Financialization At Work

<p>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.</p><p>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.</p><p>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.</p> <p>General Introduction </p><p><strong>Section 1</strong> <strong>History: Critique of the Rentier and Financier - Introduction</strong> </p><p>1. Against the Rentier and Financier <em>R.H. Tawney</em></p><p>2. Control, Liquidity and the "Community Interest" <em>Adolf A. Berle and Gardiner Means</em></p><p>3. Speculation, Cyclicality and the Euthanasia of the Rentier <em>John Maynard Keynes</em></p><p><strong>Section 2</strong> <strong>Agency Theory: The Value Maximizing Manager? - Introduction</strong> </p><p>4. Making Internal Control Systems Work <em>Michael Jensen</em> </p><p>5. Contracts, Discipline and Management Pay <em>Henri L.Tosi et al</em></p><p>6. Testing the Pay/ Performance Relation <em>Eugene Fama</em> </p><p>7. Whose Company is it Anyway? <em>Paddy Ireland</em></p><p>8. Financial Intermediaries: Working for Themselves? <em>Peter Folkman et al</em></p><p><strong>Section 3 Political</strong> <strong>Economy: Accumulation and Innovation - Introduction</strong> </p><p>9. A Finance-Led Growth Regime? <em>Robert Boyer</em></p><p>10. Accumulation and the Profits of Finance <em>Greta Krippner</em> </p><p>11. Financialization and the Slowdown of Accumulation <em>Engelbert Stockhammer</em> </p><p>12. Financialization, Neoliberalism and Income Inequality in the USA <em>Gérard Duménil and Dominique Lévy</em></p><p><strong>Section 4</strong> <strong>Cultural Economy: Narrative and Performative Discrepancies - Introduction</strong> </p><p>13. Financialization of Daily Life <em>Randy Martin</em></p><p>14. The New Economy and a New Market Culture <em>Nigel Thrift</em></p><p>15. Performativity and the Black Scholes Model <em>Donald MacKenzie and Yuval Millo</em> </p><p>16. The Final Salary Pensions "Crisis" <em>Paul Langley</em> </p><p><strong>Section 5</strong> <strong>Current Debates: Financialized Management - Introduction</strong> </p><p>17. The Finance Conception of the Firm <em>Neil Fligstein</em> </p><p>18. Shareholder Value and Corporate Governance <em>William Lazonick and Mary O’Sullivan</em></p><p>19. Logics of Bargaining in the German Automotive Industry <em>Jürgen Kädtler and Hans Joachim Sperling</em> </p><p>20. GE Under Jack Welch: Narrative, Performative and the Business Model <em>Julie Froud et al</em></p>