans administered by professional managers. Accumulation is pursued but in a restrained form compatible with oligopolistic coexistence. In particular, price competition is irrelevant to pricing decisions in the influential sectors of the economy and has been more or less displaced as a form of competition by cost-cutting (whilst holding price constant) and by the sales effort. The smaller firms and consumers in the residual areas of the economy must take the production decisions of the large Corporate price makers as the crucially determining boundaries of the relatively unimportant decisions they are left to make. […]
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The Internationalisation of the State
Capital & Class, 1991Co-Authors: Sol PicciottoAbstract:The national state was the basis of the regulatory framework of modern Corporate Capitalism. International coordination of state functions is based on bureaucratic corporatist bargaining through formal and informal structures. The globalisation of social relations puts increasing pressure on both national and international state structures, and requires a popular internationalist response.
