Finance, Corporate Governance and the New Techno-Economic Paradigm

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Finance, Corporate Governance and the New Techno-Economic Paradigm. / Ramirez, Paulina; Tylecote, A.

In: Recherches economiques de Louvain, Vol. 74, No. 4, 01.01.2008, p. 583-613.

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@article{780d713b7d0746bfa609294e4ac7745e,
title = "Finance, Corporate Governance and the New Techno-Economic Paradigm",
abstract = "This paper assumes, with Perez (1983, 2002), that technological development follows a 'long wave' rhythm, in which new 'techno-economic paradigms' succeed one another at long intervals; the latest being the Information and Communication Technology (ICT) paradigm. When the new paradigm appears a tension develops between it and the existing socio-institutional framework. We argue that the financial and corporate governance system (FCCS), is a key element of that framework which is unusually resistant to change. The focus is on the UK FCGS, an outsider-dominated/stock-exchange-based system, though with comparisons with the US and with 'insider-dominated' economies. Based on fieldwork conducted between 1999 and 2005, we find that Britain is still a long way from witnessing a new creative partnership of financial and industrial capital in most of the economy, needed to fully release the potential of the new paradigm. We discuss what form that might take.",
keywords = "financial and corporate governance system, outsider-dominated/stock-exchange based, techno-economic paradigm",
author = "Paulina Ramirez and A Tylecote",
year = "2008",
month = "1",
day = "1",
doi = "10.3917/rel.744.0583",
language = "English",
volume = "74",
pages = "583--613",
journal = "Recherches economiques de Louvain",
issn = "0770-4518",
publisher = "Boeck Universite",
number = "4",

}

RIS

TY - JOUR

T1 - Finance, Corporate Governance and the New Techno-Economic Paradigm

AU - Ramirez, Paulina

AU - Tylecote, A

PY - 2008/1/1

Y1 - 2008/1/1

N2 - This paper assumes, with Perez (1983, 2002), that technological development follows a 'long wave' rhythm, in which new 'techno-economic paradigms' succeed one another at long intervals; the latest being the Information and Communication Technology (ICT) paradigm. When the new paradigm appears a tension develops between it and the existing socio-institutional framework. We argue that the financial and corporate governance system (FCCS), is a key element of that framework which is unusually resistant to change. The focus is on the UK FCGS, an outsider-dominated/stock-exchange-based system, though with comparisons with the US and with 'insider-dominated' economies. Based on fieldwork conducted between 1999 and 2005, we find that Britain is still a long way from witnessing a new creative partnership of financial and industrial capital in most of the economy, needed to fully release the potential of the new paradigm. We discuss what form that might take.

AB - This paper assumes, with Perez (1983, 2002), that technological development follows a 'long wave' rhythm, in which new 'techno-economic paradigms' succeed one another at long intervals; the latest being the Information and Communication Technology (ICT) paradigm. When the new paradigm appears a tension develops between it and the existing socio-institutional framework. We argue that the financial and corporate governance system (FCCS), is a key element of that framework which is unusually resistant to change. The focus is on the UK FCGS, an outsider-dominated/stock-exchange-based system, though with comparisons with the US and with 'insider-dominated' economies. Based on fieldwork conducted between 1999 and 2005, we find that Britain is still a long way from witnessing a new creative partnership of financial and industrial capital in most of the economy, needed to fully release the potential of the new paradigm. We discuss what form that might take.

KW - financial and corporate governance system

KW - outsider-dominated/stock-exchange based

KW - techno-economic paradigm

U2 - 10.3917/rel.744.0583

DO - 10.3917/rel.744.0583

M3 - Article

VL - 74

SP - 583

EP - 613

JO - Recherches economiques de Louvain

JF - Recherches economiques de Louvain

SN - 0770-4518

IS - 4

ER -