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John Kay’s interim report finds that equity markets are failing in their primary tasks, which he identifies as enhancing the long-term growth of listed companies and providing savers with an appropriately high, risk-adjusted return on their investments. The failure lies, he suggests, in the way that market actors are currently incentivised. If asset managers are assessed on a quarterly or biannual basis, it is not surprising that they apply benchmarks based on the short-run performance of the firms they invest in.

John Kay needs to replace “shareholder value” with “corporate value”

Hedge fund activism is an expression of shareholder primacy, an idea that has come to dominate discussion of corporate governance theory and practice worldwide over the past two decades. The book <i>Hedge Fund Activism in Japan: The Limits of Shareholder Primacy</i>, by John Buchanan, Dominic Chai and Simon Deakin, provides a thorough examination of public and often confrontational hedge fund activism in Japan in the period between 2001 and the full onset of the global financial crisis in 2008. In Japan this shareholder-centric conception of the company espoused by activist hedge funds clashed with the alternative Japanese conception of the company as an enduring organisation or a 'community'. By analysing this clash, the book derives a fresh view of the practices underpinning corporate governance in Japan and offers suggestions regarding the validity of the shareholder.

Hedge fund activism in Japan: the limits of shareholder primary

On this week’s show James Butler and Aaron Bastani are joined by Niki Seth-Smith as they discuss the politics of English nationalism and ‘Englishness’.

England And The Politics Of Englishness

On this week's show James Butler and Aaron Bastani ask who really holds power in Britain today?

http://novaramedia.com/?p=1847

Who Runs Britain?

Speaker(s): Giles Merritt | Slippery Slope is far from the usual run of uncritical EU-related studies. Its aim is to set alarm bells ringing across Europe with its revealing insights into our increasingly troubled future. In his book which he will discuss in this lecture Giles Merritt argues that the steepness and suddenness of Europe's decline in the 'Asian century' will depend on the actions we Europeans undertake. And there are two key lessons that we need to face from the beginning. Firstly, the 'good times' aren't coming back without a massive effort on our part. And secondly, in a fast-developing world of 9-10 billion people, no single European country can survive and prosper on its own. Giles Merritt was named by the Financial Times in 2010 as one of 30 'Eurostars' who most influence thinking on Europe's future, along with the European Commission's president and the secretary-general of NATO. For 15 years a Financial Times foreign correspondent, Merritt has reported and commented on European affairs since the early 1970s. He went on to found 'Friends of Europe', one of the leading think tanks in Brussels, and the policy journal Europe's World, of which he is the Editor-in-Chief. His Op-Ed columns in the International Herald Tribune from 1985-2010, and since then in the hundreds of newspapers around the world that subscribe to Project Syndicate, have ranged widely across political and economic issues in Europe. His previous books include World Out of Work, an award-winning analysis of unemployment issues, and The Challenge of Freedom, on the difficulties facing post-communist Eastern Europe. Kevin Featherstone is Head of the European Institute, Eleftherios Venizelos Professor of Contemporary Greek Studies and Professor of European Politics at LSE. The LSE European Institute (@LSEEI) is celebrating its Twenty Fifth Anniversary in 2016. It is a centre for research and graduate teaching on the processes of integration and fragmentation within Europe. In the most recent national Research Excellence Framework (REF 2014) the Institute was ranked first for research in its sector.

Slippery Slope: Europe's troubled future [Audio]

In this paper I pose the question of how to approach an object, a machine, a weapon – the Maschinengewehr 42 – that is both ubiquitous and important and yet strangely absent from mainstream history. In its performance, design and manufacture, the MG42 was technologically revolutionary. It was a mainstay of German defensive warfare in the later stages of the war. It was lethal to the Allied soldiers who encountered it. Postwar it became the archetype of the modern machine gun. Hollywood has given it a starring role in some of the most dramatic recreations of modern warfare. It does have histories and historians. But the aficionado’s of “Hitler’s buzzsaw” operate beyond the bounds of academically “respectable” history. Thinking about the MG42 forces us to examine how those lines are drawn and what it would mean to overcome them.

Adam Tooze on the MG42

Simon Tilford and John Springford discuss the value of sterling and the impact on the economy and British politics.

