From Financialisation To Innovation In Uk Big Pharma

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From Financialisation to Innovation in UK Big Pharma

Author : Öner Tulum
Publisher : Cambridge University Press
ISBN 13 : 1009278185
Total Pages : 164 pages
Book Rating : 4.0/5 (92 download)

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Book Synopsis From Financialisation to Innovation in UK Big Pharma by : Öner Tulum

Download or read book From Financialisation to Innovation in UK Big Pharma written by Öner Tulum and published by Cambridge University Press. This book was released on 2022-12-31 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: The tension between innovation and financialisation is central to the business corporation. Innovation entails a 'retain-and-reinvest' allocation regime that can form a foundation for stable and equitable economic growth. Driven by shareholder-value ideology, financialisation entails a shift to 'downsize-and-distribute'. This Element investigates this tension in global pharmaceuticals, focusing on the two leading UK companies AstraZeneca and GlaxoSmithKline. In the 2000s both adopted US-style governance, including stock buybacks and stock-based executive pay. Over the past decade, however, first AstraZeneca and then GlaxoSmithKline transitioned to innovation. Critical was the cessation of buybacks to refocus capabilities on investing in an innovative drugs pipeline. Enabling this shift were UK corporate-governance institutions that mitigated US-style shareholder-value maximisation. Reinventing capitalism for the sake of stable and equitable economic growth means eliminating value destruction caused by financialisation and supporting value creation through collective and cumulative innovation. This title is also available as Open Access on Cambridge Core.

Investing in Innovation

Author : William Lazonick
Publisher : Cambridge University Press
ISBN 13 : 1009410717
Total Pages : 99 pages
Book Rating : 4.0/5 (94 download)

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Book Synopsis Investing in Innovation by : William Lazonick

Download or read book Investing in Innovation written by William Lazonick and published by Cambridge University Press. This book was released on 2023-06-30 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business corporations interact with household units and government agencies to make investments in productive capabilities required to generate innovative goods and services. When they work harmoniously, these three types of organizations constitute 'the investment triad'. The Biden administration's Build Back Better agenda to restore sustainable prosperity in the United States has focused on investment in productive capabilities by government agencies and household units. Largely absent from the Biden agenda have been policy initiatives to ensure that, given government and household investment in productive capabilities, the governance of major U.S. business corporations supports investment in innovation. This Element explains how corporate financialization, manifested by predatory value extraction in the name of 'maximizing shareholder value', undermines investment in innovation in the United States. It concludes by outlining a policy framework, beginning with a ban on stock buybacks, that confronts predatory value extraction and puts in place social institutions that support sustainable prosperity.

Predatory Value Extraction

Author : William Lazonick
Publisher : Oxford University Press
ISBN 13 : 0192585983
Total Pages : 325 pages
Book Rating : 4.1/5 (925 download)

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Book Synopsis Predatory Value Extraction by : William Lazonick

Download or read book Predatory Value Extraction written by William Lazonick and published by Oxford University Press. This book was released on 2019-12-04 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: Predatory Value Extraction explains how an ideology of corporate resource allocation known as 'maximizing shareholder value' (MSV) that emerged in the 1980s came to dominate strategic thinking in business schools and corporate boardrooms in the United States. Undermining the social foundations of sustainable prosperity, it resulted in employment instability, income inequity, and slow productivity growth. In explaining what happened to sustainable prosperity, William Lazonick and Jang-Sup Shin focus on the growing imbalance between value creation and value extraction in the U.S. economy, and the corporate-governance institutions that determine this balance in the nation's major business corporations. The imbalance has become so extreme that predatory value extraction is now a central economic activity, to the point at which the U.S. economy as a whole can be aptly described as a value-extracting economy. Balancing the contributions of economic actors to value creation with their power to extract value provides the foundation for stable and equitable economic growth. When certain economic actors are able to assert their power to extract far more value than they contribute to the value-creation process, an imbalance occurs which, when extreme, leads to dire economic, political, and social consequences. This book not only explores these consequences, but also sets out an agenda for restoring sustainable prosperity.

