A SCHOLARLY BOOK REPOSITORY
Using archival sources, newspapers accounts, and trade publications, Stole demonstrates that the war elevated and magnified the seeming contradictions of advertising and allowed critics of these practices one final opportunity to corral and regulate the institution of advertising. Exploring how New Dealers and consumer advocates such as the Consumers Union battled the advertising industry, Advertising at War traces the debate over two basic policy questions: whether advertising should continue to be a tax-deductible business expense during the war, and whether the government should require effective standards and labeling for consumer products, which would render most advertising irrelevant. Ultimately the postwar climate of political intolerance and reverence for free enterprise quashed critical investigations into the advertising industry. While advertising could be criticized or lampooned, the institution itself became inviolable.
Inger L. Stole examines how consumer activists sought to limit corporate influence by rallying popular support to moderate and change advertising. Stole weaves the story through the extensive use of primary sources, including archival research done with consumer and trade group records, as well as trade journals and engagement with the existing literature. Her account of the struggle also demonstrates how public relations developed in order to justify laissez-faire corporate advertising in light of a growing consumer rights movement, and how the failure to rein in advertising was significant not just for civic life in the 1930s but for our era as well.
In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
From lobbyists such as Jack Abramoff, to corporate executives, like Enron's Kenneth Lay and Jeffrey Skilling, recent scandals dealing with politics and government have focused only on men at the top. But do these high-profile men accurately represent the gendered make up of corporate-government in the United States?
In this first in-depth look at the changing face of corporate lobbying, Denise Benoit shows how women who have historically worked mostly in policy areas relating to "women's issues" such as welfare, family, and health have become increasingly influential as corporate lobbyists, specializing in what used to be considered "masculine" policy, such as taxes and defense. Benoit finds that this new crop of female lobbyists mobilize both masculinity and femininity in ways that create and maintain trusting, open, and strong relations with those in government, and at the same time help corporations to save and earn billions of dollars.
While the media focuses on the dubious behaviors of men at the top of business and government, this book shows that female corporate lobbyists are indeed one of the best kept secrets in Washington.
Carbon Criminals, Climate Crimes analyzes the looming threats posed by climate change from a criminological perspective. It advances the field of green criminology through a examination of the criminal nature of catastrophic environmental harms resulting from the release of greenhouse gases. The book describes and explains what corporations in the fossil fuel industry, the U.S. government, and the international political community did, or failed to do, in relation to global warming. Carbon Criminals, Climate Crimes integrates research and theory from a wide variety of disciplines, to analyze four specific state-corporate climate crimes: continued extraction of fossil fuels and rising carbon emissions; political omission (failure) related to the mitigation of these emissions; socially organized climate change denial; and climate crimes of empire, which include militaristic forms of adaptation to climate disruption. The final chapter reviews policies that could mitigate greenhouse gas emissions, adapt to a warming world, and achieve climate justice.
Investigates how gays, lesbians, and bisexuals have succeeded in securing equitable benefits
Despite the backlash against lesbian and gay rights occurring in cities and states across the country, a growing number of corporations are actually expanding protections and benefits for their gay and lesbian employees. Why this should be, and why some corporations are increasingly open to inclusive policies while others are determinedly not, is what Nicole C. Raeburn seeks to explain in Changing Corporate America from Inside Out.
A long-overdue study of the workplace movement, Raeburn’s analysis focuses on the mobilization of lesbian, gay, and bisexual employee networks over the past fifteen years to win domestic partner benefits in Fortune 1000 companies. Drawing on surveys of nearly one hundred corporations with and without gay networks, intensive interviews with human resources executives and gay employee activists, as well as a number of case studies, Raeburn reveals the impact of the larger social and political environment on corporations’s openness to gay-inclusive policies, the effects of industry and corporate characteristics on companies’s willingness to adopt such policies, and what strategies have been most effective in transforming corporate policies and practices to support equitable benefits for all workers.
This volume, consisting of papers presented at a conference held at Williamsburg, Va., 2-3 April 1981, is a progress report on the National Bureau of Economic Research project, The Changing Roles of Debt and Equity in Financing U.S. Capital Formation. The National Bureau has undertaken this project—including the conference, the research described in this volume, and the publication of the volume itself—with the support of the American Council of Life Insurance.
Sekine and Bonanno stress the incompatibility of the requirements of neoliberalism with the structural and cultural conditions of Japanese agri-food. Local farmers’ and fishermen’s emphasis on community collective management of natural resources, they argue, clashes with neoliberalism’s focus on individualism and competitiveness. The authors conclude by pointing out the resulting fundamental contradiction: The lack of recognition of this incompatibility allows the continuous implementation of market solutions to problems that originate in these very market mechanisms.
The Conundrum of Russian Capitalism looks at the nature of Russian capitalism following the fall of the Soviet Union, showing how the system originated in the degenerated Soviet bureaucracy and the pressures of global capital. Ruslan Dzarasov provides a detailed analysis of Russian corporate governance, labour practices and investment strategies.
By comparing the practices of Russian companies to the typical models of corporate governance and investment behaviour of big firms in the West, Dzarasov sheds light on the relationship between the core and periphery of the capitalist world-system.
This groundbreaking study shows that Russia's new capitalism is not a break with the country's Stalinist past, but in fact the continuation of that tradition.
In this timely work, William S. Laufer argues that even with recent legal reforms, corporate criminal law continues to be ineffective. As evidence, Laufer considers the failure of courts and legislatures to fashion liability rules that fairly attribute blame for organizations. He analyzes the games that corporations play to deflect criminal responsibility. And he also demonstrates how the exchange of cooperation for prosecutorial leniency and amnesty belies true law enforcement. But none of these factors, according to Laufer, trumps the fact that there is no single constituency or interest group that strongly and consistently advocates the importance and priority of corporate criminal liability. In the absence of a new standard of corporate liability, the power of regulators to keep corporate abuses in check will remain insufficient.