CER podcast: What the fall of sterling means for the British economy and post-Brexit politics

Speaker(s): Caroline Freund | Like the robber barons of the 19th century Gilded Age, a new and proliferating crop of billionaires is driving rapid development and industrialization in poor countries. The accelerated industrial growth spurs economic prosperity for some, but it also widens the gap between the super rich and the rest of the population, especially the very poor. In her book, Rich People Poor Countries: The Rise of Emerging-Market Tycoons and Their Mega Firms, Caroline Freund has identified and analyzed nearly 700 emerging-market billionaires whose net worth adds up to more than $2 trillion. Freund finds that these titans of industry are propelling poor countries out of their small scale production and agricultural past and into a future of multinational industry and service-based mega firms. And more often than not, the new billionaires are using their newfound acumen to navigate the globalized economy, without necessarily relying on political connections, inheritance, or privileged access to resources. This story of emerging-market billionaires and the global businesses they create dramatically illuminates the process of industrialization in the modern world economy. Caroline Freund (@CarolineFreund) is the former Chief Economist for the Middle East and North Africa at the World Bank. Erik Berglof (@ErikBerglof) is the Director of the Institute of Global Affairs at LSE. The Institute of Global Affairs (IGA) (@LSEIGA) at LSE creates a dedicated space for research, policy engagement and teaching across multiple disciplines to pioneer locally-rooted responses to global challenges.

Rich People Poor Countries: the rise of emerging market tycoons and their mega-firms [Audio]

On this week's NovaraFM James Butler and Aaron Bastani are joined by Ann Pettifor, author of The Production of Money.

http://novaramedia.com/?p=5065

Novara Media Podcast

#NovaraFM: The Production of Money: In Conversation with Ann Pettifor

Adam Tooze joins me to discuss his book 'The Wages of Destruction: The Making and Breaking of the Nazi Economy'. We discussed the entwinement of Nazi ideology and economics, the explanation for the apparent irrationality of German military strategy, the comparative backwardness of the German economy in the pre-war period, and the question of 1930s parallels in the post-financial crash era.

#14 Adam Tooze on Nazi ideology and the German war economy

Adam Tooze joins me to discuss his new book, 'Crashed: How a Decade of Financial Crises Changed the World'.

Part two: https://soundcloud.com/poltheoryother/23-adam-tooze-on-crashed-how-a-decade-of-financial-crises-changed-the-world-part-2

If you enjoy this episode please consider donating via Patreon:

https://www.patreon.com/poltheoryother

#20 Adam Tooze on 'Crashed: How a Decade of Financial Crises Changed the World' (Part 1)

Adam Tooze joins me for part two of our discussion on his new book, 'Crashed: How a Decade of Financial Crises Changed the World'. We spoke about the Brexit vote, Emmanuel Macron's EU reform agenda, the prospects for a radical Labour government, and why it is that Marxists keep claiming Adam (a self-described liberal) for one of their own. 

If you enjoy this episode please consider donating via Patreon:

www.patreon.com/poltheoryother

Part one of the interview:

https://soundcloud.com/poltheoryother/20-adam-tooze-on-crashed-how-a-decade-of-financial-crises-changed-the-world

#23 Adam Tooze on 'Crashed: How a Decade of Financial Crises Changed the World' (Part 2)

On #NovaraFM, James Butler is joined by Richard Seymour and Aaron Bastani: a decade since the collapse of Lehman Brothers, and the ensuing economic, political and social crisis, what's changed? Who got it right, who got it wrong? How did capital respond? And is neoliberalism dying? http://novaramedia.com/?p=11189

Novara Audio: Radio for a Different Politics

#NovaraFM: A Decade of Crisis

Adam Tooze joins me to discuss what covid-19 means for the world economy, how the Trump administration has missed the boat on containing mass contagion in the United States, and why the row in the Eurozone over so-called coronabonds reveals an existential threat to the survival of the European Union.

#83 A crisis like no other w/ Adam Tooze

A podcast on radical politics, critical theory, and history. Hosted by Alex Doherty.

Patreon: https://www.patreon.com/poltheoryother

Contact: politicstheoryother@gmail.com

#20 Adam Tooze on 'Crashed: How a Decade of Financial Crises Changed the World' (Part 1)

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