Sustaining Tanzania's Economic Development

Author : Oliver Morrissey
Publisher : Oxford University Press
ISBN 13 : 019288574X
Total Pages : 241 pages
Book Rating : 4.1/5 (928 download)

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Book Synopsis Sustaining Tanzania's Economic Development by : Oliver Morrissey

Download or read book Sustaining Tanzania's Economic Development written by Oliver Morrissey and published by Oxford University Press. This book was released on 2024-05-08 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the performance of firms and households in Tanzania and the strategies they adopt to navigate shocks, achieve sustainability, and build resilience to sustain their growth and development. The contributions show that Tanzania, like many countries, faces a challenging future but is better positioned to do so than it has been.

Financialization and Strategy

Author : Julie Froud
Publisher : Routledge
ISBN 13 : 1134314558
Total Pages : 416 pages
Book Rating : 4.1/5 (343 download)

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Book Synopsis Financialization and Strategy by : Julie Froud

Download or read book Financialization and Strategy written by Julie Froud and published by Routledge. This book was released on 2006-04-18 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considering the recent impact of the capital market on corporate strategy, this text analyzes, through argument and supportive case studies, how pressures from the capital bull market of the 1990s and bear market of the early 2000s, have reshaped management action and calculation in large, publicly quoted US and UK corporations. Beginning with the dissatisfaction with classical strategy and its limited engagement with the processes of financialization, the book moves on to cover three detailed company case studies (General Electric, Ford and GlaxoSmithKline) which use long run financial data and analysis of company and industry narratives to illustrate and explore key themes. The book emphasizes the importance of company and industry narrative, while also analyzing long term financial results, and helps to explain the limits of management action and the burden of expectations placed on corporate governance. Presenting financial and market information on trajectory in an accessible way, this book provides a distinctive, critical social science account of management in large UK and US corporations, and it is a valuable resource for students, scholars and researchers of business, management, political economy and non-mainstream economics. short listed for the 2007 IPEG Book Prize

Private Equity and the Demise of the Local

Author : Maryann Feldman
Publisher : Cambridge University Press
ISBN 13 : 1009321811
Total Pages : 162 pages
Book Rating : 4.0/5 (93 download)

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Book Synopsis Private Equity and the Demise of the Local by : Maryann Feldman

Download or read book Private Equity and the Demise of the Local written by Maryann Feldman and published by Cambridge University Press. This book was released on 2024-05-23 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capitalism is a powerful engine that requires finance. Private equity is part of the neoliberal transformation of capitalism that has failed the average citizen and unleashed a tsunami of leveraged acquisitions that have destroyed entire sectors of our economy. Private equity has become a powerful force that has moved from restructuring industrial firms to buying up just about any economic activity in local communities that has assets that can be monetized, without any consideration of the impact on the quality of life and well-being of the community. Th a process has been aided and abetted by government policy. The authors of this Element explain the workings of the private equity model and the reasons it has been so profitable. They document the effects of PE on firms and communities by examining a range of activities that once had a local focus. They conclude by offering policy recommendations.

The Future of Work in Diverse Economic Systems

Author : Daniel Friel
Publisher : Cambridge University Press
ISBN 13 : 1009234587
Total Pages : 84 pages
Book Rating : 4.0/5 (92 download)

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Book Synopsis The Future of Work in Diverse Economic Systems by : Daniel Friel

Download or read book The Future of Work in Diverse Economic Systems written by Daniel Friel and published by Cambridge University Press. This book was released on 2024-02-07 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Element reviews the varieties of capitalism approach (VoC) first developed by Hall and Soskice and subsequent extensions to emerging markets. The author suggests that by reinvigorating existing ideal types and creating new ones through an analysis of its five variables in a variety of countries VoC can be used to evaluate the viability of economic reforms across a wide range of countries. He argues that governments should base changes on lessons from other countries belonging to their ideal type. This Element illustrates the utility of VoC in understanding how reforms will differ across countries by examining how the future of work is likely to differ across nations depending on the degree to which the five institutions explored in this approach promote the standardization of tasks. It analyzes how these institutions shape degrees of standardization in the United States, Germany, and Brazil, offering suggestions for reforms in each of them.