Henry S. Turner uses the resources of economic and political history, literary analysis, and political philosophy to demonstrate how a number of English institutions with corporate associations—including universities, guilds, towns and cities, and religious groups—were gradually narrowed to the commercial, for-profit corporation we know today, and how the joint-stock corporation, in turn, became both a template for the modern state and a political force that the state could no longer contain. Through innovative readings of works by Thomas More, William Shakespeare, Francis Bacon, and Thomas Hobbes, among others, Turner tracks the corporation from the courts to the stage, from commonwealth to colony, and from the object of utopian fiction to the subject of tragic violence. A provocative look at the corporation’s peculiar character as both an institution and a person, The Corporate Commonwealth uses the past to suggest ways in which today’s corporations might be refashioned into a source of progressive and collective public action.
With The Corporate Contract in Changing Times, Steven Davidoff Solomon and Randall Stuart Thomas bring together leading corporate law scholars, judges, and lawyers from top corporate law firms to explore what needs to change and what has prevented reform thus far. Among the topics addressed are how the law could be adapted to the reality that activist hedge funds pose a more serious threat to corporations than the hostile takeovers and how statutory laws, such as the rules governing appraisal rights, could be reviewed in the wake of appraisal arbitrage. Together, the contributors surface promising paths forward for future corporate law and public policy.
We aren’t stuck with this dysfunctional corporate model, but business needs a new DNA if it is to enact the comprehensive approach we need. Pavan Sukhdev lays out a sweeping new vision for tomorrow’s corporation: one that will increase human wellbeing and social equity, decrease environmental risks and ecological losses, and still generate profit. Through a combination of internal changes in corporate governance and external regulations and policies, Corporation 2020 can become a reality in the next decade—and it must, argues Sukhdev, if we are to avert catastrophic social imbalance and ecological harm.
Corporation 2020 presents new approaches to measuring the true costs of business and the corporation’s obligation to society. From his insightful look into the history of the corporation to his thoughtful discussion of the steps needed to craft a better corporate model, Sukhdev offers a hopeful vision for the role of business in shaping a more equitable, sustainable future.
Recent U.S. Supreme Court decisions in Citizens United and other high-profile cases have sparked passionate disagreement about the proper role of corporations in American democracy. Partisans on both sides have made bold claims, often with little basis in historical facts. Bringing together leading scholars of history, law, and political science, Corporations and American Democracy provides the historical and intellectual grounding necessary to put today’s corporate policy debates in proper context.
From the nation’s founding to the present, Americans have regarded corporations with ambivalence—embracing their potential to revolutionize economic life and yet remaining wary of their capacity to undermine democratic institutions. Although corporations were originally created to give businesses and other associations special legal rights and privileges, historically they were denied many of the constitutional protections afforded flesh-and-blood citizens.
This comprehensive volume covers a range of topics, including the origins of corporations in English and American law, the historical shift from special charters to general incorporation, the increased variety of corporations that this shift made possible, and the roots of modern corporate regulation in the Progressive Era and New Deal. It also covers the evolution of judicial views of corporate rights, particularly since corporations have become the form of choice for an increasing variety of nonbusiness organizations, including political advocacy groups. Ironically, in today’s global economy the decline of large, vertically integrated corporations—the type of corporation that past reform movements fought so hard to regulate—poses some of the newest challenges to effective government oversight of the economy.
Contributors to this volume address the measurement and consequences of fraud and corruption and the forces that ultimately led to their decline within the United States. They show that various approaches to reducing corruption have met with success, such as deregulation, particularly “free banking,” in the 1830s. In the 1930s, corruption was kept in check when new federal bureaucracies replaced local administrations in doling out relief. Another deterrent to corruption was the independent press, which kept a watchful eye over government and business. These and other facets of American history analyzed in this volume make it indispensable as background for anyone interested in corruption today.
Taking a more grounded, empirical and holistic perspective, this text reveals how corruption operates through informal rules, personal connections and the wider social contexts that govern everyday practices. It looks at corruption in transitional societies such as post-Soviet Russia, and also explores efforts to reform or regulate institutions that are perceived to have a potential for corruption, such as the European Commission. The book also covers the Enron and WorldCom scandals.
What donors, especially business donors, expect for their money is "access" and access means a lot more than a chance to meet and talk. They count on secret behind-the-scenes deals, like a tax provision that applies only to a "corporation incorporated on June 13, 1917, which has its principal place of business in Bartlesville, Oklahoma." After a deal is worked out behind closed doors, one executive explains, "it doesn't much matter how people vote afterwards."
Ordinary contributions give access to Congress; megabuck "soft money" contributions ensure access to the President and top leaders. The striking truth revealed by these authors is that half the soft money comes from fewer than five hundred big donors, and that most contributions come, directly or indirectly, from business. Reform is possible, they argue, by turning away from the temptation of looking at specific scandals and developing a new system that removes the influence of big money campaign contributors.
“A landmark book…[a] bold reframing of the history of the British Empire.”
—Caroline Elkins, Foreign Affairs
An award-winning historian places the corporation—more than the Crown—at the heart of British colonialism, arguing that companies built and governed global empire, raising questions about public and private power that were just as troubling four hundred years ago as they are today.
Across four centuries, from Ireland to India, the Americas to Africa and Australia, British colonialism was above all the business of corporations. Corporations conceived, promoted, financed, and governed overseas expansion, making claims over territory and peoples while ensuring that British and colonial society were invested, quite literally, in their ventures. Colonial companies were also relentlessly controversial, frequently in debt, and prone to failure. The corporation was well-suited to overseas expansion not because it was an inevitable juggernaut but because, like empire itself, it was an elusive contradiction: public and private; person and society; subordinate and autonomous; centralized and diffuse; immortal and precarious; national and cosmopolitan—a legal fiction with very real power.
