Varieties of capitalism and investments in human capital

This paper explores the relationship between national institutional archetypes and investments in training and development. A recent trend within the literature on comparative capitalism has been to explore the nature and extent of heterogeneity within the coordinated market economies (CMEs) of Europe. Based on a review of the existing comparative literature on training and development, and comparative firm-level survey evidence of differences in training and development practices, we both support and critique existing country clusters and argue for a more nuanced and flexible categorization.

Diversity between and within varieties of capitalism: transnational survey evidence

One of the central debates in contemporary socio-economics concerns the relationship between institutions and firm-level practices and the persistence of a number of alternative viable models for economic development. We examine diversity within and between specific types of capitalism using data from a transnational survey incorporating 14 organizational level practices in a sample of six capitalist archetypes, constituting 27 countries and some 6503 firms. We focus on one of the key-defining features of different varieties of capitalism, the interdependence of employers and employees. We find that there are clustering tendencies, consistent with the literature, but also considerable diversity within as well as between the varieties, although we did not find “diffuse diversity” or homogeneity. The analysis supports a complex and nuanced relationship within and between varieties of capitalism that has not been previously captured in the literature.

Chronic limitations of neo-liberal capitalism and oligopolistic markets: an urgent case for socialized capital

Purpose – The purpose of this paper is to highlight the serious limitations of neo-liberal capitalism and urge for a shift to socialized capital before further economic deterioration leads to a succession of global conflicts. Design/methodology/approach – This conceptual paper adopts a macro perspective in presenting argument on how global, financial markets integration and capital flow liberalization have led to inadequate market and corporate governance measures. The argument is couched in a selected literature and is preceded by a proposed solution – the requirement for socialized capital. An analysis of the nature of socialized capital is outlined and the questions that require attention identified if a paradigm shift from neo-liberal capitalism is to take place. Findings – The need to urgently shift to a new philosophy of capitalism is overwhelming. Emphasized is that capital needs to adopt a socialised identity and is supported by investment horizons of 30 years or more. It is argued that non-market (e.g. state, NGOs, civil society) intervention is critical in setting appropriate frameworks within which socialized capital can operate. Research limitations/implications – This is a theoretical paper, in which questions are raised which require transparent, public debate. Originality/value – The paper presents the case for a fundamental reconsideration of present day markets, the role of capital and the influence of elites in determining the public good.

State capitalism and social responsibility in China's banking industry

China’s financial system has experienced a series of major reforms in recent years. Efforts have been made towards introducing the shareholding system in state-owned commercial banks, restructuring of securities firms, re-organising equity of joint venture insurance companies, further improving the corporate governance structure, managing financial risks and ultimately establishing a system to protect investors (Xinhua, 2010). Financial product innovation, with the further opening up of financial markets and the development of the insurance and bond market, has increased liquidity as well as reduced financial risks. The U.S. subprime crisis indicated the benefit of financial innovations for the economy, but without proper control, they may lead to unexpected consequences. Kirkpatrick (2009) argues that failures and weaknesses in corporate governance arrangements and insufficient accounting standards and regulatory requirements attributed to the financial crisis. Similar to the financial crises of the last decade, the global financial crisis which sparked in 2008, surfaced a variety of significant corporate governance failures: the dysfunction of market mechanisms, the lack of transparency and accountability, misaligned compensation arrangements and the late response of government, all which encouraged management short-termism, poor risk management, as well as some fraudulent schemes. The unique characteristics of the Chinese banking system are an interesting point for studying post-crisis corporate governance reform. Considering that China modelled its governance system on the Anglo-American system, this paper examines the impact of the financial crisis on corporate governance reform in developed economies, and particularly, China’s reform of its financial sector. The paper further analyses the Chinese government’s role in bank supervision and risk management. In this regard, the paper contributes to the corporate governance literature within the Chinese context by providing insights into the contributing factors to the corporate governance failure that led to the global financial crisis. It also provides policy recommendations for China’s policy makers to seriously consider. The results suggest a need for the re-examination of corporate governance adequacy and the institutionalisation of business ethics. The paper’s next section provides a review of China’s financial system with reference to the financial crisis, followed by a critical evaluation of a capitalistic system and a review of Anglo-American and Continental European models. It then analyses the need for a new corporate governance model in China by considering the bank failures in developed economies and the potential risks and inefficiencies in a current State controlled system. The paper closes by reflecting the need for Chinese policy makers to continually develop, adapt and rewrite corporate governance practices capable of meeting the new challenge, and to pay attention to business ethics, an issue which goes beyond regulation.

Spirit of corporate social responsibility transforming from corporatism to socialized capitalism

This paper offers a critique of current corporate social responsibility (CSR) practices in context of global trends. The legitimate modelling of CSR has yet to engage firm and political decision making with wider Society stakeholders. There is urgent need to transform towards socialized capitalism in which separate CSR board may focus on social and environmental concerns and offer more collaborative solutions to global/local CSR issues. This is underpinned with a need for returning to original moral purpose of CSR that has become eroded by narrower short term rational justifications.

The Czech Republic from the Perspective of the Varieties of Capitalism Approach

Modern capitalism is not singular. There are varieties of capitalism in the contemporary world. This thesis aims to apply the Varieties of Capitalism approach developed by Hall and Soskice (2001) to the case of the Czech Republic and ascertain whether the Czech market economy is approaching a liberal or a coordinated ideal type defined by these authors. At the same time, such findings might provide an answer to whether the Varieties of Capitalism approach designed for advanced industrialized economies is fully applicable for analysis of a post-socialist country that underwent a complicated process of economic and institutional transformation.

Capitalism run wild: Zizou Corder`s lion boy and Victor Kelleher`s dog boy

While capitalism has long made highly efficient ideological use of Darwin's 'survival of the fittest' principle to justify ruthless business practices, this appropriation of animal metaphor has taken on new and considerably more problematic resonances in the wake of globalization. At a time when the negative consequences of corporate greed are becoming more apparent, as inequalities widen and power is shifted beyond governments and their borders, there is a spate of children's novels that explicitly challenges this new world order.

University planning and design under confucianism, colonialism, communism and capitalism : the Vietnamese experience

The university in Vietnam represents a thread of continuity that has managed to survive the political, economic and social turmoil faced so frequently by the Vietnamese people. This paper traces the evolution of the Vietnamese university in terms of its site planning and building design from the Hanoi Van Mieu, a Confucian 'temple of literature' which, built in 1070AD, is regarded as the country's first university, to today’s system of general and specialised universities and polytechnic institutions. In the late 1990s another step in the process of evolution began with the rationalization and amalgamation of the tertiary system to form two large, multi-campus and multi-disciplinary universities – the Hanoi National University and the Ho Chi Minh National University.

New work ethics? Foucault and the spirit of 21st century capitalism

In a corporate environment that is changing at warp speed, performing consistently at high levels is more difficult and more necessary than ever. Narrow interventions simply aren't sufficient anymore. Companies can't afford to address their employees' cognitive capacities while ignoring their physical, emotional, and spiritual well-being. On the playing field or in the boardroom, high performance depends on how much people renew and recover energy as on how they expend it, on how they manage their lives as much as on how they manage their work. When people feel strong and resilient - physically, mentally, emotionally, and spiritually - they perform better, with more passion, for longer. They win, their families win, and the corporations that employ them win. (Jim Loehr and Tony Schwartz (2001) The Making of a Corporate Athlete, p.128)