Financialization At Work
Key Texts and Commentary
Price: $57.95
Add to Cart- ISBN: 978-0-415-41731-0
- Binding: Paperback
- Published by: Routledge
- Publication Date: 9th May 2008
- Pages: 384
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About the Book
Crisis with US sub-prime mortgages, paralysis in global credit markets and the run on Northern Rock - all wake-up calls to the growing influence of finance and financial markets on the lives of ordinary people. Social scientists began debating financialization in the late 2000s much as they debated globalizsation in the 1990s, and this important book prepares the way by allowing readers to (re)define financialization for themselves.
The articles are grouped by discourse, covering not only inter-war liberal collectivism and current cultural economy, but also the agency theory of mainstream finance and political economy of various kinds. Helpful commentaries introduce each individual reading while section introductions analyze the assumptions, core propositions, achievements and limits in each distinct literature.
This book will challenge readers to bring a new understanding to the financialization of present day capitalism. It is an invaluable resource for students and researchers from business and management, plus all the social sciences with interests in political and cultural economy.
Table of Contents
General Introduction Section 1 History: Critique of the Rentier and Financier - Introduction 1. R.H. Tawney: Against the rentier and financier 2. Adolf A. Berle and Gardiner Means: Control, liquidity and the ‘community interest’ 3. John Maynard Keynes: Speculation, cyclicality and the euthanasia of the rentier Section 2 Agency Theory: the Value Maximizing Manager? - Introduction 4. Michael Jensen: Making internal control systems work 5. Eugene Fama: Contracts, discipline and management pay 5. Henri L.Tosi et al.: Testing the pay/ performance relation 6. Paddy Ireland: Whose company is it anyway? 7. Peter Folkman et al.: Financial intermediaries: working for themselves? Section 3 Political Economy: Accumulation and Innovation - Introduction 8. Robert Boyer: A finance-led growth regime? 9. Greta Krippner: Accumulation and the profits of finance 10. Engelbert Stockhammer: Financialization and the slowdown of accumulation 11. Gérard Duménil and Dominique Lévy: Financialization, neoliberalism and income inequality in the USA Section 4 Cultural Economy: Narrative and Performative Discrepancies - Introduction 12. Randy Martin: Financialization of daily life 13. Nigel Thrift: The new economy and a new market culture 14. Donald MacKenzie and Yuval Millo: Performativity and the Black Scholes model 15. Paul Langley: The final salary pensions ‘crisis’ Section 5 Current Debates: Financialized Management - Introduction 16. Neil Fligstein: The Finance Conception of the Firm 17. William Lazonick and Mary O’Sullivan: Shareholder Value and Corporate Governance 18. Jürgen Kädtler and Hans Joachim Sperling: Logics of bargaining in the German automotive industry 19. Julie Froud et al.: GE Under Jack Welch: Narrative, performative and the business model
About the Author(s)
The team of editors work together on financialization and financial innovation. Their most recent book, Financialization and Strategy (Froud et al), was published by Routledge in 2006 and current projects include work on elites for a Sociological Review monograph. They are all researchers at the ESRC Centre for Research in Socio Cultural Change (www.cresc.ac.uk) where Karel Williams is co-director. Ismail Erturk, Julie Froud, Adam Leaver, and Karel Williams teach at Manchester Business School, University of Manchester and Sukhdev Johal at the School of Management, Royal Holloway, University of London. They have also set up the International Working Group on Financialisation (www.iwgf.org).>