an article by Mr Philip Reeves Knyght, Prof Nada Kakabadse, Prof Alexander Kouzmin and Prof Andrew Kakabadse published in Society and Business Review Volume 6 Issue 1 (2011)
Abstract
Purpose
This paper seeks to highlight the serious limitations of Neo-liberal capitalism and urge for a shift to socialized capital before further economic deterioration leads to a succession of global conflicts.
Design/methodology/approach
A conceptual paper that adopts a macro perspective in presenting argument on how global, financial-markets integration and capital-flow liberalisation have led to inadequate market and corporate governance measures. The argument is couched in a selected literature and is preceded by a proposed solution – the requirement for socialised capital. An analysis of the nature of socialised capital is outlined and the questions that require attention identified if a paradigm shift from neo-liberal capitalism is to take place.
Findings
The need urgently to shift to a new philosophy of capitalism is overwhelming. Emphasised is that capital needs to adopt a socialised identity and is supported by investment horizons of 30 years or more. It is argued that non-market (e.g. state, NGOs, civil society) intervention in setting appropriate frameworks within which socialised capital can operate, is critical.
Research limitations/implications
A theoretical paper, in which questions are raised and which require transparent, public debate.
Originality/value
This paper presents the case for a fundamental reconsideration of present day markets, the role of capital and the influence of elites in determining the public good.
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