Breaking from traditional histories in which corporations take a supporting role by doing the dirty work of sovereign states in exchange for commercial monopolies, Philip Stern argues that corporations took the lead in global expansion and administration. Whether in sixteenth-century Ireland and North America or the Falklands in the early 1980s, corporations were key players. And, as Empire, Incorporated makes clear, venture colonialism did not cease with the end of empire. Its legacies continue to raise questions about corporate power that are just as relevant today as they were 400 years ago.
Challenging conventional wisdom about where power is held on a global scale, Stern complicates the supposedly firm distinction between private enterprise and the state, offering a new history of the British Empire, as well as a new history of the corporation.
A quiet revolution came to corporate America during the late 1980s and early 1990s. Large shareholders—pension funds, insurance companies, money manages, and commercial banks—exercised new-found muscle, pressuring senior managers to improve disappointing financial results by reshaping their organization. Michael Useem reveals how those investor pressures have transformed the inside structures of many corporations, better aligning them with shareholder interest.
Useem draws on numerous sources, including interviews with senior managers and intensive studies of seven large corporations representing a range of restructuring experiences and industries—including pharmaceuticals, transportation, chemicals, retailing, electronics, and financial services. He shows that organizational changes have affected many areas of corporate life: headquarters staffs have been reduced authority has filtered down to operating units, and compensation has become more closely tied to performance. Change also extends to corporate governance, where managers have fought back by seeking legal safeguards against takeovers and by staggering board terms. They’ve also put significant resources into building more effective relations with shareholders.
As Useem demonstrates, this revolution has reached beyond the corporation, influencing American politics and law. As increasing ownership concentration has caused companies to focus more attention on shareholders, corporate political agendas have shifted from fighting government regulation to resisting shareholder intrusion.
Personal and corporate scandals, compensation battles, budget worries, interdepartmental rivalries, personal enmities, and general rancor are among everyday challenges faced by executives. Morrill shows what most influences the way managers handle routine conflicts are the cultures created by their company's organizational structure: whether there is a strong hierarchy, a weak hierarchy, or an absence of any strong central authority. The issues most likely to cause conflict within corporations Morrill identifies as managerial style, competition between departments, and performance evaluations, promotions, and compensation.
Among the people whose day-to-day lives we get to know are Jacobs, a divisional executive whose intuitive understanding of the corporate hierarchy enables him to topple his incompetent superior without direct confrontation; Fuller, who through a mix of brains, guile, and connections rises from staff executive secretary to corporate vice president in a large bank; Green, an old-fashioned accounting partner in a firm being taken over by management consultants; and the "Princess of Power," "Iron Man," and the "Terminator"—executives fighting their way to the top of a successful entertainment company.
Unprecedented in its direct access to top managers, this portrayal of daily life and conflict management among corporate elites will be of interest to professionals, scholars, and practitioners in organizational culture and behavior, managerial decision making, dispute, social control, law and society, and organizational ethnography.
In their insightful analysis, the authors show that the very idea of the keiretsu was created and propagated by Marxist scholars in post-war Japan. Western scholars merely repatriated the legend to show the culturally contingent nature of modern economic analysis. Laying waste to the notion of keiretsu, the authors debunk several related “facts” as well: that Japanese firms maintain special arrangements with a “main bank,” that firms are systematically poorly managed, and that the Japanese government guided post-war growth. In demolishing these long-held assumptions, they offer one of the few reliable chronicles of the realities of Japanese business.
Clotfelter focuses on empirical analysis of the effects of tax policy on charitable giving in four major areas: individual contributions, volunteering, corporate giving, and charitable bequests. For each area, discussions of economic theory and relevant tax law precede a review of the data and methodology used in econometric studies of charitable giving. In addition, new econometric analyses are presented, as well as empirical data on the effect of taxes on foundations.
While taxes are not the most important determinant of contributions, the results of the analyses presented here suggest that charitable deductions, as well as tax rates and other aspects of the tax system, are significant factors in determining the size and distribution of charitable giving. This work is a model for policy-oriented research efforts, but it also supplies a major (and very timely) addition to the evidence that must inform future proposals for tax reform.
Fighting Corporate Abuse demonstrates, through compelling and revelatory analysis, the legislation and regulation needed to deal with the abuses in the corporate sector that have been revealed in recent years. It highlights the more general contribution of company law and practice to the current crisis in capitalism.
The first section develops a controversial argument, using detailed illustrations and vivid examples which show how the various abuses of predatory capitalism have been carried out through the manipulation of the corporate form and the creation of highly complex corporate groups. The group of authors, all experts in their fields, tackle head-on the issues of tax evasion, extraction of value and asset stripping, environmental destruction and managerial self-interest. In doing so, they paint a picture of a system that is abusive, and degenerated, but also a system which can be reformed.
In the run up to the UK general election, the authors develop of a set of practical proposals for an incoming government, outlining how each of these abuses could be curtailed and how a more acceptable and accountable form of corporate capitalism can be developed through national and international action.
Drawing on the group’s activism, as well as their academic experience in law, politics, economics and human rights, this will be an authoritative as well as a highly practical book.
Addressing these questions, the contributors focus chiefly on three themes: the actual use of debt and equity financing by corporations in recent years; the factors that drive the financial markets' pricing of debt and equity securities; and the relationship between corporations' real investment decisions and their financial decisions. While some of the papers are primarily expository, others break new ground. Extending his previous work, Robert Taggart finds a closer relationship between corporate and government debt than has been supposed. Zvi Bodie, Alex Kane, and Robert McDonald conclude in their study that the volatility of interest rates under the Volcker regime has led to a rise in real interest rates because of investors' demand for a greater risk premium. All of the papers present empirical findings in a useful analytical framework.
For its new findings and for its expert overview of issues central to an understanding of the U.S. economy, Financing Corporate Capital Formation should be of both historical and practical interest to students of economics and practitioners in the corporate and financial community.
