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Take the Money and Run: The Business Enterprise in the Age of Money Manager Capitalism

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  • Jo, Tae-Hee
  • Henry, John F.

Abstract

Most heterodox theories of the business enterprise base themselves on the Veblenian going concern in which managers pursue the long-run survival and growth of the enterprise, whereas absentee owners are occupied with short-run financial interests. Since Veblen’s era, the capitalist social provisioning process has evolved toward money manager capitalism in a dialectical fashion. At the heart of the transformation are changes in the business enterprise. In this paper, we make a threefold argument. First, while the Veblenian account of a going concern still holds true for many enterprises, more and more of the economy is being directed toward financial concerns. Second, as a consequence, the social provisioning process becomes more unstable and people’s welfare becomes more vulnerable. Third, the concept of a going concern is therefore to be modified in order to put the business enterprise in the context of money manager capitalism.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 48782.

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Date of creation: 01 Aug 2013
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Handle: RePEc:pra:mprapa:48782

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Related research

Keywords: Thorstein B. Veblen; Hyman P. Minsky; Going Concern; Money Manager Capitalism; Mergers and Acquisitions; Social Provisioning Process;

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  1. L. Randall Wray, 2009. "The rise and fall of money manager capitalism: a Minskian approach," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 807-828, July.
  2. Stefania Vitali & James B. Glattfelder & Stefano Battiston, 2011. "The network of global corporate control," Papers 1107.5728, arXiv.org, revised Sep 2011.
  3. Paddy Ireland, 2010. "Limited liability, shareholder rights and the problem of corporate irresponsibility," Cambridge Journal of Economics, Oxford University Press, vol. 34(5), pages 837-856.
  4. F. Gregory Hayden & Alyx Dodds Garner & Jerry Hoffman, 2013. "Corporate, Social, and Political Networks of Koch Industries Inc. and TD Ameritrade Holding Corporation: Extension to the State of Nebraska," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 47(1), pages 63-94, March.
  5. Engelbert Stockhammer, 2004. "Financialisation and the slowdown of accumulation," Cambridge Journal of Economics, Oxford University Press, vol. 28(5), pages 719-741, September.
  6. William Lazonick, 2010. "The Chandlerian corporation and the theory of innovative enterprise," Industrial and Corporate Change, Oxford University Press, vol. 19(2), pages 317-349, April.
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