Download or read book Finance Capitalism and Germany s Rise to Industrial Power written by Caroline Fohlin and published by Cambridge University Press. This book was released on 2007-01-29 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a wide array of data collected by the author, this book uses clear theoretically motivated economic analysis to explain the structure, performance, and influence of universal banks and securities markets on firms during industrialisation. The German universal banks played a significant but not overwhelming role in the ownership and control of corporate firms. Banks gained access to boards via a confluence of their underwriting and brokerage activities, the legal phenomena of bearer shares and deposited voting rights, and the flourishing securities markets of the turn of the twentieth century. In general, bank relationships had little impact on firm performance; stock market listings, or ownership structure, were more important. The findings show that securities markets can thrive within a civil-law, universal-bank system and suggest that financial system complexity can favour rapid industrial expansion.
Download or read book Mobilizing Money written by Caroline Fohlin and published by Cambridge University Press. This book was released on 2011-12-30 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the origins of modern corporate finance systems during the rapid industrialization period leading up to World War I; leading to three sets of conclusions. First, modern financial systems are rooted in the past, are idiosyncratic to specific countries and are highly path-dependent. Therefore, to understand current financial institutions, we must take stock of the forces at play in the near and distant past. Second, financial institutions and markets do not create economic growth without significant first steps in industrial development and supporting institutions. Third, and most important from the modern policy standpoint, there is no 'one-size-fits-all' solution to financial system design and industrial development. Having specific types of financial institutions is far less important than developing a strong, stable and legally protected financial system with a rich diversity of institutions and vibrant markets that can adapt to changing needs.
Download or read book Makers and Takers written by Rana Foroohar and published by Currency. This book was released on 2017-09-12 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is Wall Street bad for Main Street America? "A well-told exploration of why our current economy is leaving too many behind." —The New York Times In looking at the forces that shaped the 2016 presidential election, one thing is clear: much of the population believes that our economic system is rigged to enrich the privileged elites at the expense of hard-working Americans. This is a belief held equally on both sides of political spectrum, and it seems only to be gaining momentum. A key reason, says Financial Times columnist Rana Foroohar, is the fact that Wall Street is no longer supporting Main Street businesses that create the jobs for the middle and working class. She draws on in-depth reporting and interviews at the highest rungs of business and government to show how the “financialization of America”—the phenomenon by which finance and its way of thinking have come to dominate every corner of business—is threatening the American Dream. Now updated with new material explaining how our corrupted financial system propelled Donald Trump to power, Makers and Takers explores the confluence of forces that has led American businesses to favor balance-sheet engineering over the actual kind, greed over growth, and short-term profits over putting people to work. From the cozy relationship between Wall Street and Washington, to a tax code designed to benefit wealthy individuals and corporations, to forty years of bad policy decisions, she shows why so many Americans have lost trust in the system, and why it matters urgently to us all. Through colorful stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, Foroohar shows how we can reverse these trends for a better path forward.
Download or read book Finance Capitalism Unveiled written by Richard Deeg and published by University of Michigan Press. This book was released on 1999-01-27 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of Contents
Download or read book Industrial Constructions written by Gary Herrigel and published by Cambridge University Press. This book was released on 1996 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Herrigel challenges the Chandlerian, Gerschenkronian, and Schumpetarian approaches to Germany's economic history.
Download or read book The Relentless Revolution A History of Capitalism written by Joyce Appleby and published by W. W. Norton & Company. This book was released on 2011-03-07 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Splendid: the global history of capitalism in all its creative—and destructive—glory." —The New York Times Book Review With its deep roots and global scope, the capitalist system seems universal and timeless. The framework for our lives, it is a source of constant change, sometimes measured and predictable, sometimes drastic, out of control. Yet what is now ubiquitous was not always so. Capitalism was an unlikely development when it emerged from isolated changes in farming, trade, and manufacturing in early-modern England. Astute observers began to notice these changes and register their effects. Those in power began to harness these new practices to the state, enhancing both. A system generating wealth, power, and new ideas arose to reshape societies in a constant surge of change. Approaching capitalism as a culture, as a historical development that was by no means natural or inevitable, Joyce Appleby gives us a fascinating introduction to this most potent creation of mankind from its origins to its present global reach.
Download or read book Capitalisms Compared written by John R. Bowman and published by CQ Press. This book was released on 2013-08-06 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: How different would Americans’ lives be if they had guaranteed access to health care, generous public pensions, paid family leave, high-quality public pre-school care, increased rights at work, and a greater say in how corporations are run? This one-of-a-kind book emphasizes that differences in policies and institutions affect the lives of citizens by comparing health, pension, and family policies, as well as labor markets and corporate governance in the United States, Sweden, and Germany. Demonstrating that the US model of capitalism is not the only one that is viable, Bowman encourages students not only to rethink their assumptions about what policy alternatives are feasible, but also to learn more about American capitalism through insightful contrast. Covering a wide range of policy areas and written in a crisp, engaging style, Capitalisms Compared is a perfect companion for courses in political economy and public policy.
