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Corporate Governance, Competition, and Political Parties

Author: Roger M. Barker

Publisher: Oxford University Press on Demand

Published: 2010-01-21

Total Pages: 348

ISBN-13: 0199576815

Over the last decade, significant changes in corporate governance in Continental Europe have been increasingly evident. This book argues that firms in some of these countries have eschewed the traditional stakeholder-orientation for a strategy based on the maximization of shareholder value, despite a period of social democratic politics in Europe.

The Dynamics of Two-Party Politics

Author: Alan Ware

Publisher: OUP Oxford

Published: 2009-06-11

Total Pages: 176

ISBN-13: 0191570052

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This book examines the role played by the parties themselves in two-party systems. It rejects the argument that the behaviour of the parties is determined largely by social forces or by the supposed logic of the electoral market. Instead, it shows that both structure and agency can matter. It focuses on three major aspects of change in two-party systems: (i) why occasionally major parties ( such as the British Liberals) collapse; (ii) why collapsed parties sometimes survive as minor parties, and sometimes do not; and (iii) what determines why, and how, major parties will ally themselves with minor parties in order to maximize their chances of winning. With respect to the first aspect it is argued that major parties are advantaged by two factors: the resources they have accumulated already, and their occupying role similar to that called by Thomas Schelling a "focal arbiter". Consequently, party collapse is rare. When it has occurred in nation states it is the result of a major party having to fight opposition on "two separate fronts". The survival of a collapsed party depends largely on its internal structure; when a party has linked closely the ambitions of politicians at different levels of office, party elimination is more likely. The main arena in which agency is significant - that is, when leadership is possible, including the politician acting as heresthetician - is in the re-building of coalitions. This is necessary for maximizing the chances of a party winning, but, for various reasons, coalitions between major and minor parties are usually difficult to construct. Comparative Politics is a series for scholars and students of political science that deals with contemporary issues in comparative government and politics. The General Editor is David M. Farrell, Jean Monnet Chair in European Politics and Head of School of Social Sciences, University of Manchester. The series is published in association with the European Consortium for Political Research.

Political Power and Corporate Control

Author: Peter A. Gourevitch

Publisher: Princeton University Press

Published: 2010-06-20

Total Pages: 365

ISBN-13: 1400837014

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Why does corporate governance--front page news with the collapse of Enron, WorldCom, and Parmalat--vary so dramatically around the world? This book explains how politics shapes corporate governance--how managers, shareholders, and workers jockey for advantage in setting the rules by which companies are run, and for whom they are run. It combines a clear theoretical model on this political interaction, with statistical evidence from thirty-nine countries of Europe, Asia, Africa, and North and South America and detailed narratives of country cases. This book differs sharply from most treatments by explaining differences in minority shareholder protections and ownership concentration among countries in terms of the interaction of economic preferences and political institutions. It explores in particular the crucial role of pension plans and financial intermediaries in shaping political preferences for different rules of corporate governance. The countries examined sort into two distinct groups: diffuse shareholding by external investors who pick a board that monitors the managers, and concentrated blockholding by insiders who monitor managers directly. Examining the political coalitions that form among or across management, owners, and workers, the authors find that certain coalitions encourage policies that promote diffuse shareholding, while other coalitions yield blockholding-oriented policies. Political institutions influence the probability of one coalition defeating another.

The Politics Industry

Author: Katherine M. Gehl

Publisher: Harvard Business Press

Published: 2020-06-23

Total Pages: 316

ISBN-13: 1633699242

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Leading political innovation activist Katherine Gehl and world-renowned business strategist Michael Porter bring fresh perspective, deep scholarship, and a real and actionable solution, Final Five Voting, to the grand challenge of our broken political and democratic system. Final Five Voting has already been adopted in Alaska and is being advanced in states across the country. The truth is, the American political system is working exactly how it is designed to work, and it isn't designed or optimized today to work for us—for ordinary citizens. Most people believe that our political system is a public institution with high-minded principles and impartial rules derived from the Constitution. In reality, it has become a private industry dominated by a textbook duopoly—the Democrats and the Republicans—and plagued and perverted by unhealthy competition between the players. Tragically, it has therefore become incapable of delivering solutions to America's key economic and social challenges. In fact, there's virtually no connection between our political leaders solving problems and getting reelected. In The Politics Industry, business leader and path-breaking political innovator Katherine Gehl and world-renowned business strategist Michael Porter take a radical new approach. They ingeniously apply the tools of business analysis—and Porter's distinctive Five Forces framework—to show how the political system functions just as every other competitive industry does, and how the duopoly has led to the devastating outcomes we see today. Using this competition lens, Gehl and Porter identify the most powerful lever for change—a strategy comprised of a clear set of choices in two key areas: how our elections work and how we make our laws. Their bracing assessment and practical recommendations cut through the endless debate about various proposed fixes, such as term limits and campaign finance reform. The result: true political innovation. The Politics Industry is an original and completely nonpartisan guide that will open your eyes to the true dynamics and profound challenges of the American political system and provide real solutions for reshaping the system for the benefit of all. THE INSTITUTE FOR POLITICAL INNOVATION The authors will donate all royalties from the sale of this book to the Institute for Political Innovation.