In the aftermath of a financial crisis marked by bank-friendly bailouts and loosening campaign finance restrictions, a chorus of critics warns that business leaders have too much influence over American politics. Mark Mizruchi worries about the ways they exert too little. The Fracturing of the American Corporate Elite advances the surprising argument that American CEOs, seemingly more powerful today than ever, have abrogated the key leadership role they once played in addressing national challenges, with grave consequences for American society.
Following World War II, American business leaders observed an ethic of civic responsibility and enlightened self-interest. Steering a course of moderation and pragmatism, they accepted the legitimacy of organized labor and federal regulation of the economy and offered support, sometimes actively, as Congress passed legislation to build the interstate highway system, reduce discrimination in hiring, and provide a safety net for the elderly and needy. In the 1970s, however, faced with inflation, foreign competition, and growing public criticism, corporate leaders became increasingly confrontational with labor and government. As they succeeded in taming their opponents, business leaders paradoxically undermined their ability to act collectively. The acquisition wave of the 1980s created further pressures to focus on shareholder value and short-term gain rather than long-term problems facing their country.
Today’s corporate elite is a fragmented, ineffectual group that is unwilling to tackle the big issues, despite unprecedented wealth and political clout. Mizruchi’s sobering assessment of the dissolution of America’s business class helps explain the polarization and gridlock that stifle U.S. politics.
The demise of state-owned enterprises, the transformation of collectives into shareholding cooperatives, and the creation of investment opportunities through stock markets indicate China's movement from a socialist, state-controlled economy toward a socialist market economy. Yet, contrary to high expectations that China's new enterprises will become like corporations in capitalist countries, management often remains under the control of the onetime bureaucrats who ran the socialist enterprises.
The concepts, definitions, and interpretations of property rights, corporate structures, and business practices in contemporary China have historical, institutional, and cultural roots. In tracing the development under founder Zhang Jian (1853-1926) and his successors of the Dasheng Cotton Mill in Nantong into a business group encompassing, among other concerns, cotton, flour, and oil mills, land development companies, and shipping firms, the author documents the growth of regional enterprises as local business empires from the 1890s until the foundation of the People's Republic in 1949. She focuses on the legal and managerial evolution of limited-liability firms in China, particularly issues of control and accountability; the introduction and management of industrial work in the countryside; and the integration and interdependency of local, national, and international markets in Republican China.
On the faulty intellectual origins of shareholder primacy—and how policy can win back what’s been lost.
In an era of shareholder primacy, share price is king. Businesses operate with short-term goals to deliver profits to shareholders, enjoying stability (and bonuses) in the process. While the public bemoans the doctrine for its insularity and wealth-consolidating effects, its influence over corporate governance persists. Good Company offers an exacting argument for why shareholder primacy was never the right model to follow for truly understanding how corporations operate.
Lenore Palladino shows that corporations draw power from public charters—agreements that allow corporations to enjoy all manner of operational benefits. In return, companies are meant to innovate for the betterment of the societies that support them. However, that debt—increasingly wielded for stock buybacks and shareholder bonuses—is not being repaid. Palladino theorizes a modern corporation that plays its intended role while delivering social and economic good in the process and offers tangible policy solutions to make this a reality. Good Company is both an expert introduction to the political economy of the firm—as it was, as it is, as it can be—and a calibrating examination of how public policy can shape companies, and societies, for the better.
Green at Work, published by Island Press in 1992, was the first source of information to help nontechnical but environmentally concerned job seekers learn about career opportunities with environmental companies or within the newly emerging "green" corporate culture. Now entirely revised and expanded, this indispensable volume again offers invaluable tools and strategies for launching a green career.
Susan Cohn has expanded her scope beyond the business world to examine environmentally focused, nontechnical careers in a wide variety of fields, including communications, banking and finance, consulting, public policy, the non-profit sector, and more. This completely updated edition includes:
- profiles of more than 70 individuals that illustrate how people have woven their skills, values, and passions into their work
- listings of more than 400 companies with contact names, addresses, phone numbers, information on what the company does, and its environmental programs and policies
- listings of more than 50 resources, including organizations, publications, and other sources of information
- a bibliography of recommended readings
Leora Bilsky argues class action litigation and settlement offer a mode of accountability well suited to addressing the bureaucratic nature of business involvement in atrocities. Prior to these lawsuits, legal treatment of the Holocaust was dominated by criminal law and its individualistic assumptions, consistently failing to relate to the structural aspects of Nazi crimes. Engaging critically with contemporary debates about corporate responsibility for human rights violations and assumptions about “law,” she argues for the need to design processes that make multinational corporations accountable, and examines the implications for transitional justice, the relationship between law and history, and for community and representation in a post-national world. Her novel interpretation of the restitution lawsuits not only adds an important dimension to the study of Holocaust trials, but also makes an innovative contribution to broader and pressing contemporary legal and political debates. In an era when corporations are ever more powerful and international, Bilsky’s arguments will attract attention beyond those interested in the Holocaust and its long shadow.
David Whyte brings together a wide range of leading commentators and campaigners, offering a series of troubling answers. Unflinchingly facing the corruption in British public life, they show that it is no longer tenable to assume that corruption is something that happens elsewhere; corrupt practices are revealed across a wide range of venerated institutions, from local government to big business. These powerful, punchy essays aim to shine a light on the corruption fundamentally embedded in UK politics, police, and finance.
The papers in this volume cover such issues as the interaction of pension-funding decisions and corporate finances; the role of pensions in providing adequate and secure retirement income, including the integration of pension plans with social security and significant drops in the U.S. saving rate; and the incentive effects of pension plans on labor market behavior and the implications of plans on labor market behavior and the implications of plans for different demographic groups.
Issues in Pension Economics offers important empirical studies and makes valuable theoretical contributions to current thinking in an area that will most likely continue to be a source of controversy and debate for some time to come. The volume should prove useful to academics and policymakers, as well as to members of the business and labor communities.
