scholarly journals Polanyi’s embeddedness and shareholder stewardship: a contextual analysis of current Anglo-American perspectives on corporate governance

2020 ◽  
Vol 62 (4) ◽  
pp. 451-468
Author(s):  
Lorraine E Talbot
Keyword(s):  
Corporate Governance ◽  
Social Relations ◽  
Free Market ◽  
State Intervention ◽  
The Us ◽  
Neoliberal Economics ◽  
Governance Strategies ◽  
Anglo American ◽  
The Uk ◽  
Institutional Shareholders

Polanyi saw the economy as properly embedded in society and argued that the capitalist free market, in commodifying social relations of production, seeks to disembed the economy from society. The resulting lack of continuity between society and economy, he maintained, created conflict which necessarily required state intervention. The market economy, therefore, in contrast to neoclassical/neoliberal economics’ vision of an autonomous, self-regulating market, required more, not less, state intervention to sustain it than alternative, more embedded economies. This article explores this conflict in the context of a specific neoliberal claim: that institutional shareholders are capable of being good 'stewards' of the companies in which they invest. Utilising Polanyi’s embeddedness, this article assesses the 'stewardship' approach as it is manifested in the US and in the UK. This approach is posited on a vision of a disembedded, self-regulating market. Putting it into practice is thus a retrograde step which will only exacerbate the problems created by the market-based corporate governance strategies which have prevailed since the late 1970s onwards.

The Liberalizers: Justifying Free-Market Finance

2018 ◽  
Author(s):  
Louçã Francisco ◽  
Ash Michael
Keyword(s):  
Public Discourse ◽  
Free Market ◽  
Second World War ◽  
Economic Regulation ◽  
Developed Economies ◽  
The Us ◽  
The 1960S ◽  
The Uk ◽  
Second World ◽  
The New Deal

Chapter 5 traces how free market ideology displaced the apparent consensus on economic regulation that emerged from the Depression, the New Deal, and the Second World War. Viewed as cranks within economics through the 1960s, Milton Friedman and his supporters built an apparatus of ideas, publications, students, think tanks, and rich supporters, establishing outposts in Latin America and the UK. When developed economies faltered in the 1970s, Friedman’s neoliberal doctrine was ready. With citizens, consumers, and workers feeling worked over by monopolies, inflation, unemployment, and taxes, these strange bedfellows elected Reagan in the US and Thatcher in the UK and rolled to power in academia and in public discourse with a doctrine of privatization, liberalization, and deregulation. Friedman, Eugene Fama, and James Buchanan whose radical free market views triumphed at the end of the 1970s are profiled. A technical appendix, “Skeptics and Critics vs. True Believers” explores the economic debates.

scholarly journals A Free-Market Environmentalist Transition toward Renewable Energy: The Cases of Germany, Denmark, and the United Kingdom

Energies ◽  
2021 ◽  
Vol 14 (15) ◽  
pp. 4659
Author(s):  
William Hongsong Wang ◽  
Vicente Moreno-Casas ◽  
Jesús Huerta de Soto
Keyword(s):  
United Kingdom ◽  
Renewable Energy ◽  
Private Property ◽  
Free Market ◽  
State Intervention ◽  
Tax Rate ◽  
Reform Agenda ◽  
The United Kingdom ◽  
Market Environmentalism ◽  
The Uk

