Knyght, P. R., Kakabadse, N. K., Kouzmin, A. and Kakabadse, A. P. (2011) Chronic failure in globalized, oligopolistic markets: an urgent case for socialized capital. Society and Business Review. 6(1), pp. 7-26. 1746-5680.
| Item Type: | Article |
|---|---|
| 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 |
| Uncontrolled Keywords: | Economic integration, globalization, governance, investments, social capital |
| Subjects: |
H Social Sciences > HB Economic Theory > HB501 Capital. Capitalism H Social Sciences > HD Industries. Land use. Labor > HD2709 Corporations > HD2741 Corporate governance H Social Sciences > HF Commerce > HF1379 International commerce |
| Creators: | Knyght, Philip Reeves, Kakabadse, Nada K, Kouzmin, Alexander and Kakabadse, Andrew P |
| Publisher: | Emerald Group Publishing Limited |
| Faculties, Divisions and Institutes: |
University Faculties, Divisions and Research Centres - OLD > Faculty of Business & Law > Human Resource Management & Organisational Behaviour Faculties > Faculty of Business & Law > Human Resource Management & Organisational Behaviour |
| Date: | 2011 |
| Date Type: | Publication |
| Page Range: | pp. 7-26 |
| Journal or Publication Title: | Society and Business Review |
| Volume: | 6 |
| Number: | 1 |
| Language: | English |
| DOI: | https://doi.org/10.1108/17465681111105805 |
| ISSN: | 1746-5680 |
| Status: | Published / Disseminated |
| URI: | http://nectar.northampton.ac.uk/id/eprint/3562 |
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