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Alexander Styhre

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Alexander Styhre

This chapter introduces the concept of governance as a key term when examining the current economic situation, including growing economic inequality. In order to understand such an economic and social phenomenon, analytical terms that bridge public companies, state-controlled agencies, and transnational regulators need to be introduced. The chapter introduces and critically discusses key terms in the governance literature, including corporate governance, transnational governance, and related terms such as accountability.

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Alexander Styhre

Chapter 1 introduces governance as a legal issue, ultimately grounded in the philosophy of right, a branch of philosophy. Early legal theorists such as Hugo Grotius sketched versions of what is today called governance, and there is today a line of demarcation drawn between liberal economies of the Anglo-American type, and continental and Scandinavian embedded economies wherein the state is recognized as a major agent influencing the economic system. The chapter discusses the differences between John Locke’s liberal view of, e.g., ownership rights, and George Wilhelm Friedrich Hegel’s philosophy of right, developed 14 decades later. Whereas Locke emphasizes a “minimal theory” of ownership rights, serving as the foundation for liberalism, Hegel too recognizes ownership as a fundamental right but locates ownership rights within the realm of the state. Consequently, the intellectual roots of liberal economies and embedded economies share certain assumptions but also diverge regarding assumptions about the role of the state. The second half of the chapter examines the creation of the Berle–Means firm, a key legal vehicle in the liberal economy and in its governance.

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Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen

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Joseph R. Mason

While some have bemoaned CO2 markets’ performance due to low prices – that is, too low to deter emissions – a potentially bigger threat is that such markets develop to provide binding constraints arising not from market pricing but from non-fundamental factors like fraud and rent-seeking. Investor fraud, corporate fraud, and counterfeiting and theft are already well-known to these markets, with little in the way of specific oversight and protection. If we are to expect meaningful market development, it makes sense to insulate such markets rent-seeking, generally, including various forms of fraud, counterfeiting, and permit theft that have already manifested in the sector. Only by restraining such influences can we provide a smooth-functioning CO2 market that can be the basis of economic growth, without exposing the broader economy to the potential for commodity market panics and crashes.

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Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen

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Introduction: political affairs in the global domain

Corporate Engagement in Politics and Governance

Christina Garsten and Adrienne Sörbom

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Marie-Laure Salles-Djelic

Marie Laure Djelic presents the role of Atlas Transnational, the mother of neo-liberal think tanks. Over the last 40 years neoliberalism has become the ‘new dominant regime of truth’ with a significant performative impact both nationally and transnationally. Of particular interest is the carrier and boundary-spanning role of the dense ecology of neoliberal think tanks and research institutes constructed during these last 40 years. These think tanks espouse a market- and business-friendly ideology and have made it their mission to champion, spread, defend and entrench, as widely and deeply as possible and in a multiplicity of contexts, this ideology and its associated politics. Djelic explores the role of Atlas, that was created to ‘litter the world’ with free-market think tanks, with a particular interest for the process through which the organizational form of the ‘neoliberal think tank’ came to be constructed, diffused, and progressively institutionalized during that period.

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Shaker A. Zahra, Donald O. Neubaum and James C. Hayton