Download or read book The German Financial System and the Financial and Economic Crisis written by Daniel Detzer and published by Springer. This book was released on 2017-05-26 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an up-to-date overview of the development of the German financial system, with a particular focus on financialization and the financial crisis, topics that have increasingly gained attention since the crisis and the discussion on the secular stagnation started. The authors of the book—economists who have conducted extensive research in this area—offer a perspective on the financial system in the context of its importance for the overall economic system. The book not only provides detailed insights into Germany’s financial system; it also takes a broader perspective on finance and connects it with current macroeconomic developments in Germany.
Download or read book Re Forming Capitalism written by Wolfgang Streeck and published by OUP Oxford. This book was released on 2010-03-04 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wolfgang Streeck has written extensively on comparative political economy and institutional theory. In this book he addresses some of the key issues in this field: the role of history in institutional analysis, the dynamics of slow institutional change, the limitations of rational design and economic-functionalist explanations of institutional stability, and the recurrent difficulties of restraining the effects of capitalism on social order. In the classification of the 'Varieties of Capitalism' school, Germany has always been taken as the chief exemplar of a 'European', coordinated market economy. Streeck explores to what extent Germany actually conforms to this description. His argument is supported by original empirical research on wage-setting and wage structure, the organization of business and labor in business associations and trade unions, social policy, public finance, and corporate governance. From this evidence, Bringing Capitalism Back In traces the current liberalization of the postwar economy of democratic capitalism by means of an historically-grounded approach to institutional change. This is an important book in comparative political economy and key reading across the social sciences for academics, researchers, and advanced students of Political Economy, Sociology, comparative business systems.
Download or read book The Oxford Handbook of Banking and Financial History written by Youssef Cassis and published by Oxford University Press. This book was released on 2016-06-23 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2008 aroused widespread interest in banking and financial history among policy makers, academics, journalists, and even bankers, in addition to the wider public. References in the press to the term 'Great Depression' spiked after the failure of Lehman Brothers in November 2008, with similar surges in references to 'economic history' at various times during the financial turbulence. In an attempt to better understand the magnitude of the shock, there was a demand for historical parallels. How severe was the financial crash? Was it, in fact, the most severe financial crisis since the Great Depression? Were its causes unique or part of a well-known historical pattern? And have financial crises always led to severe depressions? Historical reflection on the recent financial crises and the long-term development of the financial system go hand in hand. This volume provides the material for such a reflection by presenting the state of the art in banking and financial history. Nineteen highly regarded experts present chapters on the economic and financial side of banking and financial activities, primarily though not solely in advanced economies, in a long-term comparative perspective. In addition to paying attention to general issues, not least those related to theoretical and methodological aspects of the discipline, the volume approaches the banking and financial world from four distinct but interrelated angles: financial institutions, financial markets, financial regulation, and financial crises.
Download or read book From the Bonn to the Berlin Republic written by Jeffrey Anderson and published by Berghahn Books. This book was released on 2010-11-01 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fall of the Berlin Wall and the unification of East and West Germany in 1989/90 were events of world-historical significance. The twentieth anniversary of this juncture represents an excellent opportunity to reflect upon the evolution of the new Berlin Republic. Given the on-going significance of the country for theory and concept–building in many disciplines, an in-depth examination of the case is essential. In this volume, unique in its focus on all aspects of contemporary Germany - culture, historiography, society, politics and the economy - top scholars offer their assessments of the country’s performance in these and other areas and analyze the successes and continued challenges.
Download or read book The State of Capitalism written by Costas Lapavitsas and published by Verso Books. This book was released on 2023-08-29 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thinking beyond pandemic capitalism The health emergency that broke out in 2020 is a landmark event in the development of capitalism, confirming the underlying change signalled by the Great Crisis of 2007-9. The pandemic has catapulted the state to the centre of economic activity. However, a historic impasse is steadily becoming apparent at the core of the world economy Productive accumulation is flaccid, as both profitability and labour productivity are weak. Financialisation has entered a new phase, as “shadow banking” grew relative to other banks but is entirely dependent on the state. The power of the state derives from command over fiat money and can certainly deliver enormous boosts to aggregate demand, but that is not enough to tackle the weakness of the productive sector. The rise in inflation for the first time in forty years indicates the impasse. There is a transparent need for intervention on the supply side, directly challenging capitalist property rights. There is no evidence, however, that the ruling blocs in core countries would engage in such policies. The pandemic crisis also brought to the fore fresh divisions of core and periphery across the world economy. Imperialism has assumed new forms, spurred by globally active financial capital and internationalised productive capital. A renewed contest for hegemony has emerged as US power declined. The economic challenge of China will unfold steadily in the years ahead, intensifying political tensions and military rivalries. This book is the work of a research collective comprising authors from several parts of the world. It analyses these vital issues from the perspective of Marxist political economy and puts forth alternative anticapitalist proposals.