--William S. Laufer, Professor, The Wharton School of Business
"This delightful and serious book involves a matter I have long felt of first importance. That is our tendency to make social truth and acceptance conform to personal or larger corporate interests. On this I have written , but gladly yield to this persuasive parallel. No one concerned with literate, informed, and relevant---as distinct from self-serving---truth should miss It's Legal but It Ain't Right."
--John Kenneth Galbraith
"This absorbing and well-written book of essays on the harmful consequences of legal industries skillfully illuminates the ways in which some corporate harms fail to be transformed into criminal law-making and enforcement, and offers cogent suggestions for better regulation in the public interest."
--Dr. Michael Levi, Professor of Criminology, Cardiff University
Many U.S. corporations and the goods they produce negatively impact our society without breaking any laws. We are all too familiar with the tobacco industry's effect on public health and health care costs for smokers and nonsmokers, as well as the role of profit in the pharmaceutical industry's research priorities. It's Legal but It Ain't Right tackles these issues, plus the ethical ambiguities of legalized gambling, the firearms trade, the fast food industry, the pesticide industry, private security companies, and more. Aiming to identify industries and goods that undermine our societal values and to hold them accountable for their actions, this collection makes a valuable contribution to the ongoing discussion of ethics in our time.
This accessible exploration of corporate legitimacy and crime will be important reading for advocates, journalists, students, and anyone interested in the dichotomy between law and legitimacy.
Examining British and American essays, poems, novels, and stories from the seventeenth through the nineteenth centuries, O’Brien pursues the idea of incorporation as a trope discernible in a wide range of texts. Key authors include John Locke, Eliza Haywood, Harriet Martineau, and Edgar Allan Poe, and each chapter is oriented around a type of corporation reflected in their works, such as insurance companies or banks. In exploring issues such as whether sentimental interest is the same as economic interest, these works bear witness to capitalism’s effect on history and human labor, desire, and memory. This period’s imaginative writing, O’Brien argues, is where the unconscious of that process left its mark. By revealing the intricate ties between literary models and economic concepts, Literature Incorporated shows us how the business corporation has shaped our understanding of our social world and ourselves.
Perelman describes the manufacture of unhappiness—the continual generation of dissatisfaction with products people are encouraged to purchase and quickly discard—and the complex techniques corporations employ to avoid responsibility and accountability to their workers, consumers and the environment. He outlines ways in which individuals can surpass individualism and instead work together to check the growing power of corporations.
While other books have surveyed the corporate landscape, or decried modern consumerism, Perelman, a professor of economics, places these ideas within a proper economic and historical context. He explores the limits of corporate accountability and responsibility, and investigates the relation between a wide range of phenomena such as food, fear and terrorism. Highly readable, Manufacturing Discontent will appeal to anyone with an interest in the way society works—and what really determines the rights of individuals in a corporate society.
Michael Perelman, Professor of Economics at California State University, Chico, received his Ph.D. from the University of California, Berkeley. He is the author of several books on economics and economic thought, including Railroading Economics (Routledge, 2006); Class Warfare in the Information Age (Palgrave Macmillan, 2000); The Invention of Capitalism (Duke University Press, 2000) and The Perverse Economy (Palgrave Macmillan, 2003).
What does this technocratic ideology and surveillance-heavy culture reveal about the deeper reality of modern society? Monitored investigates the history and implications of this modern accountability paradox. Peter Bloom reveals pervasive monitoring practices which mask how at its heart, the elite remains socially and ethically out of control.
Challenging their exploitive 'accounting power', Bloom demands that the systems that administer our lives are oriented to social liberation and new ways of being in the world.
The investor-owned corporation is the conventional form for structuring large-scale enterprise in market economies. But it is not the only one. Even in the United States, noncapitalist firms play a vital role in many sectors. Employee-owned firms have long been prominent in the service professions--law, accounting, investment banking, medicine--and are becoming increasingly important in other industries. The buyout of United Airlines by its employees is the most conspicuous recent instance. Farmer-owned produce cooperatives dominate the market for most basic agricultural commodities. Consumer-owned utilities provide electricity to one out of eight households. Key firms such as MasterCard, Associated Press, and Ace Hardware are service and supply cooperatives owned by local businesses. Occupant-owned condominiums and cooperatives are rapidly displacing investor-owned rental housing. Mutual companies owned by their policyholders sell half of all life insurance and one-quarter of all property and liability insurance. And nonprofit firms, which have no owners at all, account for 90 percent of all nongovernmental schools and colleges, two-thirds of all hospitals, half of all day-care centers, and one-quarter of all nursing homes.
Henry Hansmann explores the reasons for this diverse pattern of ownership. He explains why different industries and different national economies exhibit different distributions of ownership forms. The key to the success of a particular form, he shows, depends on the balance between the costs of contracting in the market and the costs of ownership. And he examines how this balance is affected by history and by the legal and regulatory framework within which firms are organized.
With noncapitalist firms now playing an expanding role in the former socialist countries of Eastern Europe and Asia as well as in the developed market economies of the West, The Ownership of Enterprise will be an important book for business people, policymakers, and scholars.
Tracing this preoccupation through the period’s films—as well as its legal, medical, and literary texts—Andriopoulos pays particular attention to the terrifying notion of murder committed against one’s will. He returns us to a time when medical researchers described the hypnotized subject as a medium who could be compelled to carry out violent crimes, and when films like The Cabinet of Dr. Caligari and Dr. Mabuse, the Gambler famously portrayed the hypnotist’s seemingly unlimited power on the movie screen. Juxtaposing these medicolegal and cinematic scenarios with modernist fiction, Andriopoulos also develops an innovative reading of Kafka’s novels, which center on the merging of human and corporate bodies.
