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Full-Text Articles in Business

The Shadow Banking System In The United States, Bhakti Joshi Oct 2014

The Shadow Banking System In The United States, Bhakti Joshi

Dissertations, Theses, and Capstone Projects

In 2008 the United States suffered a devastating economic collapse. Millions of Americans were unemployed; families lost their homes; and long time businesses were forced to shut down. These events put the United States into an economic depression so deep that the country has yet to fully recover. The crisis was not a natural disaster but varieties of private sector agents such as banks and hedge funds were responsible for its efficient cause. Even though the housing and stock bubbles were generated largely by market forces rather than by government policies, the US government policies and institutions also played a …


Capital In The Twenty-First Century: A Tale Without Morality, Bruce D. Baker Jul 2014

Capital In The Twenty-First Century: A Tale Without Morality, Bruce D. Baker

SPU Works

Thomas Piketty has given economists a lot to argue about, but their arguments miss the point of the book’s success. “Capital in the Twenty-First Century” is not a bestseller based on its economic merits. It’s a bestseller because it speaks to a deep moral anxiety. Confidence in capitalism has been shaken. The crisis of 2008 exposed weaknesses in the financialization of our economy. Piketty makes a valiant contribution to economic theory and history, but his empiricism succumbs ultimately to the same flaw John Paul II diagnosed in Marxism—it leads to an incoherent statement of moral order.


The New Capitalism: Asia And The Future Of Business, Government, And Society, Ann Florini, Bindu Sharma May 2014

The New Capitalism: Asia And The Future Of Business, Government, And Society, Ann Florini, Bindu Sharma

Research Collection School of Social Sciences

To have a conversation, the appropriate language is needed. The language is just starting to emerge in both Asia and the West for one of the most important conversations the world is now having—the discussion about the future of business and capitalism. Thailand’s King Bhumibol refers to the sufficiency economy. Harvard’s Michael Porter speaks of shared value. Ellen MacArthur’s eponymous foundation supports the transition to the circular economy. John Elkington proposes breakthrough capitalism. Bhutan’s call to measure progress by gross national happiness (GNH), rather than the narrow metric of gross domestic product (GDP), is now attracting attention around the globe. …


Enhancing The Educational Subject: Cognitive Capitalism, Positive Psychology And Well-Being Training In Schools, James Reveley Feb 2014

Enhancing The Educational Subject: Cognitive Capitalism, Positive Psychology And Well-Being Training In Schools, James Reveley

James Reveley

Positive psychology is influencing educational policy and practice in Britain and North America. This article reveals how this psychological discourse and its offshoot school-based training programs, which stress happiness, self-improvement and well-being, align with an emergent socioeconomic formation: cognitive capitalism. Three key points are made. First, there is an elective affinity between cognitive capitalism and positive psychology, whose advocates promote 'mindfulness','curiosity' and 'psychological flexibility' as the means to personal fulfilment. Second, an array of technologies of the self spring from the positive psychology discourse; mindfulness practice is one of these. Currently being trialled in British and North American schools, this …


Symbolic Corporate Governance Politics, Marcel Kahan, Edward B. Rock Jan 2014

Symbolic Corporate Governance Politics, Marcel Kahan, Edward B. Rock

All Faculty Scholarship

How are we to understand the persistent gap between rhetoric and reality that characterizes so much of corporate governance politics? In this Article, we show that the rhetoric around a variety of high profile corporate governance controversies (including shareholder proposals asking boards to redeem poison pills, proxy access, majority voting in director elections, and shareholder proposals to remove supermajority voting requirements) cannot be justified by the material interests at stake. At the same time, shareholder activists are oddly reluctant to pursue issues that may have a more material impact, such as anti-pill charter provisions or mandatory bylaw amendments. We consider …