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Why Capitalists Need CommunistsStructural Change

Why Capitalists Need Communists: Structural Change [The investment system as it is now in the UK drives business leaders to prioritise the interests of shareholders over those of others. However, it would be perfectly feasible to change institutional investors’ obligations so that they had to take into account the interests of the beneficiaries and small shareholders that they represent in the round, that is as citizens and employees as well as investors. This could be combined with equally feasible changes that reduce the priority given to short term returns; currently these exacerbate the conflict between shareholders and others. These changes in the investment system should be complemented by changes to corporate governance. International and domestic institutions also need to be strengthened and democratised. Democracy itself can also be strengthened, perhaps through processes such as deliberative democracy, or a strengthening and opening up of social movements.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Why Capitalists Need CommunistsStructural Change

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Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s) 2019. The author has asserted his right(s) to be identified as the author of this work.
ISBN
978-3-319-98754-5
Pages
191 –215
DOI
10.1007/978-3-319-98755-2_10
Publisher site
See Chapter on Publisher Site

Abstract

[The investment system as it is now in the UK drives business leaders to prioritise the interests of shareholders over those of others. However, it would be perfectly feasible to change institutional investors’ obligations so that they had to take into account the interests of the beneficiaries and small shareholders that they represent in the round, that is as citizens and employees as well as investors. This could be combined with equally feasible changes that reduce the priority given to short term returns; currently these exacerbate the conflict between shareholders and others. These changes in the investment system should be complemented by changes to corporate governance. International and domestic institutions also need to be strengthened and democratised. Democracy itself can also be strengthened, perhaps through processes such as deliberative democracy, or a strengthening and opening up of social movements.]

Published: Feb 15, 2019

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