How Financial Markets Distort the Role of Companies and Infect Society With Their Contagious Greed... and What to Do About it
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 01/29/12 -- Editors' note: a photo is associated with this press release.
At a time when the political and financial elite gathered at Davos frets about the failures of capitalism and the need for its reform, Professors Yvan Allaire and Mihaela Firsirotu, in a new book titled "A Capitalism of Owners ", propose an action plan to change fundamentally the way capitalism has come to work. We must bring back some level of trust and loyalty within and around companies, a long term perspective in their management and governance as well as due consideration of the stakeholders that give companies their legitimacy and purpose.
Their new book contains "tales of financial markets" to make clear and tangible how financial markets have offered corporate executives a Faustian bargain and infected with greed all nooks and crannies of civil society.
The authors lead a frontal assault on the neoliberal policies of weak governments and free-for-all markets. They describe, and illustrate with several examples, the corrupting logic of financial markets.
They make the case that a society will work best when there are diverse forms of business ownership, from family controlled companies, cooperatives, corporations with controlling shareholders and so on.
They propose changing the rules of "corporate democracy" for the widely held, stock- exchange listed corporations.
In an extensive chapter, the authors examine the issue of executive compensation and make several radical recommendations to "spin a new economic web of motivations and incentives".
The book calls on governments to set a level playing field, to adopt a policy of "reciprocity" in their dealings with other governments.
"No doubt, write the authors, that some of their policy suggestions will generate great resistance and be met with scepticism or fatalism. But, in a truly democratic political system, these policies, if enacted, would bring some sanity back to our economic system."
Indeed, the recommendations of the authors are aimed at giving back to civil society a sense of ownership of the business firms operating in its midst, to make them accountable for their socio-economic role and environmental responsibility as well as shape an energetic role for the public sector.
For, indeed, our economic system is the outcome of political decisions, not the product of some transcendental force.
Humans designed this system; humans can change it.
About the authors:
About the IGOPP:
Created in September 2005, the Institute for Governance of Private and Public Organizations (IGOPP) is a joint initiative of HEC Montreal and Concordia University (The John Molson School of Business). The Institute is committed to promoting strong, practical, state-of-the-art corporate governance practices in all types of organizations. IGOPP seeks to attain this objective through four distinct sets of initiatives: carrying out or subsidizing relevant research, offering well targeted training and education programs, taking public policy positions on key issues of governance and diffusing broadly and widely information and knowledge about governance matters.
The photo associated with this press release is available at the following address:
Contacts:
Majida Lamnini
Institute for Governance (IGOPP)
514-439-9301 Ext. 104
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 29.01.2012 - 09:00 Uhr
Sprache: Deutsch
News-ID 1077299
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
MONTREAL, QUEBEC
Phone:
Kategorie:
Schools & Cources, Colleges & Universities
Anmerkungen:
Diese Pressemitteilung wurde bisher 350 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"How Financial Markets Distort the Role of Companies and Infect Society With Their Contagious Greed... and What to Do About it
"
steht unter der journalistisch-redaktionellen Verantwortung von
Institute for Governance of Public and Private Organizations (IGPPO) (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
