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Beyond The Berle And Means Paradigm: Private Equity And The New Capitalist Order, Stephen Diamond
Beyond The Berle And Means Paradigm: Private Equity And The New Capitalist Order, Stephen Diamond
Stephen F. Diamond
The rise of private equity funds represents a new stage in capitalism. These funds combine financial resources and capital markets expertise with detailed operational knowledge of the operations of takeover targets to maximize the creation and expropriation of value on behalf of investors. Their significant size and aggressive buyout record suggests that we may be witnessing the confirmation of Michael Jensen's 1989 prediction, made in the midst of the first wave of leveraged buyouts, of the “eclipse of the public corporation.” Critics of private equity share a view of the corporation rooted in a decades old characterization by Berle and …
The Petrochina Syndrome: Regulating Capital Markets In The Anti-Globalization Era, Stephen F. Diamond
The Petrochina Syndrome: Regulating Capital Markets In The Anti-Globalization Era, Stephen F. Diamond
Stephen F. Diamond
This article argues that the process of globalization has generated a legitimation deficit that can be the source of wasteful, even destructive, social and political conflict. I stylize this outcome as "the PetroChina Syndrome," after a leading example of the kind of activity generated in response to globalization, the PetroChina Campaign, where a coalition of labor, human rights, environmental, anti-slavery and religious groups worked together to oppose the initial public offering of a major Chinese oil company led by Goldman Sachs. The article begins with a discussion of this important but largely unexplored dimension of the anti-globalization era triggered by …
Will The Real "Che" Guevara Please Stand Up? Labor And Authoritarianism In Sandinista Nicaragua, Stephen Diamond
Will The Real "Che" Guevara Please Stand Up? Labor And Authoritarianism In Sandinista Nicaragua, Stephen Diamond
Stephen F. Diamond
This paper examines the impact of authoritarian left theory, in particular that of “Che” Guevara, on labor rights during the Sandinista’s Nicaraguan revolution. This is important because of the current revival of movements like that of Hugo Chavez in Venezuela that rely on similar approaches to labor and human rights issues as that of the original Sandinista movement. In addition, there is widespread interest today in “Che” Guevara, yet little is known or understood about his actual politics while in power during the early years of the Cuban revolution. In addition, there is increasing sympathy for such authoritarian approaches to …