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Finance, Corporate Governance and the New Techno-Economic Paradigm

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  • Andrew TYLECOTE

    (University of Sheffield Management School)

  • Paulina RAMIREZ

    (Birmingham University Business School)

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    Abstract

    This paper assumes, with Perez (1983, 2002), that technological development follows a “long wave” rhytm, in which new “techno-economic paradigms” succeed one another at long intervals; the latest being the Information and Communication Technology (ICT) paradigm. When the new paradigm appears a tension develops between it and the existing socio-institutional framework. We argue that the financial and corporate governance system (FCGS), is a key element of that framework which is unusually resistant to change. The Focus is on the UK FCGS, an outsider-dominated / stock exchange-based system, though with comparisons with the US and with the “insider-dominated” economies. Based on fieldwork conducted between 1999 and 2005, we find that Britain is still a long way from witnessing a new creative partnership of financial and industrial capital in most of the economy, needed to fully release the potential of the new paradigm. We discuss what form that might take.

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    Bibliographic Info

    Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 2008045.

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    Length: 31
    Date of creation: 01 Dec 2008
    Date of revision:
    Handle: RePEc:ctl:louvre:2008045

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    Keywords: financial and corporate governance system; techno-economicparadigm; outsider-dominated/stock exchange based;

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