Renewable energy (RE) is one of the most popular public policy orientations worldwide. Compared to some other countries and continents, Europe has gained an early awareness of energy and environmental problems in general. At the theoretical level, free-market environmentalism indicates that based on the principle of private property rights, with fewer state interventionist and regulation policies, entrepreneurs, as the driving force of the market economy, can provide better services to meet the necessity of offering RE to protect the environment more effectively. Previous studies have revealed that Germany, Denmark, and the United Kingdom have made some progress in using the market to develop RE. However, this research did not analyze the three countries’ RE conditions from the perspective of free-market environmentalism. Based on our review of the principles of free-market environmentalism, this paper originally provides an empirical study of how Germany, Denmark, and the United Kingdom have partly conducted free-market-oriented policies to successfully achieve their policy goal of RE since the 1990s on a practical level. In particular, compared with Germany and Denmark, the UK has maintained a relatively low energy tax rate and opted for more pro-market measures since the Hayekian-Thatcherism free-market reform of 1979. The paper also discovers that Fredrich A. Hayek’s theories have strongly impacted its energy liberalization reform agenda since then. Low taxes on the energy industry and electricity have alleviated the burden on the electricity enterprises and consumers in the UK. Moreover, the empirical results above show that the energy enterprises play essential roles in providing better and more affordable RE for household and industrial users in the three sampled countries. Based on the above results, the paper also warns that state intervention policies such as taxation, state subsidies, and industrial access restrictions can impede these three countries’ RE targets. Additionally, our research provides reform agendas and policy suggestions to policymakers on the importance of implementing free-market environmentalism to provide more efficient RE in the post-COVID-19 era.

scholarly journals Dividend Policy in Indonesian Companies: Does Corporate Governance Matter?

2019 ◽  
Vol 8 (2S9) ◽  
pp. 825-830
Keyword(s):  
Corporate Governance ◽  
Dividend Policy ◽  
Resource Dependence ◽  
Secondary Data ◽  
Developed Countries ◽  
Resource Dependence Theory ◽  
Financial Statement ◽  
Finance Industry ◽  
The Us ◽  
The Uk

This study investigates whether corporate governance matters with regards to the dividend policy in Indonesian companies. Previous studies on this subject have mostly been done in developed countries, which have adopted the common law, such as in the US and the UK. This study uses 26 companies operating in the finance industry. Secondary data is used from several sources, such as the annual report and financial statement and related websites. This study uses an independent sample t-test to analyse the data. Corporate governance matters for dividend policy in Indonesian companies. It is evidenced by the fact that there is a significant differ ence in managerial ownership and board size between dividend paid and dividend not paid. Profitability also differs between dividend paid and dividend not paid companies; companies with higher profitability tend to pay dividend. This study provides empirical evidence that corporate governance matters for dividend policy in Indonesian companies. There are two contributions of this study: the result confirms the resource dependence theory and the convergence governance hypothesis.

Friend or Foe? The US Invades Grenada

2015 ◽  
pp. 93-144
Author(s):  
Sally-Ann Treharne
Keyword(s):  
Negative Impact ◽  
International Community ◽  
Special Relationship ◽  
Caribbean Island ◽  
The Us ◽  
The Caribbean ◽  
Eastern Caribbean ◽  
Anglo American ◽  
British Commonwealth ◽  
The Uk

The US-led invasion of the Caribbean island of Grenada at the alleged behest of the Organisation of Eastern Caribbean States (OECS) on 25 October 1983 had a profound negative impact upon the development of the Special Relationship under Reagan and Thatcher. The dubious legality of the intervention was widely criticised by the international community, most notably the UK. And yet, it was the Thatcher government that bore the scars of considerable domestic criticism regarding the unlawful US involvement in the internal affairs of a member of the British Commonwealth. The US invasion of Grenada, or operation ‘Urgent Fury’ as it is otherwise known, raised important questions regarding the limits of British credibility and importance within the Anglo-American alliance.

Coda

2020 ◽  
pp. 267-270
Author(s):  
Héctor Fernández L’Hoeste ◽  
Juan Carlos Rodríguez
Keyword(s):  
Social Media ◽  
Latin American ◽  
Social Relations ◽  
Digital Humanities ◽  
The Us ◽  
The Uk

This chapter provides a balance for the volume, accounting for the implications of recent political shift in the US, much of which has been linked to social media. It emphasizes how the texts included in this collection also suggest the speed with which technology is playing a preeminent role in cultural, political, and social relations, be it north or south of the border. In the end, it seeks to strike a balance between the scholarly worlds in Portuguese and Spanish and academic spheres of the Anglo domain, clarifying the volume's intention not to pontificate, but rather to serve as a bridge between the Latin American digital humanities and the Anglo academe in the US and the UK, in a fashion as independent as possible to hegemonic proclivities.

