Jo, Tae-Hee and Henry, John F. (2013): Take the Money and Run: The Business Enterprise in the Age of Money Manager Capitalism.
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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.
Item Type: | MPRA Paper |
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Original Title: | Take the Money and Run: The Business Enterprise in the Age of Money Manager Capitalism |
Language: | English |
Keywords: | Thorstein B. Veblen, Hyman P. Minsky, Going Concern, Money Manager Capitalism, Mergers and Acquisitions, Social Provisioning Process |
Subjects: | B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches D - Microeconomics > D2 - Production and Organizations > D20 - General G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance |
Item ID: | 48782 |
Depositing User: | Dr. Tae-Hee Jo |
Date Deposited: | 01 Aug 2013 19:32 |
Last Modified: | 28 Sep 2019 22:55 |
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URI: | https://mpra.ub.uni-muenchen.de/id/eprint/48782 |