By Helmut Willke
ISBN-10: 1781006180
ISBN-13: 9781781006184
This e-book will pursue the argument that revisiting capitalism after
the worldwide fi nancial and fiscal quandary skill assessing capitalism
before the subsequent predicament. the following obstacle, besides the fact that, are usually not a trouble of
capitalism yet a obstacle of governance, or extra to the purpose, a crisis
of the relation among capitalism and governance and, therefore, a crisis
pertaining to the governance of capitalism
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Extra info for Political Governance of Capitalism: A Reassessment Beyond the Global Crisis
Example text
Apparently, these investors didn’t need to understand because they trusted their counterparties. Excessive leverage due to high-borrowing financing of investments must be seen as one of the main causes of systemic risk. In the case of some hedge funds the leverage ratio ran up to 1:100; in other words, leveraged firms have a high debt-to-equity ratio. For every Euro of client money in a hedge fund (equity) a further 100 Euros are borrowed by the fund (debt); in this case, a drop of merely 1 percent in asset prices would wipe out equity capital.
They tried to change the internal logic of firms as economic entities, making them ‘socially’ or ‘politically’ responsible. ) By changing or influencing contextual conditions, however, actors and agencies from outside, for example civil society organizations or political institutions, clearly are in a position to impress target systems by way of perturbations or by way of granting or withdrawing external resources. Contextual guidance as a governance model is more complicated and more indirect, but it does not destroy the autonomy and idiosyncratic logic of other functional systems.
It is, however, a broadly defined responsibility for the consequences of a firm’s actions in a concatenated and interdependent world, beginning with any firm’s chief responsibilities for its employees and its customers. 4 PRIVATE RISKS AND SYSTEMIC RISK The dynamics of capitalism result from the activities of economic agents who are willing to invest capital, take risks and seek profits. Joseph Schumpeter, in particular, has celebrated the entrepreneur as hero of capitalism and the resulting ‘creative destruction’ at the level of products, firms and technologies: ‘The fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers, goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates’ (Schumpeter 1975: 82).
Political Governance of Capitalism: A Reassessment Beyond the Global Crisis by Helmut Willke
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