The Origins of Neoliberalism and the Role of the German State

2021 ◽  
pp. 16-33
Author(s):  
Julian Germann
Keyword(s):  
International Political Economy ◽  
The United States ◽  
German State ◽  
The Us ◽  
Global Movement ◽  
Anglo American ◽  
The Uk ◽  
Corporate Profits ◽  
German Contribution

This chapter reviews the most prominent explanations of the global rise of neoliberalism provided within critical International Political Economy: (1) a state-centered argument, which holds that neoliberalism was imposed by the United States in a bid to reassert its global dominance; (2) a class-based argument, which sees neoliberalism as the project of globalizing elites who sought to restore their corporate profits and power; and (3) an ideational argument, which describes the rise of neoliberalism as a paradigmatic shift in economic ideas. The chapter argues that these accounts share a common bias: they pivot unduly on the Anglo-American world and are unable to capture the peculiar German contribution to the origins of neoliberalism. As a result, they misread the rise of Germany to the apex of a neoliberal Europe as a belated repetition of the same global movement spearheaded by the US and the UK.

scholarly journals The punishment marketplace: Competing for capitalized power in locally controlled immigration enforcement

2017 ◽  
Vol 23 (3) ◽  
pp. 394-414 ◽  
Author(s):  
Daniel L Stageman
Keyword(s):  
Social Relations ◽  
Local Governments ◽  
Free Market ◽  
Criminal Justice Policy ◽  
Immigration Enforcement ◽  
Neoliberal Globalization ◽  
Immigration Control ◽  
Federal Authority ◽  
The Social ◽  
Neoliberal Economics

Neoliberal economics play a significant role in US social organization, imposing market logics on public services and driving the cultural valorization of free market ideology. The neoliberal ‘project of inequality’ is upheld by an authoritarian system of punishment built around the social control of the underclass—among them unauthorized immigrants. This work lays out the theory of the punishment marketplace: a conceptualization of how US systems of punishment both enable the neoliberal project of inequality, and are themselves subject to market colonization. The theory describes the rescaling of federal authority to local centers of political power. Criminal justice policy activism by local governments is punishment entrepreneurship: an accumulative approach to securing fiscal gain, political hegemony, security, and capitalized power. Local immigration enforcement entrepreneurship targets unauthorized and other deportable immigrants. This punitive immigration control reinforces racially structured social relations by obscuring the diminishing returns neoliberal globalization provides working class whites.

scholarly journals Corporate Governance and Social Responsibility: a comparative analysis of the UK and the US*

2006 ◽  
Vol 14 (3) ◽  
pp. 147-158 ◽  
Author(s):  
Ruth V. Aguilera ◽  
Cynthia A. Williams ◽  
John M. Conley ◽  
Deborah E. Rupp
Keyword(s):  
Corporate Governance ◽  
Comparative Analysis ◽  
Social Responsibility ◽  
The Us ◽  
The Uk

Control and Corporate Rescue–An Anglo-American Evaluation

2007 ◽  
Vol 56 (3) ◽  
pp. 515-551 ◽  
Author(s):  
Gerard McCormack
Keyword(s):  
Entrepreneurial Culture ◽  
The Us ◽  
Restructuring Process ◽  
Anglo American ◽  
Bankruptcy Code ◽  
The Uk ◽  
Corporate Rescue ◽  
A Company ◽  
Administration Procedure

AbstractThis article compares and contrasts Chapter 11 of the US Bankruptcy Code with the UK administration procedure under the Insolvency and Enterprise Acts. It focuses in particular on who runs a company during the restructuring process—debtor-in-possession or management displacement in favour of an outside administrator. Various reasons have been given to explain the US/UK divergence in this respect including differences in entrepreneurial culture and differences in the lending markets in the two countries. The article suggests that the divergence cannot be reduced to a single factor but instead implicates a complex web of circumstances.

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