The Embedded Firm: Corporate Governance, Labor, and Finance Capitalism

doi:10.1017/CBO9780511794537

The globalization of capital markets since the 1980s has been accompanied by a vigorous debate over the convergence of corporate governance standards around the world towards the shareholder model. But even before the financial and economic crisis of 2008/2009, the dominance of the shareholder model was challenged with regard to persisting divergences and national differences in corporate law, labor law and industrial relations. This collection explores this debate at an important crossroads, echoing Karl Polanyi's famous observation in 1944 of the disembeddedness of the market from society. Drawing on pertinent insights from scholars, practitioners and regulators in corporate and labor law, securities regulation as well as economic sociology and management theory, the contributions shed important light on the empirical effects on the economy of the shift to shareholder primacy, in light of a comprehensive reconsideration of the global context, policy goals and regulatory forms which characterize market governance today.

Review of the hardback:‘This collection of essays by leading international scholars offers fresh perspectives on the impact of the global transformation of operating conditions on the change in the relationship between companies and employees, and the pressures on corporations to adopt new strategies and governance practices. This book should be of great interest to lawmakers, practitioners and scholars seeking to understand the dynamics of business and financial regulation in Europe and the US.’

Joseph McCahery - Tilburg University Law School

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Contents

Frontmatter
pp i-iv
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Contents
pp v-vii
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Figures
pp viii-viii
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Tables
pp ix-ix
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Contributors
pp x-xii
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Part I - Historical trajectories of business and regulation
pp 13-14
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2 - Corporate governance and financial crisis in the long run
pp 15-41
- By Simon Deakin
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3 - Financialism
pp 42-59
a (very) brief history
- By Lawrence E. Mitchell
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4 - Legitimating power
pp 60-81
the changing status of the board of directors
- By Dalia Tsuk Mitchell
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5 - Engaging corporate boards
pp 82-103
the limits of liability rules in modern corporate governance
- By William T. Allen
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6 - The primacy of Delaware and the embeddedness of the firm
pp 104-118
- By Fenner Stewart
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7 - The new embeddedness of the corporation
pp 119-148
corporate social responsibility in the knowledge society
- By Peer Zumbansen
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Part II - New interests, new shareholder constellations, new landscapes
pp 149-150
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8 - Beyond the Berle and Means paradigm
pp 151-176
private equity and the new capitalist order
- By Stephen F. Diamond
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9 - Pension funds as owners and as financial intermediaries
pp 177-204
a review of recent Canadian experience
- By Simon Archer
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10 - Credit derivatives market design
pp 205-232
creating fairness and sustainability
- By Janis Sarra
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11 - The EU Takeovers Directive: a shareholder or stakeholder model?
pp 233-255
- By Blanaid Clarke
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12 - “Law and finance”
pp 256-274
inaccurate, incomplete, and important
- By Ruth V. Aguilera, Cynthia A. Williams
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Part III - Labor’s evolution in the new economy
pp 275-276
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13 - Labor and finance in the United States
pp 277-317
- By Sanford M. Jacoby
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14 - The conflicting logic of markets and the management of production
pp 318-332
- By Suzanne Konzelmann, Frank Wilkinson
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15 - Organizing workers globally
pp 333-349
the need for public policy to regulate investment
- By John Evans
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16 - From governance to political economy
pp 350-380
insights from a study of relations between corporations and workers
- By Harry W. Arthurs, Claire Mummé
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Part IV - The transnational embedded firm and the financial crisis
pp 381-382
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17 - The intellectual foundations of the global financial crisis
pp 383-412
analysis and proposals for reform
- By Frank Jan De Graaf, Cynthia A. Williams
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18 - Why executive pay matters to innovation and inequality
pp 413-439
- By William Lazonick
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19 - Products, perimeters and politics
pp 440-458
systemic risk and securities regulation
- By Mary Condon
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20 - Modernizing pension fund legal standards for the twenty-first century
pp 459-474
- By Keith L. Johnson, Frank Jan De Graaf
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Part V - Conclusion
pp 475-476
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The Embedded Firm

Corporate Governance, Labor, and Finance Capitalism

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