Finance, Corporate Governance and the New Techno-Economic Paradigm
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.
|Date of creation:||01 Dec 2008|
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