Blending theoretical sophistication with scrupulous archival research and insightful film analysis, Possessed adds a new dimension to our understanding of today’s anxieties about the onslaught of visual media and the expanding reach of vast corporations that seem to absorb our own identities.
In Pump and Dump: The Rancid Rules of the New Economy,Robert H. Tillman and Michael L. Indergaard argue that these scandals are symptoms of a corporate governance problem that began in the 1990s as New Economy pundits claimed that advances in technology and forms of business organization were changing the rules. A decade later, it looked more like a case of no rules. Endless revelations of fraud in the wake of corporate bankruptcies left ordinary investors bewildered and employees out of work with little or nothing.
Tillman and Indergaard observe that victims were taken in by organized behavior that calls to mind “pump and dump” schemes where shadowy swindlers push penny stocks. Yet, in the 1990s it was high-profile firms and high-status accomplices (financial analysts, bankers, and accountants) who used powerful institutional levers to pump the value of stock—duping investors while insiders sold their holdings for fantastic profits before the crash.
The authors explain how it was that so much of corporate America came to resemble a two-bit securities scam by focusing on the rules that mattered in three critical industries—energy trading, telecommunications, and dot-coms. Free-market hype and policies at the national level set the tone. While Wall Street wrapped itself in star-spangled packaging and celebrated its purported “democratization,” in the real halls of democracy congressional allies of business gutted protections for ordinary investors. In the regulatory vacuum that resulted, business professionals who were supposed to watch corporations instead promoted New Economy doctrines and worked with executives to tout their firms as New Economy contenders. Ringleaders in the inner circles that committed fraud made their own rules, which they enforced through a mix of bribery and bullying.
At a time when there is growing debate about proposals to privatize programs like Social Security and to promote an “ownership society,” Pump and Dump offers a path-breaking analysis of America’s most urgent economic problem: a system that relies on self-regulation and the rancid politics that continue to support the short-term interests of financial elites over the long-term interests of most Americans.
The exposure of undercover policeman Mark Kennedy in the eco-activist movement revealed how the state monitors and undermines political activism. This book shows the other grave threat to our political freedoms - undercover activities by corporations.
Secret Manoeuvres in the Dark documents how corporations are halting legitimate action and investigation by activists. Using exclusive access to previously confidential sources, Eveline Lubbers shows how companies such as Nestlé, Shell and McDonalds use covert methods to evade accountability. She argues that corporate intelligence gathering has shifted from being reactive to pro-active, with important implications for democracy itself.
Secret Manoeuvres in the Dark will be vital reading for activists, investigative and citizen journalists, and all who care about freedom and democracy in the 21st century.
Miller was perhaps best known for a series of highly influential papers he cowrote in the 1950s and 1960s with fellow Nobel laureate Franco Modigliani that advanced a set of capital structure theorems later dubbed the "M and M propositions." In brief, the M and M propositions state that the actions of investors, firms, and capital markets will cause the market value of a firm to be independent of its capital structure. In other words, a corporation's value depends on its investments in people, ideas, and physical capital goods and not on the mix of bonds, stocks, and other securities used to finance the investments. Four of these papers are reprinted here, together with important later work by Miller in macroeconomics, corporate capital structure, management science, asset pricing, and the economic and regulatory problems of the financial services industry.
Diverse and innovative, the papers in Selected Works of Merton H. Miller will interest students and practitioners of economics, finance, and business, as well as policymakers responsible for market regulation.
Miller was perhaps best known for a series of highly influential papers he cowrote in the 1950s and 1960s with fellow Nobel laureate Franco Modigliani that advanced a set of capital structure theorems later dubbed the "M and M propositions." In brief, the M and M propositions state that the actions of investors, firms, and capital markets will cause the market value of a firm to be independent of its capital structure. In other words, a corporation's value depends on its investments in people, ideas, and physical capital goods and not on the mix of bonds, stocks, and other securities used to finance the investments. Four of these papers are reprinted here, together with important later work by Miller in macroeconomics, corporate capital structure, management science, asset pricing, and the economic and regulatory problems of the financial services industry.
Diverse and innovative, the papers in Selected Works of Merton H. Miller will interest students and practitioners of economics, finance, and business, as well as policymakers responsible for market regulation.
Remarkably accessible and rich in historical evidence, Shifting the Burden is the most compelling explanation to date of how our nation's tax policy is formulated. Cathie J. Martin shows how presidents' cultivation of allies within the business community and struggles within that community itself combine to shape tax policy.
Neoliberals often point to improvements in public health and nutrition as examples of globalisation's success, but this book argues that the corporate food and medicine industries are destroying environments and ruining living conditions across the world.
Scientist Stan Cox expertly draws out the strong link between Western big business and environmental destruction. This is a shocking account of the huge damage that drug manufacturers and large food corporations are inflicting on the health of people and crops worldwide. Companies discussed include Wal-Mart, GlaxoSmithKline, Tyson Foods and Monsanto. On issues ranging from the poisoning of water supplies in South Asia to natural gas depletion and how it threatens global food supplies, Cox shows how the demand for profits is always put above the public interest.
While individual efforts to "shop for a better world" and conserve energy are laudable, Cox explains that they need to be accompanied by an economic system that is grounded in ecological sustainability if we are to find a cure for our Sick Planet.
Can businesses collaborate with nonprofit organizations? Drawing lessons from 24 cases of cross-sector partnerships spanning the hemisphere, Social Partnering in Latin America analyzes how businesses and nonprofits are creating partnerships to move beyond traditional corporate philanthropy. An American supermarket and a Mexican food bank, an Argentine newspaper and a solidarity network, and a Chilean pharmacy chain and an elder care home are just a few examples of how businesses are partnering with community organizations in powerful ways throughout Latin America. The authors analyze why and how such social partnering occurs.
The book provides a compelling framework for understanding cross-sector collaborations and identifying motivations for partnering and key levers that maximize value creation for participants and society.
