Financialization At Work Key Texts and Commentary

General Introduction 

Section 1 History: Critique of the Rentier and Financier - Introduction 

1. Against the Rentier and Financier R.H. Tawney

2.  Control, Liquidity and the "Community Interest" Adolf A. Berle and Gardiner Means

3.  Speculation, Cyclicality and the Euthanasia of the Rentier John Maynard Keynes

Section 2 Agency Theory: The Value Maximizing Manager? - Introduction 

4. Making Internal Control Systems Work Michael Jensen

5. Contracts, Discipline and Management Pay  Henri L.Tosi et al

6. Testing the Pay/ Performance Relation Eugene Fama

7. Whose Company is it Anyway? Paddy Ireland

8. Financial Intermediaries: Working for Themselves?  Peter Folkman et al

Section 3 Political Economy: Accumulation and Innovation - Introduction 

9. A Finance-Led Growth Regime? Robert Boyer

10. Accumulation and the Profits of Finance Greta Krippner

11. Financialization and the Slowdown of Accumulation  Engelbert Stockhammer

12. Financialization, Neoliberalism and Income Inequality in the USA  Gérard Duménil and Dominique Lévy

Section 4 Cultural Economy: Narrative and Performative Discrepancies - Introduction 

13. Financialization of Daily Life Randy Martin

14. The New Economy and a New Market Culture Nigel Thrift

15. Performativity and the Black Scholes Model Donald MacKenzie and Yuval Millo

16. The Final Salary Pensions "Crisis"  Paul Langley

Section 5 Current Debates: Financialized Management - Introduction 

17. The Finance Conception of the Firm  Neil Fligstein

18. Shareholder Value and Corporate Governance William Lazonick and Mary O’Sullivan

19. Logics of Bargaining in the German Automotive Industry Jürgen Kädtler and Hans Joachim Sperling

20.  GE Under Jack Welch: Narrative, Performative and the Business Model Julie Froud et al

Biography

The team of editors work together on financialization and financial innovation. Their most recent book, Financialization and Strategy (Froud et al), was published by Routledge in 2006 and current projects include work on elites for a Sociological Review monograph. They are all researchers at the ESRC Centre for Research in Socio Cultural Change (www.cresc.ac.uk) where Karel Williams is co-director. Ismail Erturk, Julie Froud, Adam Leaver, and Karel Williams teach at Manchester Business School, University of Manchester and Sukhdev Johal at the School of Management, Royal Holloway, University of London. They have also set up the International Working Group on Financialisation (www.iwgf.org).

'The story of the past three decades is of how finance has shaped the world
in its own image, greatly enriched itself in the process and has now taken
the global economy to the brink of chaos. This book explains how this
process happened and, just as importantly, opens a broad historical perspective on what should happen now.' Larry Elliott, Economics Editor, The Guardian

'How do we make sense of the waves of financial innovation and crisis that sweep before us at an ever increasing pace? This set of readings is crucial for an understanding of these events and processes. Meticulously edited, each section is accompanied by thoughtful and measured commentary, and the introductory essay will surely become a key text in itself.' Professor Grahame Thompson, Open University