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The Unfinished Business of Governance

Monitoring and Regulating Industries and Organizations

Alexander Styhre

The Unfinished Business of Governance provides an overview of the changing landscape of governance and focuses on the three specific domains of corporate governance, university governance, and market governance. The book examines how changes in competitive capitalism and the wider social organization of society is recursively both determined by, and actively shaping underlying governance ideals and their practices. The shared theme in the various changes of the governance system is that free market theory and ideologies have gradually penetrated governance practices.
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Chapter 5: The unfinished business of governance: towards new governance regimes

Alexander Styhre

Extract

The final chapter examines some of the implications of the current challenges in governing corporations, public and semi-public sector organizations such as universities, and industries. The economic concentration appear to correlate with growing economic inequality, but the “deep pockets” of certain market actors, including finance industry institutes, also generate social, political, and cultural effects that further accentuate the changes in the market. For this reason, the finance industry seems particularly complicated to govern and to regulate, blending political activism and market activities, including the introduction of new financial innovations to by-pass or eliminate regulatory control. In order to push down systemic risk—the demon of all finance market actors—legal and regulatory accountability may be needed. The final sections of the chapter examine such proposals and assess their practical utility.

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