Drawing on never-before seen archival documents, Prasad traces the history of the 1981 tax cut—the famous “supply side” tax cut, which became the cornerstone for the next several decades of Republican domestic economic policy. She demonstrates that the main impetus behind this tax cut was not business group pressure, racial animus, or a belief that tax cuts would pay for themselves.
Rather, the tax cut emerged because in America--unlike in the rest of the advanced industrial world—progressive policies are not embedded within a larger political economy that is favorable to business. Since the end of World War II, many European nations have combined strong social protections with policies to stimulate economic growth such as lower taxes on capital and less regulation on businesses than in the United State. Meanwhile, the United States emerged from World War II with high taxes on capital and some of the strongest regulations on business in the advanced industrial world. This adversarial political economy could not survive the economic crisis of the 1970s.
Starving the Beast suggests that taking inspiration from the European model of progressive policies embedded in market-promoting political economy could serve to build an American economy that works better for all.
Despite growing attention to crimes by those in positions of trust, however, violations in business and similar wrongdoing in government are still often treated as fundamentally separate problems. In State-Corporate Crime, Raymond J. Michalowski and Ronald C. Kramer bring together fifteen essays to show that those in positions of political and economic power frequently operate in collaboration, and are often all too willing to sacrifice the well-being of the many for the private profit and political advantage of the few.
Drawing on case studies including the explosion of the space shuttle Challenger, Ford Explorer rollovers, the crash of Valujet flight 592, nuclear weapons production, and war profiteering, the essays bear frank witness to those who have suffered, those who have died, and those who have contributed to the greatest human and environmental devastations of our time. This book is a much needed reminder that the most serious threats to public health, security, and safety are not those petty crimes that appear nightly on local news broadcasts, but rather are those that result from corruption among the wealthiest and most powerful members of society.
Are large American corporations politically unified or divided? This question, which has important implications for the viability of American democracy, has frustrated social scientists and political commentators for decades. Despite years of increasingly sophisticated research, resolution of the issue remains as elusive as ever.
In this important book, Mark S. Mizruchi presents and tests an original model of corporate political behavior. He argues that because the business community is characterized by both unity and conflict, the key issue is not whether business is unified but the conditions under which unity or conflict occurs.
Adopting a structural model of social action, Mizruchi examines the effects of factors such as geographic proximity, common industry membership, stock ownership, interlocking directorates, and interfirm market relations on the extent to which firms behave similarly. The model is tested with data on the campaign contributions of corporate political action committees and corporate testimony before Congress. Mizruchi finds that both organizational and social network factors contribute to similar behavior and that similar behavior increases a group's likelihood of political success.
This study demonstrates that rather than making their political decisions in a vacuum, firms are influenced by the social structures within which they are embedded. The results establish for the first time that the nature of relations between firms has real political consequences.
Mott KTA Journalism and Mass Communication Research Award, Kappa Tau Alpha
Tankard Book Award, Association for Education in Journalism and Mass Communication (AEJMC)
Knudson Latin America Prize, Association for Education in Journalism and Mass Communication (AEJMC)
Since 2000, more than 150 journalists have been killed in Mexico. Today the country is one of the most dangerous in the world in which to be a reporter. In Surviving Mexico, Celeste González de Bustamante and Jeannine E. Relly examine the networks of political power, business interests, and organized crime that threaten and attack Mexican journalists, who forge ahead despite the risks.
Amid the crackdown on drug cartels, overall violence in Mexico has increased, and journalists covering the conflict have grown more vulnerable. But it is not just criminal groups that want reporters out of the way. Government forces also attack journalists in order to shield corrupt authorities and the very criminals they are supposed to be fighting. Meanwhile some news organizations, enriched by their ties to corrupt government officials and criminal groups, fail to support their employees. In some cases, journalists must wait for a “green light” to publish not from their editors but from organized crime groups. Despite seemingly insurmountable constraints, journalists have turned to one another and to their communities to resist pressures and create their own networks of resilience. Drawing on a decade of rigorous research in Mexico, González de Bustamante and Relly explain how journalists have become their own activists and how they hold those in power accountable.
Tax Haven Ireland uncovers the central players in this process and exposes the coverups employed by the Irish state, with the help of accountants, lawyers, and financial services companies. From the lucrative internet porn industry to corruption in the property market, this issue distorts the economy across the state and in the wider international system, and its history runs deep, going back the country’s origins as a British colonial outpost.
Today, in the wake of Brexit and in the shadow of yet another economic crash, what can be done to prevent such dangerous behaviour and reorganize our economies to invest in the people? Can Ireland – and all of us – build an alternative economy based on fairness and democratic values?
This important contribution to tax analysis presents seven related theoretical essays that examine the effects of capital income taxation on the behavior of firms. It is divided into three sections, focusing on optimal tax design, firm financial policy, and inflation. Taken together, the essays demonstrate the powerful role taxes play in shaping the behavior of American corporations, and also provide insights into the difficult task of tax reform.
Alan Auerbach’s results suggest policies the government might adopt to promote the optimal accumulation of capital. He examines the implications for capital taxation of discrepancies between nominal depreciation rates and real economic depreciation, and suggests appropriate rules of thumb for determining when capital taxation is neutral among alternative investment projects. He also makes important contributions to the debate over the integration of corporate and personal taxes on capital income and to the behavioral puzzle of why corporations pay dividends to their shareholders.
In his provocative book Technocapitalism, Luis Suarez-Villa addresses this phenomenon from the perspective of radical political economy and social criticism. Grounded in the premise that relations of power influence how human creativity and technology are exploited by the new corporatism, the author argues that new forms of democratic participation and resistance are needed, if the social pathologies created by this new version of capitalism are to be checked.