Download or read book Rhenish Capitalism written by Christian Marx and published by Routledge. This book was released on 2022-02-23 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rhenish capitalism is an ideal-typical model of capitalism which is characterised by a bank-centered financing system, close economic ties between banks and companies, a balance of power between shareholders and management, and a social partnership between unions and employers. The West German economy of the 1950s to the 1980s is the prime example of that model of capitalism which contrasts with the liberal Anglo-Saxon forms of capitalism. In accordance with recent debates about Varieties of Capitalism, the authors argue that research on capitalism should pay more attention to change over time. The book also claims to put the firm into the centre of analysis. The empirical contributions uncover the differences between French and German corporate governance practices comparing two European automobile producers (VW and Renault), analyse legal debates and practices of corporate control in post-war Germany, show the tension between national corporate governance and increasing internationalisation by reference to four major West German producers of chemicals, pharmaceuticals and fibres; and explore the opportunities encountered by German big banks vis-à-vis their customers from big industry. Furthermore, they show that coordinating culture in the supply relationship of the German automobile industry came under pressure at the end of the boom and stress the importance of communication processes as a basis for interest coordination in Rhenish capitalism. The chapters in this book were originally published as a special issue of the journal Business History.
Download or read book Bank Industry versus Stock Market Industry Relationships written by José L. García-Ruiz and published by Taylor & Francis. This book was released on 2023-03-31 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on a variety of themes concerning the relationship between financial systems in a broader sense and firms’ growth in historical perspective in some European countries. Financial systems are nowadays largely acknowledged to be a crucial element in determining economic growth. In modern economies, they play a key role by mobilizing savings, pricing risks and allocating capital to firms. Following a consolidated taxonomy focusing on the historical perspective, countries have been conventionally divided into bank-oriented (Continental Europe countries and Japan) and market-oriented systems (Anglo-Saxon countries). The chapters in this book present case studies on Belgium, Great Britain, France and Italy and show that financial systems do not trigger growth processes and industrialization, but they are essential to sustain them over time. Each society has the financial system that fits with its historical trajectory, without any being better or worse than others. The important thing is to have a financial system that is sophisticated and stable, and that evolves according to the demand forces of the moment. History matters. Bank-Industry versus Stock Market-Industry Relationships will be a beneficial read for students interested in economics and business history. The chapters in this book were originally published as a special issue of Business History.
Download or read book Capitalism written by Jürgen Kocka and published by Bloomsbury Publishing. This book was released on 2016-08-25 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capitalism has been a controversial concept. In the second half of the 20th century, many historians have either not used the concept at all, or only in passing. Many regarded the term as too broad, holistic and vague or too value-loaded, ideological and polemic. This volume brings together leading scholars to explore why the term has recently experienced a comeback and assess how useful the term can be in application to social and economic history. The contributors discuss whether and how the history of capitalism enables us to ask new questions, further explore unexhausted sources and discover new connections between previously unrelated phenomena. The chapters address case studies drawn from around the world, giving attention to Europe, Africa and beyond. This is a timely reassessment of a crucial concept, which will be of great interest to scholars and students of economic history.
Download or read book From Old Regime to Industrial State written by Richard H. Tilly and published by University of Chicago Press. This book was released on 2020-10-26 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: In From Old Regime to Industrial State, Richard H. Tilly and Michael Kopsidis question established thinking about Germany’s industrialization. While some hold that Germany experienced a sudden breakthrough to industrialization, the authors instead consider a long view, incorporating market demand, agricultural advances, and regional variations in industrial innovativeness, customs, and governance. They begin their assessment earlier than previous studies to show how the 18th-century emergence of international trade and the accumulation of capital by merchants fed commercial expansion and innovation. This book provides the history behind the modern German economic juggernaut.
Download or read book The Dissolution of the Financial State written by Simon Mouatt and published by Lexington Books. This book was released on 2015-08-06 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book argues that post-Keynesian theories of endogenous money can be combined with Marxian analysis in order to give insight into the changing power relations between the state, finance sector and real economy since WW2. A key theme is that financial power, derived from the control of money-issue and its purchasing power, is determined by the state and market in varying proportions (depending on context) but that state sovereignty has been lost in recent decades. In addition, the growth of financial markets in recent decades, so-called financialization, has led many to assume that private finance is an important proximate driver of economic affairs in general. In contrast, the book argues that this provides insufficient explanation of events. To discuss financial factors as causes of financial crisis risks describing the phenomena without illustrating the root causes. Instead, the book argues that systemic drivers of capitalism (rooted in production), probably best understood by Marx, actually do provide a more plausible explanation of the causes of the financialization and erosion of state sovereignty. In addition, the Post-Keynesian descriptions of monetary processes are considered to best reflect the actual reality of the monetary system. This represents an interesting synthesis of the classical Marx with modern money theory. The interpretation of Marx used to explain this financial transformation has been named the Temporal Single System Interpretation, which illustrates Marx’s value theory across periods and identifies a tendency towards falling profit rates. It is claimed that falling profits, in turn, are an underlying driver of the systemic propensity towards financialisation, crisis and stagnation. The empirical findings presented, taken from case studies of the UK and Germany, appear to support this view. The central argument is that the response of agents (including the state) to the profit tendency has been a significant driver of the observed financial transformation. The book then concludes that this synthesis provides a more appropriate explanation of the historical transformation of the financial system since the Great Depression, than much of the financialization literature, and illustrates the source (and operation) of financial power in the modern capitalist state and market.