Stifling Political Competition

Author: James T. Bennett

Publisher: Springer Science & Business Media

Published: 2008-11-30

Total Pages: 143

ISBN-13: 0387098216

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Stifling Political Competition examines the history and array of laws, regulations, subsidies and programs that benefit the two major parties and discourage even the possibility of a serious challenge to the Democrat-Republican duopoly. The analysis synthesizes political science, economics and American history to demonstrate how the two-party system is the artificial creation of a network of laws, restrictions and subsidies that favor the Democrats and Republicans and cripple potential challenges. The American Founders, as it has been generally forgotten, distrusted political parties. Nowhere in the U.S. Constitution are parties mentioned, much less given legal protection or privilege. This provocative book traces how by the end of the Civil War the Republicans and Democrats had guaranteed their dominance and subsequently influenced a range of policies developed to protect the duopoly. For example, Bennett examines how the Federal Election Campaign Act of 1971 (as amended in 1974 and 1976), which was sold to the public as a nonpartisan act of good government reformism actually reinforced the dominance of the two parties. While focused primarily on the American experience, the book does consider the prevalence of two-party systems around the world (especially in emerging democracies) and the widespread contempt with which they are often viewed. The concluding chapter considers the potential of truly radical reform toward opening the field to vigorous, lively, contentious third-party candidacies that might finally offer alienated voters a choice, not an echo.

Golden Rule

Author: Thomas Ferguson

Publisher: University of Chicago Press

Published: 2011-08-15

Total Pages: 439

ISBN-13: 022616201X

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"To discover who rules, follow the gold." This is the argument of Golden Rule, a provocative, pungent history of modern American politics. Although the role big money plays in defining political outcomes has long been obvious to ordinary Americans, most pundits and scholars have virtually dismissed this assumption. Even in light of skyrocketing campaign costs, the belief that major financial interests primarily determine who parties nominate and where they stand on the issues—that, in effect, Democrats and Republicans are merely the left and right wings of the "Property Party"—has been ignored by most political scientists. Offering evidence ranging from the nineteenth century to the 1994 mid-term elections, Golden Rule shows that voters are "right on the money." Thomas Ferguson breaks completely with traditional voter centered accounts of party politics. In its place he outlines an "investment approach," in which powerful investors, not unorganized voters, dominate campaigns and elections. Because businesses "invest" in political parties and their candidates, changes in industrial structures—between large firms and sectors—can alter the agenda of party politics and the shape of public policy. Golden Rule presents revised versions of widely read essays in which Ferguson advanced and tested his theory, including his seminal study of the role played by capital intensive multinationals and international financiers in the New Deal. The chapter "Studies in Money Driven Politics" brings this aspect of American politics into better focus, along with other studies of Federal Reserve policy making and campaign finance in the 1936 election. Ferguson analyzes how a changing world economy and other social developments broke up the New Deal system in our own time, through careful studies of the 1988 and 1992 elections. The essay on 1992 contains an extended analysis of the emergence of the Clinton coalition and Ross Perot's dramatic independent insurgency. A postscript on the 1994 elections demonstrates the controlling impact of money on several key campaigns. This controversial work by a theorist of money and politics in the U.S. relates to issues in campaign finance reform, PACs, policymaking, public financing, and how today's elections work.

Political Determinants of Corporate Governance

Author: Mark J. Roe

Publisher: Oxford University Press, USA

Published: 2003

Total Pages: 260

ISBN-13: 9780199205301

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In a painstaking analysis, Roe (law, Harvard Law School) examines the impact of a nation's strong social policies on the corporate governance, suggesting that stronger social policies can cause an American style of diffuse ownership among shareholders to fail. The link between social policies and corporate governance is examined statistically for a large number of countries, and in case studies for seven: Italy, Germany, Sweden, the UK, France, Japan, and the US. Product markets, securities markets, and the ability of corporate and economic structures to induce a political backlash are discussed. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).

Corporate Governance, Competition, and Political Parties

Author: Roger M. Barker

Publisher: OUP Oxford

Published: 2010-01-21

Total Pages: 352

ISBN-13: 0191610356

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The corporate governance systems of continental Europe have traditionally been quite different to those of the liberal market economies (e.g. the US and the UK). Company ownership has been dominated by incumbent blockholders, with a relatively minor role for minority shareholders and institutional investors. Business strategy has focused on the achievement of social stability - taking into account the interests of a broad group stakeholders - rather than the maximisation of shareholder value. However, since the mid-1990s, European corporations have adopted many of the characteristics of the Anglo-American shareholder model. Furthermore, such an increased shareholder-orientation has coincided with a significant role for the Left in European government. This presents a puzzle, as conventional wisdom does not usually conceive of the Left as an enthusiastic proponent of pro-shareholder capitalism. This book provides an analysis of this paradox by examining how economic factors have interacted with the policy preferences of political parties to cause a significant change in the European system of corporate governance. This book argues that the post-war support of the European Left for the prevailing blockholder-dominated corporate system depended on the willingness of blockholders to share economic rents with employees, both through higher wages and greater employment stability. However, during the 1990s, product markets became more competitive in many European countries. The sharing of rents between social actors became increasingly difficult to sustain. In such an environment, the Left relinquished its traditional social partnership with blockholders and embraced many aspects of the shareholder model. This explanation is supported through a panel data econometric analysis of 15 non-liberal market economies. Subsequent case study chapters examine the political economy of recent corporate governance change in Germany and Italy.

The Political Power of the Business Corporation

Author: Stephen Wilks

Publisher: Edward Elgar Publishing

Published: 2013-01-01

Total Pages: 330

ISBN-13: 1849807329

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The large business corporation has become a governing institution in national and global politics. This study offers a critical account of its political dominance and lack of democratic legitimacy.

Elites, Institutions and the Quality of Government

Author: Carl Dahlström

Publisher: Springer

Published: 2015-08-11

Total Pages: 261

ISBN-13: 1137556285

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To a large extent, elite politicians, bureaucrats, and businessmen hold the fortunes of their societies in their hands. This edited volume describes how formal and informal institutions affect elite behaviour, which in turn affects corruption and the quality of government.