Aberrant Capitalism

Author : Hunter Hastings
Publisher :
ISBN 13 : 100934885X
Total Pages : 96 pages
Book Rating : 4.0/5 (93 download)

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Book Synopsis Aberrant Capitalism by : Hunter Hastings

Download or read book Aberrant Capitalism written by Hunter Hastings and published by . This book was released on 2024-03-06 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: The corporation was a timely emergent phenomenon of the capitalist system. Under entrepreneurial ownership with customer value creation goals, corporations introduced new products and services, new capital structures and new management processes capable of improving customer experiences in every facet of their lives. After entrepreneurship, the organizational model transitioned to managerial capitalism, and from there into command-and-control and central planning. Then came further transition into the era of financialization, where shareholder value replaced customer value as the purpose of the corporation. Managers diverted resources to their own enrichment as well as that of shareholders, at the expense of investment in future innovation. Capitalism's reputation has become tarnished and its purpose distorted. This Element ends with the promise of another emergent era, via the corporations of the digital age.

Transforming our Critical Systems

Author : Gerardus van der Zanden
Publisher : Cambridge University Press
ISBN 13 : 1009410334
Total Pages : 173 pages
Book Rating : 4.0/5 (94 download)

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Book Synopsis Transforming our Critical Systems by : Gerardus van der Zanden

Download or read book Transforming our Critical Systems written by Gerardus van der Zanden and published by Cambridge University Press. This book was released on 2024-01-31 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: We have entered an era of perverse economic growth, at the expense of social and natural capital. As the world runs further behind on the Sustainable Development Goals, managing and mitigating the looming environmental and social crises in an increasingly volatile, uncertain, complex and ambiguous world will be one of the biggest challenges, but also biggest commercial opportunities of our time. Building on earlier research on systemic change, using the WHAT-HOW-WHY framework, this Element presents actionable insights for the radical systemic reinvention of our 'critical systems' that satisfy human and societal needs, such as nutrition, mobility, infrastructure or health. The authors highlight ten emerging paradigms for future-fit systemic change, discuss how stakeholder mindsets can be developed, and present new skills for leaders and a pathway for companies to become drivers of collaborative transformation. This title is also available as Open Access on Cambridge Core.

Token Forces

Author : Katharina P. Coleman
Publisher : Cambridge University Press
ISBN 13 : 1009058711
Total Pages : 153 pages
Book Rating : 4.0/5 (9 download)

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Book Synopsis Token Forces by : Katharina P. Coleman

Download or read book Token Forces written by Katharina P. Coleman and published by Cambridge University Press. This book was released on 2022-12-31 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: Token forces – tiny national troop contributions in much larger coalitions – have become ubiquitous in UN peacekeeping. This Element examines how and why this contribution type has become the most common form of participation in UN peace operations despite its limited relevance for missions' operational success. It conceptualizes token forces as a path-dependent unintended consequence of the norm of multilateralism in international uses of military force. The norm extends states' participation options by giving coalition builders an incentive to accept token forces; UN-specific types of token forces emerged as states learned about this option and secretariat officials adapted to state demand for it. The Element documents the growing incidence of token forces in UN peacekeeping, identifies the factors disposing states to contribute token forces, and discusses how UN officials channel token participation. The Element contributes to the literatures on UN peacekeeping, military coalitions, and the impacts of norms in international organizations.

Comparing Capitalisms for an Unknown Future

Author : Gordon Redding
Publisher : Cambridge University Press
ISBN 13 : 100930299X
Total Pages : 160 pages
Book Rating : 4.0/5 (93 download)

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Book Synopsis Comparing Capitalisms for an Unknown Future by : Gordon Redding

Download or read book Comparing Capitalisms for an Unknown Future written by Gordon Redding and published by Cambridge University Press. This book was released on 2023-07-31 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Systems of capitalism are conceived as formed under certain broad logics that apply to all, but which then interpret those logics in distinct ways society by society, seen as the society's own processes. Such processes cluster into three categories: an inspiring context; a transformative capacity; and empowered action. The political role is that of balancing the influences across the total. Each inspirational influence adds a key contribution, as with benevolent empowering authority, and critical thinking. Transformative capacity is built by: innovativeness and cooperativeness; and stable decentralized authority flows from communicative action, spontaneous emergent ordering; and competitive productivity. Societal progress may be explained in terms of the integrated workings of these processes to yield an ethically legitimate structure for the prosperity-driven creating and distributing of wealth. Two main stereotypes are examined to compare their workings and their outcomes: the Western free market democratic, and the Chinese party-state driven.