Considering the new sectors affected by technocapitalism, such as biotechnology, nanotechnology, bioinformatics, and genomics, Suarez-Villa deciphers the common threads of power and organization that drive their corporatization. These new sectors, and the corporate apparatus set up to extract profit and power through them, are imposing standards, creating business models, molding social governance, and influencing social relations at all levels. The new reality they create is likely to affect most every aspect of human existence, including work, health, life, and nature itself.
Bringing together leading activists and writers from the United States and beyond, this book unmasks the covert and undemocratic world of corporate spin.
Wherever big business is threatened or corporate advantage can be gained, spin doctors, lobbyists, think tanks and front groups are on hand to push the corporate interest, often at the wider public¹s expense.
The authors challenge the notion that corporate PR is only about celebrity gossip. They show how it extends much further, and how the techniques of the PR industry are now in use across a wide range of political fields, driven by corporate interests.
The authors reveal the secrets of the PR trade, including deception, the use of fake Œinstitutes¹ and think tanks, behind the scenes influence-peddling, spying and dirty tricks. Most importantly, they show the devastating impact spin has had--as the public is denied access to the truth, the results are rising inequality and environmental catastrophe.
The book covers the misdeeds of some of the best-known companies including BP, Coca Cola, British Aerospace, Exxon and Monsanto. It also reveals startling new information about the covert funding of apparently independent thinks tanks and institutes in the US, EU and around the globe.
Thinker, Faker, Spinner, Spy also offers a guide to resisting deceptive PR. The authors describe concrete campaigns involving the internet and new communication technology to organise, raise awareness and campaign to roll back corporate power and the influence of PR.
This volume is edited by William Dinan and David Miller (University of Strathclyde and Spinwatch). Contributors include: Laura Miller (PR Watch), Gerry Sussman (Portland State University), Kert Davies (Greenpeace US), Leslie Sklair (LSE, UK), Bob Burton (PR Watch, Australia), Judith Richter (author and activist), Olivier Hoedeman (Corporate Europe Observatory, Netherlands), Andy Rowell (Spinwatch, UK), Eveline Lubbers (Spinwatch, Netherlands), James Marriott and Greg Muttitt (Platform, UK), Aeron Davis (City University, UK), and Granville Williams (Campaign for Press and Broadcasting Freedom and Huddersfield University, UK).
Published by Pluto Press in association with Spinwatch (www.spinwatch.org) .
William Dinan is Lecturer in Sociology in the Department of Geography and Sociology at Strathclyde University, specializing in corporate PR and lobbying.
David Miller is Professor of Sociology in the Department of Geography and Sociology at the University of Strathclyde. He has previously edited Arguments Against G8 and Tell Me Lies: Propaganda and Media Distortion in the Attack on Iraq for Pluto Press.
American courts routinely hand down harsh sentences to individual convicts, but a very different standard of justice applies to corporations. Too Big to Jail takes readers into a complex, compromised world of backroom deals, for an unprecedented look at what happens when criminal charges are brought against a major company in the United States.
Federal prosecutors benefit from expansive statutes that allow an entire firm to be held liable for a crime by a single employee. But when prosecutors target the Goliaths of the corporate world, they find themselves at a huge disadvantage. The government that bailed out corporations considered too economically important to fail also negotiates settlements permitting giant firms to avoid the consequences of criminal convictions. Presenting detailed data from more than a decade of federal cases, Brandon Garrett reveals a pattern of negotiation and settlement in which prosecutors demand admissions of wrongdoing, impose penalties, and require structural reforms. However, those reforms are usually vaguely defined. Many companies pay no criminal fine, and even the biggest blockbuster payments are often greatly reduced. While companies must cooperate in the investigations, high-level employees tend to get off scot-free.
The practical reality is that when prosecutors face Hydra-headed corporate defendants prepared to spend hundreds of millions on lawyers, such agreements may be the only way to get any result at all. Too Big to Jail describes concrete ways to improve corporate law enforcement by insisting on more stringent prosecution agreements, ongoing judicial review, and greater transparency.
Many workers today feel that the longstanding social contract between government, business, and labor has been broken. This book examines legal and philosophical problems that must be addressed if there is to be a new social contract that is fair to workers. Drawing on a wide variety of sources, from the popular press to technical philosophy, Edmund F. Byrne brings into focus ethical issues involved in corporate decisions to reorganize, relocate, or automate. In assessing the human costs of these decisions, he shows why, to a worker, "corporations are not reducible to their assets and liabilities any more than a government is merely its annual budget. That they are organizations, that these organizations do things, and that they are socially responsible for what they do."
In support of this assignment of responsibility, Byrne seeks to demythologize corporate hegemony by confronting a variety of intellectual "dragons" that guard the gates of the status quo. These include legal assumptions about corporate personhood and commodification, private property and eminent domain; management ideas about the autonomous employee and profit without payrolls; technocratic dreams of a dehumanized workplace: ideological belief in progress and competition; and philosophical arguments for libertarian freedom, liberal welfare, and global justice.
Because of these and other mainstream perspectives, workers today are widely perceived, in law and in common parlance, to be isolated atoms. But, Byrne emphasizes, work. including work done for a transnational corporation, is done in a community. Since corporate leaders make decisions that have an impact on people’s lives and on communities, involvement in such decisions must be not only corporate or governmental but community-based as well.
One reason for the limited success of antidiscrimination policies, argues Lauren B. Edelman, is that the law regulating companies is broad and ambiguous, and managers therefore play a critical role in shaping what it means in daily practice. Often, what results are policies and procedures that are largely symbolic and fail to dispel long-standing patterns of discrimination. Even more troubling, these meanings of the law that evolve within companies tend to eventually make their way back into the legal domain, inconspicuously influencing lawyers for both plaintiffs and defendants and even judges. When courts look to the presence of antidiscrimination policies and personnel manuals to infer fair practices and to the presence of diversity training programs without examining whether these policies are effective in combating discrimination and achieving racial and gender diversity, they wind up condoning practices that deviate considerably from the legal ideals.
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