Chronic limitations of neo‐liberal capitalism and oligopolistic markets An urgent case for socialized capital

Chronic limitations of neo‐liberal capitalism and oligopolistic markets An urgent case for... Purpose – The purpose of this paper is to highlight the serious limitations of neo‐liberal capitalism and urge for a shift to socialized capital before further economic deterioration leads to a succession of global conflicts. Design/methodology/approach – This conceptual paper adopts a macro perspective in presenting argument on how global, financial markets integration and capital flow liberalization have led to inadequate market and corporate governance measures. The argument is couched in a selected literature and is preceded by a proposed solution – the requirement for socialized capital. An analysis of the nature of socialized capital is outlined and the questions that require attention identified if a paradigm shift from neo‐liberal capitalism is to take place. Findings – The need to urgently shift to a new philosophy of capitalism is overwhelming. Emphasized is that capital needs to adopt a socialised identity and is supported by investment horizons of 30 years or more. It is argued that non‐market (e.g. state, NGOs, civil society) intervention is critical in setting appropriate frameworks within which socialized capital can operate. Research limitations/implications – This is a theoretical paper, in which questions are raised which require transparent, public debate. Originality/value – The paper presents the case for a fundamental reconsideration of present day markets, the role of capital and the influence of elites in determining the public good. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Society and Business Review Emerald Publishing

Chronic limitations of neo‐liberal capitalism and oligopolistic markets An urgent case for socialized capital

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Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1746-5680
D.O.I.
10.1108/17465681111105805
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to highlight the serious limitations of neo‐liberal capitalism and urge for a shift to socialized capital before further economic deterioration leads to a succession of global conflicts. Design/methodology/approach – This conceptual paper adopts a macro perspective in presenting argument on how global, financial markets integration and capital flow liberalization have led to inadequate market and corporate governance measures. The argument is couched in a selected literature and is preceded by a proposed solution – the requirement for socialized capital. An analysis of the nature of socialized capital is outlined and the questions that require attention identified if a paradigm shift from neo‐liberal capitalism is to take place. Findings – The need to urgently shift to a new philosophy of capitalism is overwhelming. Emphasized is that capital needs to adopt a socialised identity and is supported by investment horizons of 30 years or more. It is argued that non‐market (e.g. state, NGOs, civil society) intervention is critical in setting appropriate frameworks within which socialized capital can operate. Research limitations/implications – This is a theoretical paper, in which questions are raised which require transparent, public debate. Originality/value – The paper presents the case for a fundamental reconsideration of present day markets, the role of capital and the influence of elites in determining the public good.

Journal

Society and Business ReviewEmerald Publishing

Published: Feb 8, 2011

Keywords: Social capital; Globalization; Economic integration; Governance; Investments

References

  • Political losers as a barrier to economic development
    Acemoglu, D.; Robinson, J.A.
  • Corporate governance and social responsibility: a comparative analysis of the UK and the US
    Aguilera, R.V.; Williams, C.A.; Conley, J.M.; Rupp, D.E.
  • Time‐varying world market integration
    Bekaert, G.; Harvey, C.R.
  • Dating the integration of world equity markets
    Bekaert, G.; Harvey, C.R.; Lumsdaine, R.L.
  • Foreign portfolio equity investments, financial liberalization and economic development
    Errunza, V.
  • Market fundamentalism, delusions and epistemic failures in policy and administration
    Kouzmin, A.
  • Debt and taxes
    Miller, M.H.
  • The political economy of finance
    Pagano, M.; Volpin, P.

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