Reinventing Capitalism in the Digital Age

Author : Stephen Denning
Publisher : Cambridge University Press
ISBN 13 : 1009332856
Total Pages : 178 pages
Book Rating : 4.0/5 (93 download)

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Book Synopsis Reinventing Capitalism in the Digital Age by : Stephen Denning

Download or read book Reinventing Capitalism in the Digital Age written by Stephen Denning and published by Cambridge University Press. This book was released on 2022-12-31 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Element examines the current crisis of capitalism's legitimacy and concludes that it derives principally from business pursuing an aberration of capitalism known as shareholder capitalism, in which firms sought to maximize shareholder value as reflected in the current share price, at the expense of all other stakeholders and society. Shareholder capitalism began in the 1970s and was renounced by the Business Roundtable in 2019, but continues behind a façade of stakeholder capitalism. Stakeholder capitalism is the most widely cited form of capitalism today, but it is incoherent as a practical guide to action for an entire firm. This Element concludes that a recent evolution of capitalism--customer capitalism--which gives primacy to co-creating value for customers and users, enables firms to master the challenges of the digital age, shower benefits on society, and meet the needs of all the stakeholders.

Research Handbook on Corporate Governance and Ethics

Author : Till Talaulicar
Publisher : Edward Elgar Publishing
ISBN 13 : 180088060X
Total Pages : 451 pages
Book Rating : 4.8/5 (8 download)

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Book Synopsis Research Handbook on Corporate Governance and Ethics by : Till Talaulicar

Download or read book Research Handbook on Corporate Governance and Ethics written by Till Talaulicar and published by Edward Elgar Publishing. This book was released on 2023-07-01 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essential Research Handbook provides an in-depth analysis of the link between corporate governance and ethics. By bringing together internationally renowned scholars, it reflects upon pertinent trends and challenges within the field. Significantly, it illuminates the ethical foundations of corporate governance.

Assetization

Author : Kean Birch
Publisher : MIT Press
ISBN 13 : 0262539179
Total Pages : 339 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Assetization by : Kean Birch

Download or read book Assetization written by Kean Birch and published by MIT Press. This book was released on 2020-07-14 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the asset—anything that can be controlled, traded, and capitalized as a revenue stream—has become the primary basis of technoscientific capitalism. In this book, scholars from a range of disciplines argue that the asset—meaning anything that can be controlled, traded, and capitalized as a revenue stream—has become the primary basis of technoscientific capitalism. An asset can be an object or an experience, a sum of money or a life form, a patent or a bodily function. A process of assetization prevails, imposing investment and return as the key rationale, and overtaking commodification and its speculative logic. Although assets can be bought and sold, the point is to get a durable economic rent from them rather than make a killing on the market. Assetization examines how assets are constructed and how a variety of things can be turned into assets, analyzing the interests, activities, skills, organizations, and relations entangled in this process. The contributors consider the assetization of knowledge, including patents, personal data, and biomedical innovation; of infrastructure, including railways and energy; of nature, including mineral deposits, agricultural seeds, and “natural capital”; and of publics, including such public goods as higher education and “monetizable social ills.” Taken together, the chapters show the usefulness of assetization as an analytical tool and as an element in the critique of capitalism. Contributors Thomas Beauvisage, Kean Birch, Veit Braun, Natalia Buier, Béatrice Cointe, Paul Robert Gilbert, Hyo Yoon Kang, Les Levidow, Kevin Mellet, Sveta Milyaeva, Fabian Muniesa, Alain Nadaï, Daniel Neyland, Victor Roy, James W. Williams

Capital and Imperialism

Author : Utsa Patnaik
Publisher : Monthly Review Press
ISBN 13 : 1583678905
Total Pages : 384 pages
Book Rating : 4.5/5 (836 download)

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Book Synopsis Capital and Imperialism by : Utsa Patnaik

Download or read book Capital and Imperialism written by Utsa Patnaik and published by Monthly Review Press. This book was released on 2021-03-02 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive survey of capitalism's colonialist roots and uncertain future Those who control the world’s commanding economic heights, buttressed by the theories of mainstream economists, presume that capitalism is a self-contained and self-generating system. Nothing could be further from the truth. In this pathbreaking book—winner of the Paul A. Baran-Paul M. Sweezy Memorial Award—radical political economists Utsa Patnaik and Prabhat Patnaik argue that the accumulation of capital has always required the taking of land, raw materials, and bodies from noncapitalist modes of production. They begin with a thorough debunking of mainstream economics. Then, looking at the history of capitalism, from the beginnings of colonialism half a millennium ago to today’s neoliberal regimes, they discover that, over the long haul, capitalism, in order to exist, must metastasize itself in the practice of imperialism and the immiseration of countless people. A few hundred years ago, write the Patnaiks, colonialism began to ensure vast, virtually free, markets for new products in burgeoning cities in the West. But even after slavery was generally abolished, millions of people in the Global South still fell prey to the continuing lethal exigencies of the marketplace. Even after the Second World War, when decolonization led to the end of the so-called “Golden Age of Capitalism,” neoliberal economies stepped in to reclaim the Global South, imposing drastic “austerity” measures on working people. But, say the Patnaiks, this neoliberal economy, which lives from bubble to bubble, is doomed to a protracted crisis. In its demise, we are beginning to see—finally—the transcendence of the capitalist system.

The Oxford Handbook of Industrial Hubs and Economic Development

Author : Arkebe Oqubay
Publisher : Oxford University Press
ISBN 13 : 0192590944
Total Pages : 800 pages
Book Rating : 4.1/5 (925 download)

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Book Synopsis The Oxford Handbook of Industrial Hubs and Economic Development by : Arkebe Oqubay

Download or read book The Oxford Handbook of Industrial Hubs and Economic Development written by Arkebe Oqubay and published by Oxford University Press. This book was released on 2020-07-23 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industrialization supported by industrial hubs has been widely associated with structural transformation and catch-up. But while the direct economic benefits of industrial hubs are significant, their value lies first and foremost in their contribution as incubators of industrialization, production and technological capability, and innovation. The Oxford Handbook of Industrial Hubs and Economic Development adopts an interdisciplinary approach to examine the conceptual underpinnings, review empirical evidence of regions and economies, and extract pertinent lessons for policy reasearchers and practitioners on the key drivers of success and failure for industrial hubs. This Handbook illustrates the diverse and complex nature of industrial hubs and shows how they promote industrialization, economic structural transformation, and technological catch-up. It explores the implications of emerging issues and trends such as environmental protection and sustainability, technological advancement, shifts in the global economy, and urbanization.

Fictitious Capital

Author : Cédric Durand
Publisher : Verso Books
ISBN 13 : 1784787213
Total Pages : 177 pages
Book Rating : 4.7/5 (847 download)

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Book Synopsis Fictitious Capital by : Cédric Durand

Download or read book Fictitious Capital written by Cédric Durand and published by Verso Books. This book was released on 2017-06-06 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: How finance is a mechanism of social and political domination The 2007–08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay behind these events, the rise of “fictitious capital” and its opaque logic, is crucial to grasping the social and political conditions under which we live. Yet, for most people, the operations of the financial system remain shrouded in mystery. In this lucid and compelling book, economist Cédric Durand offers a concise and critical introduction to the world of finance, unveiling the truth behind the credit crunch. Fictitious Capital moves beyond moralizing tales about greedy bankers, short-sighted experts and compromised regulators to look at the big picture. Using comparative data covering the last four decades, Durand examines the relationship between trends such as the rise in private and public debt and the proliferation of financial products; norms such as our habitual assumptions about the production of value and financial stability; and the relationship of all this to political power. Fictitious Capital offers a stark warning about the direction that the international economy is taking. Durand argues that the accelerated expansion of financial operations is a sign of the declining power of the economies of the Global North. The City, Wall Street and other centres of the power of money, he suggests, may already be caked with the frosts of winter.